Cuomo Accuses Bank of America of Interfering With Probe

NY State Attorney General Andrew Cuomo, in his quest to get to the bottom of Merrill Lynch's extravagant bonuses right before announcing a $13.8 billion 4th quarter loss, told a judge, "We respectfully request that the court reject Bank of America’s continued efforts to stymie the attorney general’s investigation." Bank of America, which bought Merrill, has allegedly threatened to sue an employee for cooperating with Cuomo's investigation. The bank says it "has continually offered to provide the information the attorney general is seeking if he would agree to an appropriate confidentiality agreement. He has continually declined," (Cuomo wants to air all the dirty laundry). Additionally, the AG's office says it has found signs of "trading irregularity"; per Bloomberg News, a London-based Merrill trader who "recorded a trading profit of $120 million for the fourth quarter may instead have lost a large amount." Bank of America and Merrill Lynch have received a combined $45 billion in bailout funds.

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By Jen Chung in News on March 7, 2009 9:19 AM

Comments [rss]

longacre

Al Gore has an office in the new BofA Tower, I think he should be subpoenaed too just for fun.

NannyState

Maybe another window will pop out of the 50th floor and decapitate Prince Albert as he tracks his carbon footprints into the lobby.

ides_of_march

How about somebody getting to the bottom of the government giving away huge sums of taxpayer money to begin with?

Politicians toss trillions around like confetti, passing pork-laden bail-out bills they can't possibly have even read, then have the nerve to accuse other people of abuse?

This is like handing a crate of Thunderbird to a bunch of bums on skid-row then feigning shock and indignation when they all get shit-faced drunk.

sharpshoota

They wouldn't have to do that if these bank idiots did what they were supposed to. Also, if Bush had some people doing their jobs like regulating... we wouldn't be in this mess. Now we have to try to do what we can. Don't like it.... the people voted so.. STFU and sit down punk.

NannyState

So Ken Lewis took $45 billion federal dollars because of their anticipated losses from acquiring Merrill Lynch, then they turn around and lavish $15 billion in bonus payouts despite the fact that Merrill made not one cent in 2008, but rather, lost many billions? Why is this man still at the helm of what is now a zombie bank? He needs to be tarred and feathered and shipped out of Charlotte on a NASCAR trailer.