Cuomo to Investigate Bank Bonuses

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Attorney General Andrew Cuomo’s office sent letters to the nine New York banks that have received $125 billion each from the government bailout today, in which he demanded to know exactly who’s getting what this bonus season, and let them know that if they don’t keep their hot little hands out of that pile of cash, there will be hell to pay. “Corporate expenditures and payments, made in the absence of fair consideration by undercapitalized firms, may well violate N.Y. Debtor & Creditor Law § 274, which deems such payments illegal fraudulent conveyances.” [DealBook/NYT]