Congress Investigating Whether Merrill Lynch Lied on Bonuses

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


Earlier today, I noted that New York Attorney General Andrew Cuomo, who is investigating the bonuses that were given in late 2008 to executives at the massively money-losing Merrill Lynch, seems to have caught the financial services company in a lie. Now Merrill Lynch (which was bought by Bank of America last year with taxpayer help) is in even more trouble. The allegedly misleading letter Merrill Lynch sent in November of last year was sent to Congress, and Congress definitely doesn’t like being deceived. Ed Towns (D-NY), the new chair of the House oversight committee, announced today that he is investigating whether Merrill Lynch execs lied to Congress. “[Cuomo’s] filings raise the disturbing possibility that Merrill Lynch executives may have obstructed this Committee’s investigation into executive compensation practices and the awarding of bonuses at the company,” Towns writes. “We will not hesitate to exercise every means at our disposal to protect the integrity of the Congressional investigation process and to bring real transparency to the use of TARP funds.”

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate