Wednesday, March 18, 2009

Regulatory whack-a-mole

The Government should just concede at this point...this looks like Kasparov in his prime

The same questions can be posed to all investment banks and their employees who received bonuses from 2008, including the laundry list of companies who received full value from AIG transactions.

How far can they push considering NYC's tax base?

March 18 (Bloomberg) -- Merrill Lynch & Co. employees who received $3.6 billion in bonuses in December may be publicly identified as part of New York Attorney General Andrew Cuomo’s probe of the company, a New York judge ruled.

New York Attorney State Supreme Court Justice Bernard Fried in Manhattan today rejected an argument by Charlotte, North Carolina-based Bank of America Corp. that compensation information was a trade secret. He also said employees can have no reasonable expectation of privacy in the information when they are free to share it.

“The Martin Act vests in the Attorney General the discretion to decide whether to keep the information that he gathers in the course of his investigation secret or public,” Fried wrote in a 16-page decision, referring to a New York securities law. Bank of America, he said, has no “privacy interest that undermines that statutory discretion.”

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