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March 12, 2009

Merrill Lynch accused of lying in bonus probe

By Spear's

Merrill Lynch mislead previous investigations over the date of its bonus payments, according to court evidence presented by New York attorney general Andrew Cuomo.

Merrill Lynch mislead previous investigations over the date of its bonus payments, according to court evidence presented by New York attorney general Andrew Cuomo.

Cuomo is pursuing the bank in legal proceedings designed to investigate the causes of its huge 2008 losses, as well as the decision to award millions of dollars in bonus payments paid just days before the bank’s acquisition by Bank of America.

In a letter the bank wrote to Congressman Henry Waxman dated 24 November 2008, the bank stated that staff remuneration decisions at Merrill Lynch are taken ‘at year end,’ and that decisions for that particular year ‘have not yet been made.’

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