Stonewalling in Style: Bank of America Subpoenaed
Thain, in his first deposition Feb. 19, had initially refused to answer questions regarding the bonuses, according to a partial transcript of that session. On Monday, he was ordered to reappear after the attorney general's office sought and received a court order compelling him to answer the questions.
The bonuses became a subject of the investigation into Merrill's merger with Bank of America by Cuomo's office after the attorney general raised whether the two banks -- which together received about $45 billion in taxpayer dollars -- worked together to arrange the early bonus plan just weeks before the merger was completed.
The bonus package, called the Variable Incentive Compensation Package, provoked outrage when it was revealed that Merrill Lynch lost $25 billion in 2008.
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