Bank Of America Scrutinized Over Bonuses
04.15.09 |
Bank of America may be under federal probe to find out if it violated the law in connection with billions of dollars in bonuses. Nearly four-billion dollars in bonuses were paid to employees of Merrill Lynch before the two companies merged. Those bonuses were paid even though the brokerage lost nearly 28-billion dollars.
The point of contention is what did Bank of America knew about the Merrill Lynch bonuses and when, as well as why it did not disclose information about the bonuses before shareholders voted in favor of the merger. The Securities & Exchange Commission is reportedly looking into the matter, but won't confirm whether an investigation is underway. Bank of America has declined comment.
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