Cuomo Asserts That Traders Looted Merrill

"Mr. Cuomo claimed that Merrill traders had mismarked their books as of early December in an effort to get higher bonuses. “It appears that some of these losses may have been booked by Merrill employees who marked down their portfolios only after their 2008 bonuses were set,” the attorney general wrote in the filing. “Despite the gargantuan unexpected losses, Merrill did not reconsider its bonus awards” and Bank of America did not request or demand that Merrill reduce its bonus pool, he wrote."