NYAG Andrew Cuomo’s investigation will likely be broadened over the coming weeks, as news broke that Hank Paulson, while Secretary of the Department of Treasury, coerced Bank of America’s CEO Lewis to go ahead with the merger with Merrill Lynch despite BoA’s leadership agreeing that a Material Adverse Event (MAC) had justified their walk from the table. The question now is: Will indictments for conspiracy to commit securities fraud be handed down on parties alleged responsible in this matter. The merger announcement was made on September 15, 2008 and BoA’s CFO came to Lewis on about December 14, 2008 suggesting that a MAC had occurred in the deal. Shareholders at the time of the merger were sitting on $28-$32 per share prices. After the forced deal, the price plunged to a low of ~$3 per share, representing a loss of about $150B in market cap.

Thousands of employees have lost their jobs.
Billions in shareholder equity has been wiped out.

Who will stand up for the thousands of retirees who’s investments have been decimated by appointed officials strong-arming corporate leaders? This is further evidence of a government sick with power, moving farther down the road of tyranny.

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