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House Panel Wants Merrill Bonus Records

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A U.S. House committee chairman is asking Bank of America Corp. CEO Ken Lewis and a Merrill Lynch & Co. lawyer to produce records and information relating to the $3.62 billion in 2008 bonuses paid by Merrill, as the committee tries to determine whether it was misled about the year-end incentives.

Merrill's outside lawyer, Raymond Calamaro, assured the House Committee on Oversight and Government Reform in a Nov. 24 letter that "incentive compensation decisions for 2008 have not yet been made." But the securities firm's compensation committee had approved the bonuses in a vote two weeks earlier, according to testimony given to New York Attorney General Andrew Cuomo, who is conducting his own probe of the matter.

Read the whole story at Wall Street Journal

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