Friday, February 5, 2010
More Fraud on Wall Street
New Yorks attorney general filed fraud charges against Bank of America, its former CEO Ken Lewis and CFO Joseph Price alleging that they conspired to mislead shareholders and federal regulators about the decrepit state of Merrill Lynch before Bank of America acquired the bank in the fall of 2008. Immediately after the acquisition, Bank of America suddenly unveiled something approaching the true condition of Merrill, which necessitated a $20 billion bailout by taxpayers.
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