John Thain subpoenaed over Merrill Lynch bonuses (Guardian Unlimited)

The former Merrill Lynch boss John Thain has been subpoenaed by New York's attorney general to explain the controversial payment of billions of dollars in bonuses to staff just before the bank was taken over by Bank of America. Thain, who lost his job last week, has been battling allegations of profligacy in his stewardship of Merrill which ran up losses of $15bn (£11bn) during the ...