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Seven Merrill executives face bonus probe

New York’s attorney-general issued subpoenas Wednesday night to seven executives from Merrill Lynch, each of whom received a bonus of more than $10m for 2008, calling on them to give depositions concerning those payments.

Prosecutors from the office of Andrew Cuomo have been investigating the early payment of $3.6bn in cash bonuses at Merrill Lynch since late January, when they were first disclosed by the Financial Times.

The bonuses sparked public outrage, in part because Merrill reported $15.8bn in losses for the fourth quarter and $27.6bn for the full year, and because Bank of America, which was about to acquire Merrill, had just asked the government for $20bn in public funds in order to consummate the transaction.

[Article originally posted on FT.com] Continue reading

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