Bank of America investor CtW urges SEC to compel bonus disclosure

By Lisa Kerner

Charlotte, N.C., March 17 - CtW Investment Group is urging the Securities and Exchange Commission to compel Bank of America Corp. to disclose its "secret bonus" agreement with Merrill Lynch.

As previously reported, CtW also asked a New York Court to compel the Charlotte, N.C.-bank to disclose the information.

CtW also wants the SEC to investigate whether Bank of America violated federal securities laws by failing to disclose Merrill Lynch's large fourth-quarter losses prior to the merger vote in December and prior to the subsequent closing of the companies' merger on Jan. 1.

"Public outrage over AIG's $165 million in bonuses reinforces shareholder anger at the $3.6 billion bonus fiasco perpetrated by Bank of America and Merrill Lynch last December," said CtW executive director William Patterson.

"It may be too late to recover the Merrill payouts, but shareholders can hold accountable the Bank of America directors responsible at the bank's upcoming director election," Patterson said.

CtW said it intends to oppose the re-election of Bank of America lead director Temple Sloan, chairman and chief executive officer Ken Lewis and corporate governance committee chair Thomas Ryan at the company's 2009 annual meeting on April 29.

Bank of America is expected to begin mailing its 2009 proxy statement later this week, according to CtW.

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