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Tuesday, February 24, 2009

Attorney General Andrew Cuomo to force ex-Merrill Lynch CEO John Thain to give up bonus details
A judge ordered ex-Merrill Lynch boss John Thain to stop stonewalling a state investigation of why the firm doled out $3.6 billion in bonuses just before it collapsed.
Thain refused last week to answer questions from New York Attorney General Andrew Cuomo, who is probing the suspiciously timed Merrill bonuses. Monday, Cuomo asked a judge to make Thain talk about who got windfalls in a last-minute bonus frenzy just before Bank of America took over Merrill.
Late in the day, Manhattan Supreme Court Justice Bernard Fried issued an order requiring Thain to show up today at Cuomo's lower Manhattan offices to name names.
Cuomo is looking into who approved the bonuses late last year at the same time Bank of America was accepting $45 billion in taxpayer bailout funds that helped