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Merrill Lynch Execs Subpoenaed in Bonuses Probe

HeadlineMar 05, 2009

Here in New York, State Attorney General Andrew Cuomo has subpoenaed several top Merrill Lynch executives who were each paid more than $10 million in cash and stock last year. Overall, Merrill Lynch handed out over $3 billion in bonuses just before the company sold to Bank of America in a government-backed deal. The bonuses were handed out despite a $27.6 billion company loss on the year. Cuomo is investigating whether the payments violated securities laws.

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