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Old 02-04-2010, 10:22 AM  
petegz28 petegz28 is online now
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NY's Cuomo Charges Ken Lewis of Bank of America

Crossing the wires now. Cuomo's office is filing civil charges against Ken Lewis, former CEO of BoA, for failing to disclose information regarding bonuses at Merril Lynch prior to the merger of the 2 companies.
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Old 02-04-2010, 10:23 AM   #2
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Good.
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Old 02-04-2010, 10:40 AM   #3
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Good.
The more disturbing issue here is the pattern we are seeing with bailouts and mergers where the Fed Gov was involved and information was not disclosed.

I am sure that Paulson and Geithner knew about this as well.
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Old 02-04-2010, 10:43 AM   #4
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It's amazing how the far left and the far right are united on certain issues. It's the so-called centrists, who love the status quo, that are the problem.
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Old 02-04-2010, 10:44 AM   #5
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BoA of course is now saying there is no basis for these charges.
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Old 02-04-2010, 10:46 AM   #6
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Originally Posted by petegz28 View Post
The more disturbing issue here is the pattern we are seeing with bailouts and mergers where the Fed Gov was involved and information was not disclosed.

I am sure that Paulson and Geithner knew about this as well.
Actually this is one where they weren't happy with BofA. Ken Lewis tried to walk away from the Merrill deal at the last minute due to the losses that were associated it. The Fed was really pissed and in emails that have come out they say what the hell BofA's due diligence team doing for the last 3 months and that it was highly unlikely that they just "realized" that there were more losses than originally thought.
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