Tuesday, March 10, 2009

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Officials demand more BofA bonus info

New York state's top legal officer and U.S. Rep. Barney Frank demanded Monday that Bank of America Corp provide more details on $6.9 billion in bonuses paid in 2008, including $3.6 billion at the former Merrill Lynch & Co.

The billions of dollars paid to executives is a controversial issue in the recession, and New York Attorney General Andrew Cuomo has been putting pressure for months on the banks that received U.S. government money to stay afloat.

A legal tussle between Cuomo's office and the bank has wound up in state court, with Bank of America (BAC, Fortune 500) telling a judge it would suffer "grave harm" if forced to reveal bonus data, citing concerns over competitors poaching staff and privacy.

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