Details:
Cuomo also sued the bank’s former chief financial officer Joe Price and the bank itself for not disclosing about $16 billion in losses Merrill had incurred before it was bought by Bank of America in an effort to get the merger approved. Afterwards, Lewis demanded government bailout funds, Cuomo said.Hey, at least there's one guy out there who is willing to use his power and legal jurisdiction to fight for some accountability for the financial giants and banks that molested our economy. Good luck with that.
“We believe the bank management understated the Merrill Lynch losses to shareholders, then they overstated their ability to terminate their agreement to secure $20 billion of TARP money, and that is just a fraud,” Cuomo said today at a press conference. “Bank of America and its officials defrauded the government and the taxpayers at a very difficult time.”
And he's a political legacy kid, imagine that. I think the odds are that one out of every twenty isn't some kind of simpering idiot. I think NY is finding that out with Harold Ford Jr.
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