Cuomo to Thain: I Know What You Did Last Christmas

clawback

Clawback's a Bitch

Aww Yeah!

Forget about that Jon Stewart vs. James Cramer noise…who cares?

The real action is taking place in the New York State Attorney General’s Circle of Death between Andrew Cuomo aka Spitzer 2.0 and Merrill Lynch aka the Hamburglar of Wall Street.

From DealBook (NYT)

The office of Attorney General Andrew M. Cuomo filed lengthy documents in New York State Supreme Court on Wednesday as it continues its battle to obtain the names of Merrill Lynch’s top earners last year. Bank of America, which bought Merrill last fall, has been fighting the release of that information.

When Cuomo comes, he comes with the thunder, Thain, so cough up the emails.  $3.6 billion stolen from middle-class Americans who can barely afford to heat their homes!

There’s a tent city in Sacramento and you’re blowing BILLIONS of our tax money retaining talent?  Are you serious, I Robot?

No one on Wall Street is perfect and everyone makes mistakes, but Bank of America‘s sneaky bonus payment to Merrill “producers” while the parent company was securing $20 billion in TARP loans was actual theft.

Claw that s@#$ back, Andrew.  The whole city’s behind you.

Full Story:  Merrill Misled Congress (DealBook)

Read Also:

Pigs at the Trough

“But We Can’t Afford to Lose the Talent” and Other Bullsh*t

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What's been said:

Discussions found on the web
  1. Dinosaur Trader commented on Mar 11

    Bang! I’m with you here, but even though I’m tiring of the Jon Stewart/Jim Cramer tickle-fight, I will be watching tomorrow night.

    -DT

  2. Dinosaur Trader commented on Mar 11

    Bang! I’m with you here, but even though I’m tiring of the Jon Stewart/Jim Cramer tickle-fight, I will be watching tomorrow night.

    -DT

  3. Dinosaur Trader commented on Mar 11

    Bang! I’m with you here, but even though I’m tiring of the Jon Stewart/Jim Cramer tickle-fight, I will be watching tomorrow night.

    -DT

  4. Andy commented on Mar 12

    Hell yeah! I’m angry. Can we get Spitzer back to the room? Just in case Cuomo needs muscle

  5. Andy commented on Mar 12

    Hell yeah! I’m angry. Can we get Spitzer back to the room? Just in case Cuomo needs muscle

  6. Andy commented on Mar 12

    Hell yeah! I’m angry. Can we get Spitzer back to the room? Just in case Cuomo needs muscle

  7. vish commented on Mar 12

    New York Times story: Mr. Cuomo claimed that Merrill traders had mismarked their books as of early December in an effort to get higher bonuses.

    “It appears that some of these losses may have been booked by Merrill employees who marked down their portfolios only after their 2008 bonuses were set,” the attorney general wrote in the filing. “Despite the gargantuan unexpected losses, Merrill did not reconsider its bonus awards” and Bank of America did not request or demand that Merrill reduce its bonus pool, he wrote.

    Traders saying that they would engage in strategies (not clearly described) that would lead them to show high profits though year end that they would wind up giving back (and often more) early in the next year. The idea was that they’d make so much on their trumped up performance that it didn’t matter if they were fired next year.

  8. vish commented on Mar 12

    New York Times story: Mr. Cuomo claimed that Merrill traders had mismarked their books as of early December in an effort to get higher bonuses.

    “It appears that some of these losses may have been booked by Merrill employees who marked down their portfolios only after their 2008 bonuses were set,” the attorney general wrote in the filing. “Despite the gargantuan unexpected losses, Merrill did not reconsider its bonus awards” and Bank of America did not request or demand that Merrill reduce its bonus pool, he wrote.

    Traders saying that they would engage in strategies (not clearly described) that would lead them to show high profits though year end that they would wind up giving back (and often more) early in the next year. The idea was that they’d make so much on their trumped up performance that it didn’t matter if they were fired next year.

  9. vish commented on Mar 12

    New York Times story: Mr. Cuomo claimed that Merrill traders had mismarked their books as of early December in an effort to get higher bonuses.

    “It appears that some of these losses may have been booked by Merrill employees who marked down their portfolios only after their 2008 bonuses were set,” the attorney general wrote in the filing. “Despite the gargantuan unexpected losses, Merrill did not reconsider its bonus awards” and Bank of America did not request or demand that Merrill reduce its bonus pool, he wrote.

    Traders saying that they would engage in strategies (not clearly described) that would lead them to show high profits though year end that they would wind up giving back (and often more) early in the next year. The idea was that they’d make so much on their trumped up performance that it didn’t matter if they were fired next year.

  10. Joshua M Brown commented on Mar 12

    this is going to be a huge story, Vish, thanks for fleshing that out.

    this could become bigger than the Spitzer/Grasso feud.

    thx for reading

  11. Joshua M Brown commented on Mar 12

    this is going to be a huge story, Vish, thanks for fleshing that out.

    this could become bigger than the Spitzer/Grasso feud.

    thx for reading

  12. Joshua M Brown commented on Mar 12

    this is going to be a huge story, Vish, thanks for fleshing that out.

    this could become bigger than the Spitzer/Grasso feud.

    thx for reading