AP Source: NY Attorney General preparing charges against BofA execs over Merrill Lynch deal

[kpete]

Source: Chicago Tribune

NY Attorney General preparing charges against BofA execs over Merrill Lynch deal



NEW YORK (AP) — The New York Attorney General's office is preparing charges against several high-ranking Bank of America executives over the bank's alleged failure to disclose details about its acquisition of Merrill Lynch, according to a person familiar with the investigation.

Attorney General Andrew Cuomo's office is likely to file civil charges against the executives over their role in failing to alert shareholders to mounting losses as well as accelerated bonus payments at Merrill, said the person, who requested anonymity because no charges have been filed yet.

Separately, a federal judge on Monday rejected a $33 million settlement BofA reached with the Securities and Exchange Commission over disclosures tied to bonus payments at Merrill.

BofA agreed to acquire Merrill in a hurried deal a year ago at the height of the credit crisis.

Read more: http://www.chicagotribune.com/business/sns-ap-us-bank-of-america-merrill-lynch,0,6734577.story

[Demeter]

1. It's Not the Tipping Point, But Maybe the Turn of the Corner

About freaking time, too.

[aquart]

2. Will they suffer? I need them to suffer.

Being a great believer in justice.

[PeaceDreamer]

3. Finally

I want to see a list of every dollar paid to every executive. Let's do this for every wall street firm that received TARP funds.

[gristy]

4. B of A bought my mortgage today

Worst bank in America. I avoid them like the plague, but here I don't have a choice. :mad:

[Skink]

5. B of A bought out all my credit card companies...

all the bills all of a sudden looked the same, came in the same envelope. I swear they could have slipped in an extra 4500 dollar statement and I would never have known.