Spin Cycle

News, views and commentary on Long Island, state and national politics.

AG Andrew Cuomo this morning announced state Martin Act civil charges against top Merrill Lynch officials and the firm itself. The basic accusation: Crucial information was hidden from Bank of America investors before the 2008 vote to merge with Merrill, with more than $3 billion in bonuses authorized and billions in taxpayer TARP funds coming in. This was announced in conjunction with the federal TARP inspector general. At the same time, Cuomo and other officials said, the SEC is separately filing its own settlement with Bank of America. "We believe there was fraud at Bank of America and fraud was involved in securing $20 billion in taxpayer funds," said Cuomo