John Thain, Ken Lewis, and A Subpoena

Well, it appears that Thain has told investigators that Bank of America CEO Ken Lewis knew of the bonuses that he rushed through just before the merger, but he was prohibited from discussing it any further by BoA, absent a subpoena, so New York Attorney General Cuomo accommodate him, and got a court order.

So now Thain has provided details on all Merrill Lynch bonuses, though this information is still under seal with the court, ostensibly to deal with confidentiality issues.

I understand where Thain is coming from. If he testifies under the compulsion of a subpoena, then he is not liable for anything that he says, he is indemnified, even if would otherwise violate a NDA or other severence package.

It appears, though it is by no means certain, that Lewis, or his agents instructed Thain not to talk, which would appear to be obstruction of justice.

This should get interesting, as Cuomo has subpoenaed Lewis as well, and given that Thain's testimony is under seal, significant discrepancies might lead to legal problems for him.

But I'm an engineer, not a lawyer, dammit!<sup>*

*</sup>I LOVE IT when I get to go all Doctor McCoy!!!