Subpoenas Issued in Merrill Lynch-Bank of America Merger

Former Merrill Lynch CEO John Thain has been subpoenaed by New York's Attorney General, as part of an inquiry into executive compensation. The move comes just five days after Thain resigned following disclosures that he doled out as much as $4 billion in bonuses a month ahead of schedule and on the eve of the troubled brokerage's acquisition by Bank of America. "Today, as part of our ongoing inquiry into executive compensation issues at institutions who have received TARP funds, my Office...Full Story
Commenting on this article is closed.