You know how Merrill Lynch recently lost $15 billion? Remember how we’re in a unbelievably huge global financial crisis that threatens to unravel the fabric of our economy? John Thain says that’s no reason not to pay billions of dollars in bonuses.
Merrill Lynch CEO: "Nothing Happened In The World Or The Economy" That Would Justify Suspending Bonuses
New York Attorney General Andrew Cuomo wrote a letter yesterday to Rep. Barney Frank (D-Mass.), head of the House Financial Services Committee, (which is currently holding hearings Washington on how banks are spending bailout funds.) In the letter, Cuomo expresses concern that Merrill Lynch moved up their bonus schedule so that they could make sure that taxpayers would get the bill.
It’s apparently not entirely self-evident that when your company needs a taxpayer bailout you shouldn’t get a “bonus,” so money-sucking insurer AIG has written a letter to NY Attorney General Andrew Cuomo promising that their top executives will not get bonuses this year.
New York’s Attorney General, Andrew Cuomo, is warning consumers after an undercover investigation found that 25% of gas stations are engaging in “deceptive practices, including wrongfully surcharging credit card customers.” The AG says that under New York state law, retailers are not allowed to impose surcharges for using a credit card.
Back in March, New York Attorney General Andrew Cuomo’s Office started an undercover investigation into all major drug store chains in New York State. The AG’s Office uncovered what they describe as an “egregious” pattern of selling expired products at two chains, Rite Aid ad CVS.
A state judge in Albany, NY has found that Dell “has engaged in repeated misleading, deceptive and unlawful business conduct,including false and deceptive advertising of financing promotions and the terms of warranties, fraudulent, misleading and deceptive practices in credit financing and failure to provide warranty service and rebates.”
New York Attorney General Andrew Cuomo is going after UnitedHealth Group, accusing them of “rigging data” and systematically “under-reimbursing” their members for out-of-network expenses.
A private student loan company agreed to change its ways after being sued by the NY AG for deceptive marketing practices. The company licensed school colors, logos, team names, and and designed its materials to look like the University itself was making the loans. [NYT]
New York Attorney General, Andrew Cuomo has subpoenaed the nation’s two largest financiers of home mortgages, Fannie Mae and Freddie Mac in his investigation into the “systemic fraud” that has infected the business of real estate appraisals.
New York Attorney General, Andrew Cuomo, announced today that he’s suing one of the nation’s largest real estate appraisal firms for conspiring with Washington Mutual to artificially inflate appraisals.
According to NY Attorney General Andrew Cuomo, Verizon Wireless has agreed to reimburse $1 million to customers for wrongful account termination after falsely advertising their wireless plans as “unlimited,” when in fact the company sets limits and terminates the accounts of heavy users.
New York Attorney General Andrew Cuomo told UnitedHealthcare to expect a lawsuit if they publish a ranking of doctors based on the cost of care to the insurer. UnitedHealthcare caused a furor in Missouri after introducing a similar ranking scheme in 2005.
Missouri doctors cited numerous objections to the pilot program, which was halted and is being redesigned. For example, most faculty members of the Washington University School of Medicine in St. Louis were initially excluded from the quality rankings because university-based care is generally more expensive. Doctors in major specialties were ranked by cost alone.
• If a contract costs more than $25 per month, the dating service must provide a minimum number of referrals each month. Customers can cancel with a full refund if the minimum is missed for two consecutive months, though a reasonable cancellation fee is allowed.
What criteria do student loan companies use when determining which students to give loans to and how much to give? Don’t know? Neither does New York Attorney General Andrew Cuomo, but we’re pretty sure he’s going to find out. From the NYT:
“What criteria are they using in the underwriting of these loans?” Mr. Cuomo asked. “Parental income? Student income? Student creditworthiness? How about the school you attend? How is that weighted?”
The New York Times is reporting that Columbia University will pay $1.1 million into a fund to educate students about loans, and will have its student loan office monitored by the state of New York for 5 years under the terms of a settlement that NY Attorney General Andrew Cuomo announced yesterday.
New York Attorney General Andrew Cuomo is suing Dell and he wants your help.
The computer manufacturer promises “award-winning service” available “24 hours a day, seven days a week,” but customers have to navigate a labyrinth to get any help. Dell also led customers to think they qualified for zero percent financing when very few people did, and some customers ended up paying 20% on the computer, the suit says.
NY Attorney General Andrew Cuomo lambasted Verizon for taking too long to fulfill customer repair requests. Current standards mandate Verizon perform fixes 80% of phone lines within 24 hours of getting a customer call. The AG said that Verizon is letting copper telephone lines stagnate, shunting those resources instead for laying down more fiber-optic.