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SMF Blogs > Economic Analysis > November 2008 > BAC Bank of America: Cuomo is seeking data on bonuses at BofA

BAC Bank of America: Cuomo is seeking data on bonuses at BofA

WSJ reports New York state's attorney general, Andrew Cuomo, this week issued a subpoena to Bank of America, asking for details on how it allocates its bonuses, according to a person familiar with the matter. In a letter to Bank of America, Mr. Cuomo's office said the company had responded inadequately to its informal request for information on executive compensation two weeks ago. Mr. Cuomo's inquiry is reviewing whether any payments to executives by undercapitalized companies may have violated New York state law. The subpoena also asks for information the company has submitted to Rep. Henry Waxman, a California Democrat who also is investigating the issue. Bank of America wouldn't confirm whether it received the subpoena. But spokesman James Mahoney said the company did respond to Mr. Cuomo's initial letter and that "Bank of America is not using TARP money for executive compensation or bonuses." In its subpoena, Mr. Cuomo's office asked for information on the company's anticipated bonus pools this year.

Posted: 11/13/2008 8:17:54 AM by StockMarketFunding | with 0 comments


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