Andrew Cuomo's Most Recent Letter To Bank Of America
And so the noose tightens with the latest salvo out of the NY AG office. More to the point, there is no specification that charges (if any) will be only of a civil nature. The take home message however is that even as the SEC is forced to ultimately drop their lawsuit (at the expense of forever being entombed in the annals of history as the one true bidet used and abused repeatedly by their Wall Street merger partner superiors), or else risk putting Ken Lewis away, contrary to the soothing words of Hank Paulson, the Attorney General will likely not face the same conflict of interest, and hopefully will continue where the SEC is about to end any second (Marla - please conduct a poll of how long before the SEC drops its case).
Yet the AG sought to placate tempers by issuing the following brief blurb earlier on his website:
"In response to news reports about supposed developments in the
Attorney General's investigation of the Bank of America-Merrill Lynch
merger, there have been no new developments in the investigation since
the letter sent by the Attorney General's Office to Bank of America
last week. That letter is attached hereto."
Also, someone please advise if reading between the lines, one senses a slight provocation aimed at the one true source of this whole SNAFU - Hank Paulson and Ben Bernanke.
Bank of America failed to disclose those large and increasing losses to its shareholders prior to the December 5, 2008 vote. The losses were so great that Bank of America officers sought guidance - before Bank ofAmerica shareholders approved the merger - about the applicability of the material adverse change ("MAC") clause in its merger agreement with Merrill Lynch, the very same provision relied upon eight business days after the merger was approved, when Bank of America told regulators it had a legal basis to terminate the merger...Indeed, Bank of America only decided against seeking to terminate the merger when the jobs of its officers and directors were threatened by senior federal regulators...Bank of America further failed to disclose that its officers faced a conflict of interest in responding to the federal government's threat, or that it had received the government's oral commitment to support the merger with taxpayer funds.
Once done here Mr. Cuomo, please continue your investigation to its one logical conclusion.