New York Attorney General Andrew Cuomo may demand the return of $4bn in bonuses paid by Merrill Lynch just before it was acquired by Bank of America, reports Bloomberg. Cuomo is also trying to determine what BofA chief executive Ken Lewis knew about the accelerated bonuses and about Merrill’s surprise $15bn Q4 net loss. Lewis fired Merrill’s CEO John Thain this month after BofA was forced to ask for more federal aid amid Merrill’s losses. Lex meanwhile defends Ken Lewis and says BofA’s purchase of Merrill must be seen “in context”.
