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Cuomo to grill BoA directors
NEW York attorney general Andrew Cuomo has issued subpoenas to five directors of Bank of America (BoA), according to US sources.
Cuomo is seeking information from the executives on what they knew about Merrill Lynch and the bonuses that were paid at the bank in the lead-up to last year’s rescue merger with BoA.
His investigation centres around allegations that BoA misled shareholders about the scale of bonuses being paid at Merrill, which totalled $3.6bn (£2.2bn) in 2008 despite the bank losing $27.6bn.