Cuomo Takes Aim At Merrill Lynch
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Attorney General Andrew Cuomo is taking aim at Merrill Lynch, saying the struggling firm plans to reward it's CEO with a $10 million bonus.
In a letter to the company's Board of Directors Monday, the state's top lawyer said he's shocked by the reports after an "abysmal" fiscal year where Merrill Lynch lost $11 billion and was taken over by Bank of America.
Cuomo said that under the firm's criteria for performance-based bonuses, the amount seems unjustified.
Merrill Lynch declined an opportunity to comment on the letter.
Meanwhile, the Attorney General's office is conducting a general investigation into Wall Street compensation.