Let's dive into the world of breaking news here, as the New York Attorney General's office has decided to mark the one-year anniversary of the financial meltdown by preparing charges against some Bank of America (NYSE: BAC) executives. Reportedly, the charges stem from the failure to disclose details about the company's acquisition of Merrill Lynch.The Attorney General (Andrew Cuomo) is likely to file charges against the executives because of their failure to alert shareholders to mounting losses and accelerated bonus payments at Merrill. Earlier, a federal district judge rejected a $33-million settlement between BAC and the SEC over the same executive bonuses. This settlement was in relation to the fact that BAC did not inform shareholders of an agreement to pay Merrill Lynch execs billions of dollars worth of bonuses, the deal was struck before BAC acquired Merrill.
It is nice to see that some of the perceived wrongdoings may be punished, but I would rather see the broad-sweeping reform that President Obama is promising pass and have some teeth. Insuring that this sort of collapse can not, and will not, happen again is the most important facet of a financial recovery. Investors, consumers, and the American public in general has frayed nerves when it comes to the economic situation. Let's get things straightened out and an unemployment number that is manageable. Also making sure that we may see some of the money we invested into the banks paid back would be nice -- but I am not holding my breath.
Back to the New York Attorney General, the wrongdoings by BAC are hardly the most egregious that occurred following the meltdown (AIG spa trips anyone?). Let's see the other banks hunted down and prosecuted, then I will get excited about retribution in the courts.
Retailers can't wait for Black Friday, open Thursday
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Cramer on BloggingStocks: This bullish retail story looks like a good fit 
Reader Comments (Page 1 of 1)
9-14-2009 @ 5:34PM
Roland Hernandez said...
I hope they go after the executives, not the company, who made the decision to keep the information from the stockholders and make them accountable.
They, should be charged with heavy fines and a long jail time.
9-14-2009 @ 6:52PM
Dennis said...
I don't understand why the Real estate Agencies and it's Agents and The Mortgage brokers who sol those homes to Known Unqualifed Buyers haven't Lost their Licenses to do business?
And how and a "Loan Officer" at a borkerage shop Not be required to have a State License? Let alone not be required to go thru some kin of training..
And how about the Lawyers who handled Closings?
The Morality was Left at the Door and these Greedy & InMoral people should held accountable as well..
And why hasn't there been alot of Car Salesmen an Women an their Finance Depts. Held accountable for the Millions of Cars that have been Repo'd , that were sold to way under qualified buyers and even ILLEGALS who just drove them right back to Mexico and sold them!
And how about the Brokers at these Investment Firms.. all they care about is getting paid their Commissions and Bonus's and the customer be damned and let him/her Hold the bag..
Maybe we can't instill Morality into these people, but we can set examples of them being forced into bankruptcy and being put in jail an provide Fear of Major Loss to the one's of the future...
9-15-2009 @ 12:02AM
Brian said...
These arrogant blood sucking demons in Saville Row suits, Rolex watches, and Gucci slip-ons continue to laugh in our faces. The American people are fools. They "get mad instead of getting even" to quote Ambassador Joseph P. Kennedy.
Now is the time to place a curfew on all economic activity in Manhattan, imprison the boutique mayor , the supreme apologist and protector of bankers,Chuck Shumer ,and other apologists who look the other way as bankers rob our pockets. Then we can start investigating and rooting out and prosecute every last Bernie Madoff-style money changer, "wealth manager" and investment councilor who line one end of Wall Street to the other. Is it any wonder anarchists in 1920 wanted to blow up the New York Stock Exchange. Perhaps, the next anarchist will have the entire lower Manhattan in mind next time.
Seize the banker's assets, as Harry Truman threatened to seize steel mills, and re-distribute their ill-gained cash to the American people directly.
The time has come for average Americans to declare total war on the financial service industry in general. The Obama Justice Dept. MUST go after the bankers and hedge fund managers in particular. It is no longer an issue of banks holding "toxic assets". The banks and the bankers are themselves toxic. Get rid of them!!
9-24-2009 @ 12:06PM
eyeopening said...
Bank of America needs to be investigated. Bank of America is Un-American. If you do not believe this, then view:
http://www.youtube.com/watch?v=eU3r5Pu_XIo
http://www.youtube.com/watch?v=JIiHA_RcGu4
http://www.youtube.com/watch?v=Y8Z4jeKG-QA
Veterans and others are boycotting BofA by withdrawing their money. In Gaffney, SC there was a run on the bank, lines out the door, to close their accounts.