This ought to be interesting and I hope more subpoenas to other banks are in the works. Using public money to enrich the people who dragged down the global economy is unacceptable. From Reuters:
New York state's attorney general, Andrew Cuomo, this week issued a subpoena to Bank of America Corp, asking for details on how it allocates its bonuses, the Wall Street Journal said, citing a person familiar with the matter.
In a letter to BofA, Cuomo's office said the company had responded inadequately to its informal request for information on executive compensation, the paper said.
Two weeks ago Cuomo told BofA and eight other banks receiving government money under the Treasury's Troubled Asset Relief Program (TARP) that using the funds for bonus payments may be illegal under state law.
