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nytimes.com - 3/12/2009
Cuomo Says Merrill Deceived Congress on Bonuses
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Andrew M. Cuomo , the attorney general of New York, claimed on Wednesday that Merrill Lynch misled Congress over the timing of its plans to award billions of dollars in bonuses last December. He also suggested that Bank of America , which was then in the midst of buying the brokerage firm, did ...
nytimes.com - 3/17/2009
Cuomo Offers Some Details on A.I.G. Bonuses
— nytimes.com — Seventy-three employees were paid more than $1 million in the newly minted bonuses at the insurance giant, American International Group , according to the New York attorney general, Andrew M. Cuomo . The attorney general provided some new details on ... (more) Cuomo Offers Some Details on A.I.G. Bonuses

Comments vote down DealBook found this 3/17/2009found this
alephblog.com - 3/12/2009
Opportunities in Bank Bonds, Part 2
— alephblog.com — Thinking about Citigroup and Bank of America — Given to Fincorp Clients 3/4/09 When the government gets involved in business, the rules of the game change. Creditworthiness becomes less of an “analyze the metrics” affair, and more of a “how strong of a guarantee” affair.  ... (more) Opportunities in Bank Bonds, Part 2

Comments vote down Alephblog Alephblog posted 3/12/2009posted this
dealbook.blogs.nytimes.com - 3/12/2009
BofA Chief Joins the Earnings Hit Parade
— dealbook.blogs.nytimes.com — Kenneth D. Lewis, chief executive of Bank of America, said Thursday that the bank was profitable in January and February, echoing similar statements made this week by his counterparts at Citigroup and JPMorgan Chase. He also said Bank of America would earn money for all of this year after ... (more) BofA Chief Joins the Earnings Hit Parade

Comments vote down Rover Rover found this 3/12/2009found this

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The Mess That Greenspan Made:  Thursday morning links

DealBook:  Merrill's Bonuses and the Ice Cream Defense

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Thursday morning links
The Mess That Greenspan Made — ... 2008 Loss Exceeds $50 Billion - Wash. Post • Greenspan Forgets Where He Put His Asset Bubble - Baum, Bloomberg • Stage set for Madoff plea in New York court drama - Reuters • At Stake for Madoff in Hearing: His Freedom - NY Times • Largest U.S. pension plans' assets fall $217 billion short - USA Today • National Semiconductor to cut 25% of workforce - SF Gate • World Economy Seen Shrinking, G20 Meeting Looms - CNBC • Cuomo Says Merrill Deceived Congress on Bonuses - NY Times ...

Merrill's Bonuses and the Ice Cream Defense
DealBook — ... 200 most highly paid employees, as part of an investigation into Bank of America’s acquisition of Merrill. Merrill employees were collectively given billions of dollars in bonuses shortly before its sale to Bank of America closed. Around the same time, Bank of America learned that Merrill’s fourth-quarter loss would be much larger than expected, and the shortfall forced BofA to go to the government to seek more financial aid. Among other things, Mr. Cuomo has alleged that Merrill misled Congress about the timing of the bonuses. As part of his investigation, Mr. Cuomo’s ...

