Andrew Cuomo has issued subpoenas to the Merrill execs who got $10+ million bonuses last year. Now they, too, will have the pleasure of getting their butts dragged in for questioning.
But what is Cuomo planning to ask these executives, exactly? Why did they cash the checks?
We get why Cuomo’s going ape about Merrill paying $10+ million bonuses with taxpayer money. But it’s not clear what he hopes to learn from those who received them.
Maybe he just wants to rough them up a bit, see if they’ll give the money back? Or maybe he wants to confirm that that bit about how they’d leave the firm if they didn’t get paid was hogwash?
Susanne Craig and Dan Fitzpatrick in the WSJ: The [subpoenaed] executives include Andrea Orcel, the top investment banker at Merrill, global sales and trading chief Thomas Montag and Peter Kraus, Merrill’s former head of strategy.
Messrs. Orcel and Montag now work at Bank of America Corp., which acquired Merrill in January. Mr. Kraus is chief executive of investment-management firm AllianceBernstein Holding LP. They were paid more than $25 million apiece in 2008.