New York Attorney General subpoenas executive pay data
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AP
Published: November 13, 2008
New York’s attorney general is demanding that Bank of America turn over a list of every executive who got a bonus of more than $250,000 over the past two years.
Andrew Cuomo has been looking into the bonuses paid to banking executives in advance of the industry’s meltdown. A person familiar with the investigation says Cuomo sent a subpoena to Bank of
America, after being disappointed with the company’s earlier response to a letter asking for the information.
State regulators are also ordering the bank to turn over information on its dealings in credit-default swaps. That’s a complex type of derivative that has been linked to the turmoil in the credit markets.
That part of the subpoena relates to a separate probe, in which prosecutors are trying to find out whether traders manipulated the market for those swaps to drive down stock prices of certain
companies.
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