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Obama vows to fight AIG bonuses — FT Alphaville
Barack Obama vowed on Monday to pursue “every single legal avenue” to block $165m in bonus payments by AIG amid mounting anger over the insurer’s use of federal bail-out funds, reports the FT. The US president spoke as Andrew Cuomo, New York attorney-general, threatened AIG with subpoenas to ...
Andrew Cuomo, man of system (by Russell Roberts) — Cafe Hayek
The man of system , Andrew Cuomo, ignores the contradictions between the first paragraph and the last in this excerpt from this New York Times story : Moreoever, the attorney general argued that contracts can be renegotiated. He said that because A.I.G. had received federal bailout money, it ...
Video: 4pm came and went and no response from AIG so Andrew Cuomo subpoenas on the way — Wall Street Folly
I'll huff and I'll puff: NY Attorney General Andrew Cuomo said that if AIG didn't respond to his demands for information on the AIG bonuses, their recipients, etc. by 4PM that he'd issue subpoenas. 4pm came and went, and as...
Cuomo to Subpoena A.I.G. for Bonus Information — DealBook
Andrew General Andrew M. Cuomo of New York said Monday afternoon that he has not received information he was seeking about the American International Group's $165 million in bonuses and would issue subpoenas for the data. The payments to A.I.G.'s financial products unit, which was responsible ...
Short of batting their eyes and asking the AIG bonus recipients to pretty please give back their contractually obligated payouts, Uncle Sam may be up shit's creek sans paddle; And a shocker: Andrew Cuomo jumps on the bandwagon — Wall Street Folly
Everyone on this side of the pond seems to be outraged (us included) at the $165 million in bonuses that are to be paid out to the very AIG guys who were responsible for the financial crisis in the first...
Cuomo Seeks A.I.G. Bonus Information — DealBook
Attorney General Andrew M. Cuomo of New York on Monday sent a letter to the American International Group, demanding more information about the employees who are set to receive about $165 million in bonus payments. Mr. Cuomo's letter, demanding the information by 4 p.m. on Monday under threat of ...
Dishonest Disclaimer (by Don Boudreaux) — Cafe Hayek
Here's a letter that I sent yesterday to the Wall Street Journal: To the Editor:   You report that "New York State Attorney General Andrew Cuomo is in discussions with Rep. Barney Frank and other lawmakers on a plan to tie Wall Street pay to the long-term performance of the ...
Is NY Attorney General Cuomo Just Piling On Merrill? — Daily Markets
In the news earlier in the week, New York attorney general Andrew Cuomo accused Merrill of misleading Congress about bonuses: Merrill Lynch & Co may have misled Congress in representing last November that it planned to pay out bonuses at year end, when in fact it decided to accelerate ...
We Live to Serve — The Epicurean Dealmaker
Hon. Andrew M. Cuomo Attorney General of the State of New York Albany, New York Re: Proposed Wall Street Compensation Rules Dear Mr. Cuomo: I understand that you are working with Rep. Barney Frank to design legislation which will "tie Wall Street pay to the long-term performance of the ...
The Tag Team — Dealbreaker
Various lines drawn in the sand this morning leave Andrew Cuomo and Barney Frank on the same side of the lot, which should come as little surprise to anyone. The reach of the latest rounds of salary caps would seem to be a bit further than, we suspect, anyone suspected. Mr. Cuomo is ...
Lawmakers Said to Seek to Tie Executive Pay to Performance — DealBook
New York State Attorney General Andrew Cuomo, Representative Barney Frank and other lawmakers are discussing a plan to link executive pay to the long-term performance of companies, The Wall Street Journal reported. Mr. Frank, who chairs the U.S. House of Representatives Financial Services ...
Merrill Faces House Inquiry Over Bonuses — DealBook
A House committee has started investigating whether Merrill Lynch gave Congress misleading information about the its plans for executive bonuses. Representative Edolphus Towns, the chairman of the House Committee on Oversight and Government Reform, said Thursday that he had ordered the ...
Cuomo Says Merrill Deceived Congress on Bonuses — DealBook
Andrew M. Cuomo, the attorney general of New York, claimed on Wednesday that Merrill Lynch misled Congress over the timing of its plans to award billions of dollars in bonuses last December. He also suggested that Bank of America, which was then in the midst of buying the brokerage firm, did ...
Merrill ‘misled’ Congress: Cuomo — FT Alphaville
Merrill Lynch misled a congressional committee about the timing of its decision to accelerate the payment of 2008 bonuses to December, just days before it was acquired by Bank of America, the New York attorney-general claimed on Wednesday. In a court filing, Andrew Cuomo asked a state judge to ...
Cuomo Asserts That Traders Looted Merrill — naked capitalism
I must confess I skipped past the headlines on New York Attorney General Andrew Cuomo latest salvo at Bank of America and Merrill over the Merrill bonus payments in December. Recall that those bonuses were paid earlier than usual so as to occur before the closing of the Merrill sale. Merrill ...
Cuomo Presses in Court for Merrill Bonus Information — DealBook
The office of Attorney General Andrew M. Cuomo of New York on Wednesday filed yet another appeal in state court seeking the release of the names of Merrill Lynch's top earners last year.
Cuomo Said to Eye Link Between Merrill Bonuses and Markdowns — DealBook
New York prosecutors are investigating whether the early payment of bonuses at Merrill Lynch last year gave the bank's traders an incentive to mark down the value of their trading positions in the last days of December, The Financial Times reported, citing people familiar with the probe. New ...
Charlie Gasparino: Cuomo is focused on Thain in the Merrill Bonus flap; Cuomo and Frank tag teaming; Ken Lewis: We're not a financial mess like Citigroup; Meanwhile at Citi, Pandit cites its best quarter since '07 -- they're PROFITABLE! ($BAC,$C) — Wall Street Folly
Cuomo Focused on Ex-Merrill CEO Thain in Probe by Charlie Gasparino - The Daily Beast Cuomo, Frank pressure BofA to disclose bonus info - AP BofA's Mantra: We're Not Citigroup - Wall Street Journal Pandit Says Citigroup Having Best Quarter...