March 5, 2009

I am a racing horse
I am a grazing horse
I am your favorite hors

Julie Blackmon, Baby Toss, 2009

* Cuomo Subpoenas Merrill Top Earners. excerpt:

"New York Attorney General Andrew Cuomo has issued subpoenas to seven top executives at Merrill Lynch -- executives who earned more than $200 million last year, according to sources familiar with the investigation.

"The subpoenas, issued Wednesday, are part of Cuomo's investigation into whether Bank of America approved the bonus payments just ahead of its takeover of Merrill last year. Bank of America denies the charge, but has resisted Cuomo's efforts to get information about the bonuses, citing employee privacy.

"Merrill Lynch lost $27.6 billion last year, more than half of it in the fourth quarter after the Bank of America takeover was announced. The deal closed on January 1, leaving Bank of America -- which received federal bailout money -- saddled with the huge losses.

"The executives include Thomas Montag, former head of global trading for Merrill Lynch and now a top executive at Bank of America. He received $39 million in pay and millions in Merrill stock last year, according to a person familiar with Merrill Lynch's compensation. Also subpoenaed: investment banker Andrea Orcel, who received $33.8 million in 2008, a slight decline from the $36 million he received in 2007; David Sobotka, who ran the Merrill unit that included its mortgage-backed securities portfolio and suffered billions in writedowns in 2008, but collected $13 million in compensation last year; and former head of corporate strategy Peter Kraus.

"Kraus was recruited from Goldman Sachs in May by former Merrill CEO John Thain, but did not start at Merrill until September, just before the Bank of America takeover was announced. Kraus received $29.4 million from Merrill in 2008, even though his job did not survive the merger."

* angelic dynamo looks like an interesting project. "The idea is to create a
democratic poetry through a poetry magazine called 'Angelic Dynamo'. Simply, the readers vote on poems each week, and the winners are published. The readers become editors and central to the publishing process." check it out.

* "Originality is the fine art of remembering what you hear but forgetting where you heard it." -- Laurence J. Peter


Blogger sqrl said...

bearded prince billy:

11:00 PM  

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