Eight of the country's biggest banks have been summoned to the principal's office.
New York attorney general Andrew Cuomo has sent letters to BofA, Bank of New York Mellon, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley, Wells Fargo and State Street Bank. Cuomo is looking for details on the size of the bonus pools, how they're being allocated and whether clawbacks and vesting periods are part of the distribution.
All of the banks have paid back most or all TARP money, so technically they're not under Cuomo's jurisdiction. But he maintains that taxpayer money has made the bonuses possible, and as such bonuses should be subject to oversight.
The banks have several weeks to respond to the letters.