Blog on the Run: Reloaded

Wednesday, September 16, 2009 10:42 pm

Dang. If I’d known the service was this good, I’d’ve ordered a pony, too.


I suggested a couple of weeks ago that it might be a real good idea if Bank of America execs and/or the company’s lawyers were held responsible as individuals over how much info they withheld from BoA shareholders about what the Merrill Lynch takeover was going to do to their investments.

Wow. Someone listened:

The New York Attorney General’s office is preparing charges against several high-ranking Bank of America executives over the bank’s alleged failure to disclose details about its acquisition of Merrill Lynch, according to a person familiar with the investigation.

Attorney General Andrew Cuomo’s office is likely to file civil charges against the executives over their role in failing to alert shareholders to mounting losses as well as accelerated bonus payments at Merrill, said the person, who requested anonymity …

Honestly, I’m a layman and neither a banker nor a lawyer, but it’ s hard for me to see how there isn’t a basis for criminal charges as well. Therefore, I choose, for now, to comfort myself with the notion that civil charges are a necessary first step toward that outcome. Would the real lawyers please give me 30 or so minutes to enjoy this idea before you pour cold water on it in the comments? Many thanks.

UPDATE: Uh-oh, kids, grab your popcorn — it’s subpoena time! Let’s settle in for a snug, cozy period of embarrassing revelations and/or Fifth-taking, shall we? And let us, at least for now, maintain the tiny hope that the people who end up getting socked for this aren’t the investors.

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