New York Attorney General Andrew Cuomo’s office is at it again. They’ve been investigating the circumstances that led to the merger of Bank of America and Merrill Lynch and the subsequent bonus payments to executives. In a letter to Senator Chris Dodd (D-CT), chairman of the Senate Banking Committee, Cuomo quotes Bank of America CEO Ken Lewis as saying that former Treasury Secretary Hank Paulson threatened him with removal from his position and mass firing of the board and senior management if he didn’t allow the merger to go through.
Goldman Sachs and Morgan Stanley will no longer be investment banks, says the New York Times. Instead, they will “transform themselves into bank holding companies subject to far greater regulation.”
Loop this on your video iPod during your morning power runs, or power lifting, or power whoopy-making. Cool points added for not using “Eye Of The Tiger.”
Recent Yale graduate Aleksey Vayner sent around this video, along with an eleven-page resume, to investment banks up and down Wall Street this summer.