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Andrew Cuomo Subpoenas Five Bank Of America Directors
In a developing story reported by the AP, Cuomo has allegedly subpoenaed five relevant Bank Of America directors who had presumably been briefed on actions taken by the bank in its Merrill merger prior to the public disclosure, and is seeking their sworn testimony.
NEW YORK (AP) -- The New York Attorney General's office has
subpoenaed five members of Bank of America's directors as part of an
investigation into the bank's acquisition of Merrill Lynch, according
to a personal familiar with the investigation.
The
board members are expected to be questioned about what they knew
regarding the mounting losses and bonus payments at Merrill ahead of
the deal's completion on Jan. 1, the person said, who asked for
anonymity because the investigation is ongoing.
Attorney General
Andrew Cuomo's office is also likely to ask the board members about any
threats made by federal regulators to remove the board if the deal
wasn't completed.
Cuomo's office is preparing to file charges in
the coming weeks against several high-ranking executives at the bank as
part of the investigation.
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I expect they will say something along the lines of "I know nothing, I saw nothing, I did nothing."
"I know what I don't know. To this day, I don't know technology, and I don't know finance or accounting." - Bernie Ebbers ex-CEO of Worldcom
Relief that someone is pursuing the fraud. Fear that persons such as Paulson and Bernanke will not be pursued; and sadness that the taxpayers are always on the hook due to crooked politicians.
Should be good for +5-10% BAC rally.
It's about time.
Just make sure they don't take their oath on the Bible, but a copy of one of Henry Kissinger's new world order books or a CFR handbook or something, and maybe then they'll have some reservations about lying.
I'll put this right up there with a Fed audit, the Bloomberg FOIA request and Y2K in terms of what it might accomplish.
..and O.J. finding the real killer.
anyone else getting wicked weird wick action on lots of tickers today?
Some sort of exchange problems or delayed transaction reporting?
My charts are getting FUBAR
Sardonicus -
Yes, I've been noticing some very odd ticks on things like SRS and SKF. At one point, SRS was switching between around $9.20 and $9.60 every other trade. It made no sense and I never saw the B/A quote change. SKF did something similar with a $0.50 swing in ticks.
Well thank goodness the stock is tanking accordingly, eh?
Wait, what? Um. Oh....Yeah. Nothing hinkey here folks. Nosiree.
Keep up the EXCELLENT work, Mr. Cuomo!
Mr. Cuomo...listen carefully, get a good number of perp walks and convictions and the 2012 WH is yours!!!!!
Just try to stay away from the $5000 dollar hookers.
Although, $20,000 dollar hookers should be OK!
The two rules of senior management:
1) When you're justifying your pay: You're a genius. You know every detail about your company and you're singularly qualified for your position.
2) When in trouble: You're just a guy. You don't really know much about what goes on at your company, but you do know how to pick the right people: And they're the ones who *really* run the show.
Would it be too much to ask for a little McCarthyism-esque zeal in incarcerating anyone with so much as a finger print on this fiasco?
I want them all behind bars every last lying bastard. Really that is actually a compassionate thought because if they aren't there soon... Yep you got it; lightpoles, stake firings, baseball.... Whatever. So hop to it government, lest anyone think you are a thieving frauding liar participant. If that's the case you get what they get. Get it?
I think Bank of America will soon discover that several nice doctors want to have long discussions about possibly diagnosing them with sociopathic/psychopathic mental troubles.
http://www.washingtonpost.com/wp-dyn/content/article/2009/09/15/AR200909...