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New York broadens bonus pay probe

UPI 02/27/2009 12:39
New York broadens bonus pay probe - Merrill Lynch - bonus


New York has expanded a probe of Merrill Lynch (NYSE:MER)'s compensation policies issuing subpoenas to employees who were given a total of $3.6 billion in bonus pay.



New York has expanded a probe of Merrill Lynch (NYSE:MER)'s compensation policies issuing subpoenas to employees who were given a total of $3.6 billion in bonus pay.

Bank of America Chief Executive Officer Ken Lewis has already been questioned by the office of the New York Attorney General, CBS News reported Friday.

Former Merrill Lynch CEO John Thain has also testified, handing over a list of 696 employees who received bonuses more than $1 million each, ABC News said. Officials described Lewis' testimony as "ugly and combative," ABC said.

In addition, Lewis flew to the New York meeting in a Bank of America jet that cost at least $5,000 an hour. A commercial flight would have cost $440, ABC said.


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