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U.S. markets recover from steep losses
ALBANY, N.Y., Feb. 27 (UPI) -- New York has expanded a probe of Merrill Lynch's compensation policies issuing subpoenas to employees who were given a total of $3.6 billion in bonus pay.
Bank of America Chief Executive Officer Ken Lewis has already been questioned by the office of the New York Attorney General, CBS News reported Friday.
Former Merrill Lynch CEO John Thain has also testified, handing over a list of 696 employees who received bonuses more than $1 million each, ABC News said. Officials described Lewis' testimony as "ugly and combative," ABC said.
In addition, Lewis flew to the New York meeting in a Bank of America jet that cost at least $5,000 an hour. A commercial flight would have cost $440, ABC said.
New York Attorney General Andrew Cuomo has expressed concern about extravagant bonuses handed out in spite of billions of federal bailout funds used to prop up banks
In the fourth quarter, Merrill Lynch lost $15 billion. The firm rushed bonus pay to employees before the merger with Bank of America was complete.
Ben Lawsky, special assistant to the attorney general, said Bank of America remains defiant.
Cuomo "is disappointed ... at Bank of America's decision not to turn over some information," Lawsky said.
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