What will Ken Lewis say?
After grilling John Thain, ex-CEO of Merrill Lynch, for a full day about the firm's controversial decision to pay billions in bonuses as the firm was tanking, New York Attorney General Andrew Cuomo will now turn his attention to Bank of America CEO Ken Lewis. He can expect similar treatment.
Cuomo has been probing the $3.6 billion in bonuses Merrill Lynch executives received, specifically whether the information was appropriately disclosed. He is certainly looking for wrong doing, having already publicly called the move irresponsible. Ken Lewis can't really win. He can basically say he didn't know about it or that he knew about it but didn't (or couldn't) do anything. Either way he looks bad.
For more:
- here's an AP article
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