NY AG subpoenas Thain over Merrill bonuses

[NoGOPZone]

Source: Associated Press via Yahoo! News

The New York attorney general on Tuesday issued subpoenas to former Merrill Lynch chief executive John Thain and Bank of America's chief administrative officer, J. Steele Alphin, amid an investigation into bonuses Merrill paid executives just before being sold to Bank of America.

Thain, 53, was serving as the head of the newly combined company's wealth management division before he resigned last week. The resignation came shortly after reports surfaced that billions of dollars were paid to Merrill executives in late December.

Those bonuses were paid as Merrill was about to report a $15 billion fourth-quarter loss, and while Bank of America was seeking more federal funds to help it absorb the mounting losses at the New York-based investment bank.

Read more: http://news.yahoo.com/s/ap/20090127/ap_on_bi_ge/bank_of_america_merrill_lynch

[Kittycat]

1. Take it back.

The people should be forced to give the bonuses back. End of story.

[Lugnut]

2. Absolutely!

Make them pay it back.

[bobd0]

3. Take the money back and indict Thain and Alphin as an example for future asshats. nt

[closeupready]

4. I agree.

n/t

[antimatter98]

5. Rendition Thain---send the a.hole to Syria or Eqypt and toss the key. n/t

[SOS]

6. Clawback all bonuses and deposit at US Treasury.

nt

[Muttocracy]

7. K&R. nt

[Winterblues]

8. The only solution to this is to send them more money

Maybe give them more big tax cuts as well. It has worked so well these last eight years why stop now?

[natrat]

9. exactly or let them bring back their offshored money with no penalty...oh wait...