A New York judge has ordered former Merrill Lynch CEO John Thain to testify about $3.6 billion in bonuses paid to Merrill employees before the company was sold to Bank of America. Initial reports of the bonuses came just days after BofA received $20 billion from the government that it said it needed to help offset the losses it was absorbing from the Merrill acquisition. New York's attorney general subpoenaed Thain last month in connection with his office's investigation into the timing of the bonuses.
Former Merrill Lynch CEO Ordered to Testify About Billions in Bonuses
The Associated Press
February 24, 2009