Support the Wall Street Examiner! Choose your level of support to receive a free proprietary report as my thanks. Click the button below to see your options. Become a Patron!

Bank of America Withheld Loss Figures Ahead of Merrill Vote – NYTimes.com

Days before Bank of America shareholders approved the bank’s $50 billion purchase of Merrill Lynch in December 2008, top bank executives were advised that losses at the investment firm would most likely hammer the combined companies’ earnings in the years to come. But shareholders were not told about the looming losses… leaving them instead to rely on rosier projections from the bank that the deal would make money relatively soon…

What Bank of America’s top executives… knew about Merrill’s vast mortgage losses and when they knew it emerged in court documents filed Sunday evening in a shareholder lawsuit…

The disclosure… is likely to reignite concerns that federal regulators and prosecutors have not worked hard enough to hold key executives accountable for their actions during the financial crisis.

via Bank of America Withheld Loss Figures Ahead of Merrill Vote – NYTimes.com.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.