While we’ve all been focused on those AIG bonuses, there’s been a major development in the Wall street bonus saga that seemed, a week ago, like the ultimate in outrageous corporate behavior.
A court ruled yesterday that Bank of America will have to turn over to New York Attorney General Andrew Cuomo the names of the Merrill Lynch employees who received a total of $3-4 billion in bonuses. Bank of America, which since the start of the year has owned Merrill, had been resisting giving Cuomo the information.
Cuomo said he could release the names as soon as today.
Merrill approved the bonuses last December under then-CEO John Thain, on an accelerated schedule, apparently to ensure they went into effect before the firm came under the control of B of A.