Former Bank of America CEO Ken Lewis Sued by NY AG for Fraud

February 4, 2010 by · Leave a Comment
Filed under: Legal News 

Good to see proper investigations are to taking place after this massive financial fraud that was bought to bear on people across the globe.   In this case they are looking into the $16 billion dollars in losses that Merrill allegedly knew about when it was being acquired by BofA after the failure of Lehman Brothers.  Being that the losses were that large and the amount of bonuses (in the billions) that were paid as part of the deal, rightfully there are serious questions that need to asked and accounted for.   There are more skeletons buried on this so we need to keep looking until the daylight shines on them all.

Bloomberg – Former Bank of America Corp. Chief Executive Officer Kenneth Lewis was sued by New York Attorney General Andrew Cuomo for defrauding investors and the government when buying Merrill Lynch & Co. The bank agreed to pay $150 million to settle a related lawsuit by U.S. regulators.

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NY Attorney General Cuomo Sues Charles Schwab Over Auction-Rate Securities

August 17, 2009 by · Leave a Comment
Filed under: Legal News 

Business Journal, Dayton – New York Attorney General Andrew Cuomo sued Charles Schwab & Co. on Monday over alleged misrepresentation to clients on the liquidity of auction-rate securities.

Auction-rate securities, which are repriced on a daily, weekly or monthly basis, were among the first casualties of the credit crisis. The securities were designed to allow large borrowers to take out long-term loans at more attractive short-term rates, with Wall Street firms pocketing huge fees along the way.

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New York’s Attorney General Cuomo Widens His A.I.G. Investigation

March 31, 2009 by · Leave a Comment
Filed under: Legal News 

Hopefully we will see our justice system starting working soon and many of this actors in this huge fraud put on the the American (and others) people.  I am really surprised we have not seen the proverbial “witch-hunt” happened, its pretty obvious that crimes were committed and many people were complacent.  

Instead we are worried about millions in bonuses (what about the trillions in secret loans from the Fed?) or booting GM’s CEO when we have not removed one bank or insurance CEO when they have losses that amount to ten times what these automakers have.  In defence of the Big 3, at least they are providing jobs and we are making something compared to the shenanigans these banks are pulling.  Please Mr. Cuomo, set the precedent we need so these does not happen again, soon. 

News (NY Times):

Attorney General Andrew M. Cuomo of New York said Thursday afternoon that he was widening his investigation of the American International Group to examine whether its trading counterparties improperly received billions of dollars in government money from the troubled insurer.

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