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Merrill may have misled Congress on bonuses: Cuomo

Jonathan Stempel Reuters 03/11/2009 15:06
Merrill may have misled Congress on bonuses: Cuomo - Merril Lynch - bonus


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 those payouts, New York Attorney General Andrew Cuomo said on Wednesday.



The attorney general also said Merrill traders may have delayed taking hefty losses late last year until after the company decided to pay out $3.62 billion of overall bonuses.

He also again rejected the attempt by Bank of America Corp, which bought Merrill on January 1, to keep the names of bonus recipients confidential, after the bank's Chief Executive Kenneth Lewis said he had never in 40 years of banking demanded confidentiality.

The allegations were made in filings with the New York State Supreme Court in Manhattan, two days before Justice Bernard Fried is expected to hold a hearing on whether to keep bonus details private.


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