Posted on 01/27/2009 9:19:34 AM PST by randita
New York Attorney Gen. Cuomo subpoenas ex-CEO Thain
By Sue Chang
Last update: 11:13 a.m. EST Jan. 27, 2009
SAN FRANCISCO (MarketWatch) -- The office of New York Attorney General Andrew Cuomo said Tuesday it issued subpoenas to former Merrill Lynch Chief Executive Officer John Thain and Bank of America Chief Administrative Officer J. Steele Alphin. The subpoenas were issued as part of its ongoing inquiry into billions of dollars in bonuses paid by Merrill Lynch just days before Merrill was taken over by Bank of America (BAC:
"The fact that Merrill Lynch appears to have moved up the timetable to pay bonuses before its merger with Bank of America is troubling to say the least and warrants further investigation," Cuomo said in a statement. Cuomo also said his office launched a probe into executive compensation practices at other TARP funded institutions in coordination with the TARP Special Inspector General Neil Barofsky.
(Excerpt) Read more at marketwatch.com ...
This is a start, but the politicians who consorted with the pigmen need to share the blame as well.
Too late to buy puts on Merril Lynch?
For the past two days, Marketwatch will not load for me...keeps “timing out”...anyone else having that problem?
I have done bookkeeping for over 35 years for a company that has banked at Bank of America for over 40 years.
When I did his bank reconciliations this past week( I do his stuff quarterly), the November and December bank statements had a NEW charge:
$29.95 for a monthly service charge......
His lowest balance in Nov was over $4000 and his lowest balance in December was over $9000. He had no bounced checks- cannot ever remember him doing that.
He puts between $20,000 and $35,000 thru this account every month, as a single worker company-him-doing contracting work.
IF Bank of America has 10 million ACCOUNTS-— I said accounts-not customers, because many businesses have a general account and a payroll account at the minimum—
that 10 million accounts produces $299,500,000 dollars per month....
Just short of 300 million dollars a month-—for what?? Smoke!!!! Mirrors!!!...no new or better service!!!!
I have never had an account that charged me more than $10 a month for a service charge, and in those days, we actually got back our cancelled checks for our own records...
That adds up to $3.594 BILLION dollars in one year for Bank of America, and not a penny’s worth of additional service!!!
I made this calculation on 10 million accounts....whatever the real number may be, it is still a ripoff!!!!
What does it take for the Congress to get the lights on inside their heads?????
Bank of America is the WORST bank in the country. They treat their customers like dirt.
I had a cashier’s check (that’s right, a cashier’s check) to deposit and have the money available for a real estate transaction. They said it would be 14 days before the money would be available. I told them I had private banking with them and there wouldn’t be any problem. Ha. They said no. So I asked to speak to the manager. Manager was too busy. I walked out of the bank and 7 accounts came with me.
I walked next door to Wachovia, gave them the telephone number of the bank manager where the my cashier’s check was drawn, and the money was available immediately.
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