NY AG says Merrill misled Congress. New York Attorney General Andrew Cuomo has accused Merrill Lynch of misleading Congress about its plan to grant early bonuses in December. In a court filing yesterday, Cuomo said Merrill's compensation committee had decided on Nov. 11 to accelerate the payments but told Congress on Nov. 24 that bonus payments were planned for the end of the year. In court papers, Cuomo also alleges that Merrill employees may have "marked down their portfolios only after their 2008 bonuses were set," contributing to Merrill's larger-than-expected Q4 losses. ..................................................... Ok....and......Fuld, Blankfein, Mack...etc....etc.... What about THEM ?
Ah Merrill, shining paragon of virtue of the IBs. Remember when they were buying Nigerian oil tankers from Enron and gleefully investing in Andy Fastow's funds with full knowledge of what was going on?