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Merrill Men Paid Over $10 Million Subpoenaed
New York state’s attorney general, Andrew Cuomo, has issued subpoenas to several top Merrill Lynch & Co. executives who were each paid more than $10 million in cash and stock last year, according to people familiar with the situation.
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Messrs. Orcel and Montag now work at Bank of America Corp., which acquired Merrill in January. Mr. Kraus is chief executive of investment-management firm AllianceBernstein Holding LP. They were paid more than $25 million apiece in 2008.
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In its waning days as a stand-alone company, Merrill paid out billions of dollars in bonuses, even though it wound up posting a fourth-quarter net loss of $15.84 billion. For all of 2008, the 10 highest-paid Merrill executives got a total of $209 million, and 11 were paid more than $10 million each according to people familiar with the situation. Merrill posted a net loss of $27.6 billion.[...]
