While doing my usual morning stroll though the Internets, I landed on Calculated Risk's front page and happened upon an interesting post regarding a certain New York AG to a certain Massachusetts Congressman. More below the fold.
Note:I deliberately left off the forth option because I don't think it is appropriate (yet) and I know how some people might get their panties in a twist over it. :P
So, New York State Attorney General Cuomo sends a letter to Barney Frank regarding Bonuses handed out by Merrill Lynch. It looks like the games afoot and Cuomo is on the case.
One disturbing question that must be answered is whether Merrill Lynch and Bank of America timed the bonuses in such a way as to force taxpayers to pay for them through the deal funding. We plan to require top officials at both Merrill Lynch and Bank of America to answer this question and to provide justifications for the massive bonuses they paid ahead of their massive losses. As you know, my Office recently issued subpoenas seeking the testimony of former Merrill Lynch CEO John Thain, as well as the testimony of Bank of America Chief Administrative Officer J. Steele Alphin. I expect we will also be seeking the testimony of other top executives at these firms.
What? For Thain is an honorable man, so are they all honorable men (Shakespearean snark).
Again, these payments and their curious timing raise serious questions as to whether the Merrill Lynch and Bank of America Boards of Directors were derelict in their duties and violated their fiduciary obligations. We will also continue to examine whether senior officials at both companies violated their own fiduciary obligations to shareholders. If they did, this raises additional serious issues with regard to the inappropriate use of taxpayer funds
Yon Cuomo has a lean and hungry look about him...
I represent the taxpayers who demand accountability, transparency, and responsibility. Taxpayers are being crushed by the losses on Wall Street and now are paying billions in bailout funds. My investigation into whether these bonus payments violated New York's fraudulent conveyance statute and whether the lack of disclosures concerning these payments and other matters violated the Martin Act will continue..
I say - lay on Cuomo and damned be he that cry hold enough!