Gasaprino is still working on the details but as you might remember, when Merrill and Bank of America merged back mid-September, the agreement granted the authority to pay bonuses of as much as $5.8 billion.
At issue is a Merrill Lynch board meeting on Nov. 11 where Thain asked the board to pay Merrill executives $3.2 billion in bonuses before the end of the year. Later, Merrill disclosed it had lost $15 billion.
People close to Cuomo's investigation say that if Thain moved up the timing of the bonuses, while knowing about future losses, he may be in violation of the Martin Act.
> Merrill Misled Congress on Bonus Decisions, Filing Says
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