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January 28, 2009

Ex-Merrill Lynch CEO Subpoenaed in Bonuses Probe
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Here in New York, former Merrill Lynch CEO John Thain has been
subpoenaed as part of a state probe into executive bonuses at firms that
have received bailout money. Thain resigned this week following the
disclosure he handed out $4 billion in bonuses a month ahead of
schedule. The bonuses were approved just three days after shareholders
OKed Merrill Lynch’s merger with Bank of America. Bank of America was
given billions in additional bailout money for the takeover.



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