The New York attorney general yesterday accused Bank of America Corp. and its former chief executive, Kenneth Lewis, of deceiving shareholders and manipulating US officials during the company’s $50 billion purchase of Merrill Lynch.
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The civil fraud charges against Lewis, Price, and the company itself concern a series of rapidly unfolding events from September 2008, when the financial industry pitched into crisis, to January 2009, when Bank of America ultimately received $20 billion in government money to cover Merrill’s losses. Bank of America had previously received $25 billion from the government.
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The only bonuses these clowns should have received are the ones from their prison husbands.
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