Peace Talks: New York Attorney General Cuomo, Merrill Lynch CEO Thain Talk Settlement

NEW YORK — New York Attorney General Andrew Cuomo has been in all-day meetings with Merrill Lynch & Co. Chief Executive John Thain regarding a last minute settlement over auction-rate securities, according to a person familiar with the negotiations.

The meetings are being held at Cuomo's office in New York City in order to avert a lawsuit the attorney general has threatened against the brokerage firm, said the person, who spoke on condition of anonymity because he was not authorized to comment publicly on the talks.

Cuomo, who along with other regulators has reached $42 billion worth of settlements with five major Wall Street banks, said earlier that talks with the world's largest brokerage were at an impasse. He threatened to sue Merrill Lynch if an agreement was not reached by the end of the day.

Comments

[Notfoolinme]

Merrill Lynch rips off the public and is ordered to pay over $40 BILLION by attorney general Andrew
Cuomo. (for scamming the public with "Adjustable Rate Securities" ) Hmmm....th­e "CEO" (does that stand for Chief Executive Officer...­.or Criminal Enterprises Organization?) John Thain was paid
over $80,000,00­0....yes 80 MILLION dollars for his "leadership" for "running" the company. Not only do they screw the public but they rip off their own shareholders. What a great company. John Thain belongs in jail. Good for Cuomo for holding these scumbags accountable.

[Robert59]

Attorney General Cuomo is quickly becoming a superhero. The evidence against the investment banks must be overwhelming for them to so readily agree to pay back 40 plus billion of dollars they swindled from investors.

[darthdarcy]

Merrill Lynch has always been one of the sleaziest operations on Wall St...!

When Donald Reagan was the head of it it had 5,500 indictments or violations that's when I worked on Wall St..then Ronald Regan made Donald Reagan White House Chief of Staff..!

[WIpatriot]

"Peace Talks:
Merrill's Thain Tries Not To Get Sued"

Replace "Sued" with "Lynched."

[joebhed]

Despite the possible extensive problems down stream from admitting to what is essentially fraud in transacting this business, Merrill also knows that it has everything to lose in that fight.

Its discretion at this point may keep it going for another bubble, as long as they don't change the rules.

But kudos to Cuomo for just doing the job that people deserve and expect.
Good job, government.

[Podewumun]

Sorry, but every last brokerage house and banking institution that "knowingly" sold sub-primes should be forced into receivership and dissolved. Screw them.

[Notfoolinme]

Podewumun: Right on! Those bastards knowingly screwed thousands of retired people out
of their hard earned money. They need to be held accountable. Put them in jail so they can
ponder about how they ripped off the public because of their own selfish greed.

[dadw5boys]

Where would the money have gone without someone reporting it ???????

[bascombe]

merrill will get off!
SOP