Bank of America 'forced to conceal' Merrill rescue facts from UK Telegraph reports that former Treasury Secretary Henry Paulson figuratively held the gun to Bank of America CEO Kenneth Lewis to force him to rescue Merrill Lynch - or lose his job and to fire the board.
Now he is on the verge of losing it for real as investors and shareholders are angry over being duped on the true state of this deal. Apparently Lewis got reassurances of support from the government - but where's the transparency?
Mr Lewis BoA's chairman and chief executive, also knowingly hid the state of Merrill Lynch's "staggering" losses from shareholders at the behest of former Treasury Secretary Paulson and Federal Reserve chairman Ben Bernanke.
The revelations were contained in a batch of BoA board minutes and testimony from Mr Lewis and Mr Paulson sent by New York Attorney General Andrew Cuomo to the Securities and Exchange Commission and Congressional leaders Chris Dodd and Barney Frank.
Mr Cuomo, who released details of the exchanges yesterday, has been investigating BoA after Merrill paid $3.6bn (£2.45bn) of bonuses to its staff just days before the acquisition was completed on January 1.
He believes he has uncovered "facts that raise questions about the transparency" of the Treasury's $700bn bank bail-out programme "as well as about corporate governance and disclosure practices at Bank of America."
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Posted by: converse en france | April 28, 2012 at 12:09 AM