Bloomberg has a few more details about the developing investigation, conducted by New York Attorney General Andrew Cuomo, into the bonuses awarded last month by Merrill Lynch.
It reports, sourced to "a person familiar with the matter," that Cuomo may demand the return of the bonuses -- estimated at as much as $4 billion, and apparently awarded on an accelerated schedule just before the firm came under the control of Bank of America at the start of 2009.
Bloomberg adds that Cuomo is also probing what Bank of America Chief Executive Officer Ken Lewis knew about the bonuses, and about Merrill's huge losses in the fourth quarter, which appear to have ben revealed B of A around the time the bonuses were awarded.
More broadly, Bloomberg reports, the investigation is focused on "whether the companies' shareholders had all necessary information about Merrill's finances and whether federal bail-out loans to Bank of America were used properly."
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Another Government Report Finds Treasury Is Screwing Up TARP from TPMmuckraker
Another day, another earnest report finding that the Treasury has messed up the bailout.
A new GAO report on issues of "transparency and accountability" in the TARP program finds that Treasury lacks "a clearly articulated vision" for TARP and "has made limited progress in ... communicating an overall strategy" for it.
From a summary of findings:
Treasury has continued to develop a system for detecting noncompliance with key requirements of the program but has not yet finalized its plans. Further, Treasury has made limited progress in formatting articulating and communicating an overall strategy for TARP, continuing to respond to institution- and industry-specific needs by, for example, making further capital purchases and offering loans to the automobile industry. In addition, it has not yet developed a strategic approach to explain how its various programs work together to fulfill TARP's purposes or how it will use the remaining TARP funds. While GAO does not question the need for swift responses in the current economic environment, the lack of a clearly articulated vision has complicated Treasury's ability to effectively communicate to Congress, the financial markets, and the public on the benefits of TARP and has limited its ability to identify personnel needs.
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McCain To Obama: Leave Limbaugh Alone! from Think Progress
Over the past week, the fealty of GOP lawmakers to hate radio host Rush Limbaugh has become increasingly clear. They have been reluctant to criticize his comment that he hopes Obama fails, and those who have spoken out have been forced to retract their statements and beg forgiveness from the hate radio host.
Today on Fox and Friends, Sen. John McCain (R-AZ) further circled the wagons, saying that Obama shouldn't have made critical remarks about Limbaugh (which were made in a private meeting with Republicans and then leaked to the press):
McCAIN: I don't know why he would do that. Mr. Limbaugh is a voice of a significant portion of our conservative movement in America. He has a very wide viewing audience. He is entitled to his views, and he has a lot of people who listen very carefully to him. I don't know why that the President would take him on. He's part of the political landscape, and he plays a role.
Watch it:
rest at http://thinkprogress.org/2009/01/30/mccain-obama-limbaugh/
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Defense Department Announces Civilian Expeditionary Workforce from cryptogon.com
Via: Infowars:
The Defense Department has established a "civilian expeditionary workforce" that will see American civilians trained and equipped to deploy overseas in support of worldwide military missions.
The move is seen by some as an initial step towards fulfilling president Obama's promise to form a civilian national security force as powerful as the U.S. military.
The intent of the program "is to maximize the use of the civilian workforce to allow military personnel to be fully utilized for operational requirements," according to a Defense Department report.
The program was officially implemented one week ago, on the 23rd January, when Deputy Defense Secretary Gordon England signed Defense Department Directive 1404.10 (PDF), which provides a summation of the duties the workforce will undertake.
The directive, which is effective immediately, states that civilian employees of the DoD will be asked to sign agreements stating that they will deploy in support of military missions for up to two years if needed.
Workforce members, who are divided into different designations under the directive, will serve overseas in support of humanitarian, reconstruction and, if necessary, combat-support missions.
rest http://cryptogon.com/?p=6555
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