By Annie Hamilton 
GCC/Staff
Feb. 4, 2010

The New York Attorney Generals office stated its intention to file civil charges against Bank of America, including former CEO (dirtbag) Ken Lewis, saying the bank lied to investors about Merrill Lynch when it acquired the Wall Street bank in late 2008.

Also in hot water, with civil charges pending is Joe Price, head of BOA’s Consumer Banking Division, formerly the CFO. Parallel to Cuomo filing civil charges is the SEC who has finally reached an agreement ($150 million) with the banking giant in an effort to settle those charges for similar allegations of misconduct.

BOA not only failed to properly disclose bonuses paid to bank employees but also their losses prior to closing the deal. Cuomo’s accusations include deceit of shareholders and the federal government.

What really stings is that they received additional $20 billion in government bailouts in 2009 to help offset losses it absorbed in the Merrill Lynch deal, money they’ve since repaid in full. Their spokesperson is naturally defending the charges, saying they ‘acted in good faith’ but we’ll see.

This is the bank that got piles of bailout money and passed out checks to employees but had difficulty cashing refund checks in California. Something definitely stinks at Bank of America

 

 

 

 

Source: American Constitutional Forces

 

 

Editor’s Note: We would like to know what you think. dan@goldcoastchronicle.com