Cuomo Charges Against BofA Executives Coming

Tyler Durden's picture

Zero Hedge suggests readers send Ken (and probably Hank) some "Sleep Well At Night" cards. Then again, one hopes to see not just civil, but criminal charges being pursued against the perpetrators of this fraud.

From the AP, just released:

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.