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Rating:AllianceBernstein Chief Faces Scrutiny Over His (Pricey) Merrill Past Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, March 05, 2009

AllianceBernstein Chief Faces Scrutiny Over His (Pricey) Merrill Past

by: Armie Margaret Lee

AllianceBernstein CEO Peter Kraus is among the former Merrill Lynch executives subpoenaed by New York State Attorney General Andrew Cuomo as part of a probe into whether bonuses given to Merrill officials violated securities laws, The Wall Street Journal reported Thursday. The subpoenas were issued to executives who got paid more than $10 million in cash and stock last year.

Kraus, who joined AllianceBernstein as chairman and CEO in December (see The MFWire, 12/22/08), was previously head of global strategy at Merrill Lynch. He joined that firm last September, a few weeks before Merrill decided to sell itself to Bank of America. Kraus had an employment contract valued at $29.4 million, according to the report. 

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