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Author Topic: Bank of America sued over Merrill Lynch bailout  (Read 2220 times)

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Offline Chris

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Bank of America sued over Merrill Lynch bailout
« on: February 04, 2010, 02:02:54 PM »
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Legal action has begun against Bank of America and its former bosses, accusing them of duping investors and taxpayers during the takeover of Merrill Lynch.

The defendants are accused of intentionally withholding details of huge losses Merrill was suffering.

New York state officials have filed the action against the bank, former chief executive Kenneth Lewis and former chief financial officer Joseph Price.

Bank of America said the charges were "regrettable" and lacked merit.

"The evidence demonstrates that Bank of America and its executives, including Ken Lewis and Joe Price, at all times acted in good faith and consistent with their legal and fiduciary obligations," a spokesman said.

After the Merrill bailout, Bank of America received $45bn (£28.5bn) in government funds.

http://news.bbc.co.uk/2/hi/business/8499281.stm
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Offline 5412

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Re: Bank of America sued over Merrill Lynch bailout
« Reply #1 on: February 05, 2010, 08:21:01 PM »
Quote from: Chris on February 04, 2010, 02:02:54 PM
http://news.bbc.co.uk/2/hi/business/8499281.stm

Hi,

Actually I think that is good news.  Wait until they all get under oath and the former president of BOA tells the world how they threatened him and forced him to buy Merrill Lynch.  Will be interesting when Bernacke and the other idiots, hopefully Rahm get under oath.

regards,
5412
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Offline ColonialMarine0431

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Re: Bank of America sued over Merrill Lynch bailout
« Reply #2 on: February 05, 2010, 08:34:41 PM »
Meanwhile, the BoA stock that I haven't sold off used to be in the $50's. Now it's in the teens. OUCH. :banghead:
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Offline Chris

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Re: Bank of America sued over Merrill Lynch bailout
« Reply #3 on: February 06, 2010, 08:35:19 AM »
Yeah, I had stock for another bank that was about $60 (company-match 401k).  I sold it at $50; it's down around $20 now.
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Offline NHSparky

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Re: Bank of America sued over Merrill Lynch bailout
« Reply #4 on: February 06, 2010, 09:07:51 AM »
As much as I loathe BofA, this isn't their fault, but suing the "evil" banks plays well to the masses, and with Cuomo running for governor, he's got his red meat.
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Offline SSG Snuggle Bunny

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Re: Bank of America sued over Merrill Lynch bailout
« Reply #5 on: February 09, 2010, 09:53:53 AM »
Quote from: 5412 on February 05, 2010, 08:21:01 PM
Actually I think that is good news.  Wait until they all get under oath and the former president of BOA tells the world how they threatened him and forced him to buy Merrill Lynch.  Will be interesting when Bernacke and the other idiots, hopefully Rahm get under oath.
That would be sweet.

But count on some judge calling it inadmissable because you can't sue gov't. ergo anything compelled by the gov't is freed of liability.

Ain't saying it's fair or rational, just that I expect that to be the defense.
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