The past weekend has been an interesting one for Wall Street and a stark reminder that, even though the financial markets in Asia, and the banking sector in particular, are buoyant, the subprime-sparked financial crisis is still haunting the US. The circumstances surrounding Bank of America's takeover of Merrill Lynch were once again in the spotlight as the office of attorney general Andrew Cuomo filed a law suit against Bank of America and its management, while Goldman Sachs sought to defuse tensions surrounding its image by paying its senior managers far less than it has in previous years.
Last Thursday, attorney general Cuomo, joined by special inspector general for the Troubled Asset Relief Programme...
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