Now, New York Attorney General Andrew Cuomo is heading to the recipients of the Merrill end-of-’08 bonuses. According to ABC News, he has subpoenaed “[s]even executives who received multimillion-dollar cash-and-stock pay packages from Merrill Lynch just prior to its merger with Bank of America.”
I’m interested in seeing where this leads. Disgorgement is going to be next to impossible to get from these executives. Unless Cuomo can get something on Bank of America or its execs that constitutes some sort of fraud or perjury, I’m not sure what the aim is here — other than public shaming, which provides some benefit, of course.
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Chris Geidner is the award-winning senior political editor at D.C.'s Metro Weekly and has written for The Atlantic Online, The American Prospect, Advocate.com, Salon and other publications, as well as at his blog, Law Dork. In 2011, he received the Excellence in News Writing Award from the National Lesbian and Gay Journalists Association for his coverage of "Don't Ask, Don't Tell" repeal. Prior to moving to D.C. in 2009, he served as an attorney on the senior staff at the Ohio Attorney General's Office and had earlier worked for a leading Columbus law firm. An extended biography can be found