Five BofA directors subpoenaed in New York probe


A bad week Bank of America (BAC) got a lot worse Wednesday after five members of the company's board of directors were subpoenaed by New York State Attorney General Andrew Cuomo as part of an investigation into the bank's acquisition of Merrill Lynch.

Investigators want to know what board members knew about $3.6 billion in bonuses paid to Merrill executives ahead of the merger's completion on Jan. 1, the Associated Press reported, quoting an unnamed source. The news agency said it wasn't clear which five members were subpoenaed.