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Thain Forced To Testify On Bonuses

02-24-2009

John Thain, ex-Merrill Lynch CEO has been ordered to disclose names of individuals who received bonuses by the former investment bank, The Financial Times reports. The ruling is a victory for state Attorney General, Andrew Cuomo who filed a motion to force Thain to testify about bonuses awarded to individuals other than Merrill’s top five executives.

Thain had argued that Bank of America (BofA) had stopped him from testifying due to confidentiality concerns. Merrill had paid $3.6 billion in bonuses during a year where it posted losses of $28 billion before it was acquired by BofA.

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