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United States: NY State Probes 'Troubling' Bonuses.

Thai Press Reports

| January 28, 2009 | COPYRIGHT 2008 Thai News Services. (Hide copyright information)Copyright

Section: General News - Prosecutors in New York want to talk to a former chief executive about why his investment firm rushed to pay out billions of dollars in bonuses.

New York state attorney general Andrew Cuomo calls the bonuses "troubling," and says he has issued a subpoena (a court order compelling testimony) to former Merrill Lynch executive John Thain.

Merrill Lynch paid the bonuses just days before it was taken over by Bank of America, and before announcing that it lost more than $15 billion over the last three months of 2008.

Bank of America says the fourth quarter loss forced it to ask the government for an extra $20 billion in bailout …

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