Calculated Risk: NY AG Cuomo Letter to Barney Frank on Merrill Bonuses

Cuomo gets it right.  Some of the remedies exist already.

Calculated Risk: NY AG Cuomo Letter to Barney Frank on Merrill Bonuses:

[T]hese payments and their curious timing raise serious questions as to whether the Merrill Lynch and Bank of America Boards of Directors were derelict in their duties and violated their fiduciary obligations. We will also continue to examine whether senior officials at both companies violated their own fiduciary obligations to shareholders. If they did, this raises additional serious issues with regard to the inappropriate use of taxpayer funds."