NEW YORK (Reuters) – New York Attorney General Andrew Cuomo, who negotiated executive payment clawbacks by American International Group Inc (AIG.N) as it received a taxpayer bailout, warned nine banks receiving government money on Wednesday that using the funds for bonus payments may be illegal under state law.
In a letter sent to Bank of America Corp (BAC.N), Bank of New York Mellon Corp (BK.N), Citigroup Inc (C.N), Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N), Merrill Lynch & Co Inc (MER.N), Morgan Stanley (MS.N), State Street Corp (STT.N) and Wells Fargo & Co (WFC.N), he also asked their boards to explain what mechanisms they have put in place to protect taxpayer money.
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