Cuomo Probing Last-Minute Merrill Bonuses: Report

Law360, New York (January 23, 2009, 12:00 AM EST) -- New York Attorney General Andrew Cuomo has reportedly launched an investigation into last-minute bonuses issued by investment bank Merrill Lynch & Co. Inc. just days before it merged with Bank of America Corp.

According to several media reports, then-Merrill Lynch CEO John Thain pushed for bonuses totaling between $3 and $4 billion throughout December. The Financial Times reported Wednesday that Merrill's compensation committee approved the rushed bonus payments on Dec. 8, just three days after shareholders approved the shotgun marriage of Merrill and BofA.

The bonuses...
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