Posted on 03/05/2009 9:44:19 AM PST by Abathar
NEW YORK (Reuters) – Bank of America Corp (BAC.N) said it could suffer "grave harm" if it is forced to reveal data about an estimated $3.6 billion of bonuses paid to Merrill Lynch & Co officials in the days before the bank acquired the brokerage.
In a petition filed late Wednesday in a New York state court in Manhattan, the bank urged Justice Bernard Fried to reject New York Attorney General Andrew Cuomo's demand for the data, which the bank believes should be kept confidential.
Charlotte, North Carolina-based Bank of America bought Merrill on January 1, shortly after the bonuses were awarded.
Bank of America said revealing the data could help rivals poach talent, prompt employees to leave because their privacy was violated, cause "internal dissension and consternation," increase security risks for bonus recipients, and give rivals a better idea of which businesses it considers most valuable.
Cuomo is investigating whether the bonuses violated securities laws. His office subpoenaed seven Merrill executives who got tens of millions of dollars of compensation in 2008, a person familiar with the probe said on Wednesday.
Bank of America said neither the names nor the job titles of bonus recipients are relevant to Cuomo's probe or the public. "Disclosing such highly sensitive and confidential information to the public will cause grave harm and severe competitive disadvantage" to the bank, it said.
Bank of America Chief Executive Kenneth Lewis and former Merrill Chief Executive John Thain have testified under subpoena about the bonuses. The names of some of Merrill's top earners were published Wednesday in The Wall Street Journal.
(Excerpt) Read more at news.yahoo.com ...
Lol. Just like the Fed.
If they didn’t have the wit to make sound business decisions, they should go under. And it’s better for them to go under BEFORE they bankrupt our country.
BofA growing a BackBone?
BOA’s “grave harm” can’t come soon enough.
Idiots.
Agree. And if they are too big to fail, they are also too big to be bailed out!
Would jail time for malfeasance be considered “grave harm”?
Well, self inflicted wounds hurt? Gee, can`t let that out!
Uh, wouldn't you want your rivals to hire the guys that tanked one of America's once-great investment firms? Kinda like giving the Indians plague-infested blankets?
I wonder what they could reveal that would be worse than people are already thinking?
Yeah, just like a bank robber will suffer “grave harm” if the security tape showing him dynamiting the vault is allowed into evidence.
“Grave harm”.
You mean like “We’re afraid to walk down the street for fear of a well-deserved ass kicking” grave harm? Works for me.
Bank of America is not one large homogenous entity.
These guys are all in it together and, IMHO, are playing a bad version of Kabuki where the ‘Good’ Cop battles the ‘Bad’ Cop.
They are all in the same Clubs, have the same pedigrees (Ivy League or similar), invest with the same group (Think Carlyle or Cerberus) and periodically put on performances for da pipples to keep the illusion alive.
Where is my Pitchfork (Or 9 MM) when I really need it! /sarc
Screw BofA.
Tell ya what, though, I think they’re playing a dangerous game. This, the bonuses in the first place, what that assclown from Countrywide is up to...They’re rubbing it in peoples’ faces at this point. I predict violence.
My folks always told me: If you are afraid of someone catching you doing something, you probably shouldn’t be doing it in the first place.
The Reuters title is misleading.
The “grave harm” that BOA speaks about is NOT the effects of poor public perception.
The “grave harm” consists of a loss of confidence with its employees and providing help to its competition.
This is an SEC matter. Cuomo does not have standing.
I agree but I suspect we disagree on where the violence will come from.
Ironically, the ones who have probably lost the most in this disaster - The educated, civilized and productive segments of Society will suck it up, try to get through the dark time and ultimately go to work to rebuild.
The others (And I think you can figure out who they are) will riot, burn down their own neighborhoods and get the attention they want but do not deserve because their expectations of ‘Free Gas’ or ‘Reparations’ are not immediately forthcoming.
Look for a long and very hot Summer (And not from the illusion of Global Warming).
“I wonder what they could reveal that would be worse than people are already thinking?”
LOL! Nail on the head.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.