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BofA’s lawyers are very busy indeed

September 18, 2009

Is that seat hot enough for you yet, Mr. Lewis?

The CEO of Bank of America has another legal headache, the Charlotte Observer reports. The Justice Department and the FBI in Charlotte, N.C., are investigating the bank’s star-crossed acquisition of Merrill Lynch. the paper says. The report has few details about the investigation, other than it has been under way for six months:

The FBI involvement opens up the possibility of criminal charges, although the scope and possible outcome of the probe remain unclear.

On top of investigations by the Securities and Exchange Commission and the New York attorney general into disclosures by the bank about Merrill’s bonuses and losses, the criminal inquiry would seem to ramp up the pressure on the bank and its recently revamped board.

The bank has said that there is no basis for charges from any of the investigations against the company or its executives. But it is high time for shareholders, including the U.S. government, to demand that someone currently at the bank — John Thain can no longer be used as a punching bag — be held accountable for the Merrill mess.

Comments

What exactly is the “Merrill Mess” that you and the collective lynch mob like another scapegoat for ?????

This witch hunt is doing nothing but HURT shareholders, and it should simply end.

But that wouldn’t bring in web page views, or sell newspapers, would it.

Posted by Chris | Report as abusive
 

you are a stupid, ignorant, and arrogant moron “Chris” and a sad excuse for a human if that is what you really are. You symbolize all that is wrong with the US currently. If you and your ilk were gone from this Earth, life would be grand.
Let’s think, if you can: hmm, who made money at Merrill and BofA at the taxpayer’s expense? Why should they be bailed out while those fighting for our country get screwed?
Absolutely nothing about selling newspapers or web page views you idiot.

Posted by stallone | Report as abusive
 

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