Frank Demands Bank of America Bonus Data

Posted March 9, 2009 at 5:09pm

House Financial Services Chairman Barney Frank (D-Mass.) fired off a letter to Bank of America CEO Ken Lewis on Monday, demanding that he “immediately— fork over data about bonuses of $1 million or more that were handed out in 2008.

The letter comes in response to Bank of America and subsidiary Merrill Lynch paying out bonuses totaling $3.3 billion and $3.6 billion, respectively, in 2008. In the meantime, the companies received a total of $45 billion in taxpayer dollars under the financial sector bailout.

A decision not to disclose executive bonus data only “fuels distrust and cynicism at a most sensitive time,— reads the letter, which is signed by Frank and New York Attorney General Andrew Cuomo.