BUSINESS
04/17/2009 05:12 am ET Updated May 25, 2011

House Panel Wants Merrill Bonus Records

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.

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