You may remember that I have kept you posted on the Bank of America SEC investigation,and how they misled shareholders regarding the Merrill Lynch deal. Bank of America deal with the SEC regarding these charges for $33 million, has been rejected and Bank of America executives are due to be charged regarding their improper activities in the Merrill Lynch deal. The charges regarding the bonuses paid to Merrill Lynch executives and not disclosed to share holders is going to go to trial despite Bank of America executives claiming they relied on attorneys advice on what they disclosed to share holders.

The Attorney General of New York Andrew Cumo’s office will be the filing the charges against the Bank of America Executives, regarding improper disclosure of bonuses to Merrill Lynch executives and that Bank of America almost backed out of deal after considering Merrill Lynch bonuses and bottom line profitability. Bank of America and the SEC thought they had this sensitive case behind them, and now in these trying financial times when Bank of America took TARP monies to stay a float, and then paid these huge bonuses without disclosing them thus misleading shareholders many are outraged as I am. The SEC will have to build a case against Bank of America regarding their misconduct and handling of this deal, and the huge bonuses paid and not disclosed to shareholders will come to light. I am sure many will wonder as I do how can Bank of America think it is okay to pay these huge bonuses, and not disclose them to share holders, shortly after they took huge amount of TARP monies to even stay in business.

Bank of America still claims they did not violate any disclosure rules, though if that were true would they have tried to settle for $33 million with the SEC regarding the issues regarding the Merrill Lynch deal. Bank of America is claiming that they were pressed into agreeing to the SEC settlement, though they are still claiming innocence and that they did nothing improper regarding not disclosing the huge bonuses paid to the Merrill Lynch executives as part of the purchase to share holders.

The Attorney General Cuomo’s office is looking to file civil charges against the Bank of America executives, regarding the Merrill Lynch deal and the fact they did not disclose information to the share holders regarding the huge bonuses they were offering Merrill Lynch executives as part of deal.
How can we let Bank of America spend the TARP funds we gave them so foolishly and then simply claim they did nothing wrong when we have evidence that they did not disclose these bonuses to Merrill Lynch executives. Bank of America is also one of the banks that is the slowest to respond to their customers regarding the huge number of failing mortgages as part of the federal program to assist home owners in trying to keep their homes.

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