Tuesday, October 20, 2009

Bank of America Saw Merrill Loss in November, E-Mails Show

these people live in a cave....anyone with a 2nd grade education knows to NEVER WRITE IT DOWN...why else do they make throw-away phones.....this level of ignorance screams GUILT

Oct. 20 (Bloomberg) -- Bank of America Corp. discussed losses at Merrill Lynch & Co. in early November, more than a month before telling regulators the lender needed U.S. help to complete its takeover, according to documents provided to congressional investigators.

“Read and weep,” Chief Accounting Officer Neil Cotty wrote in a Nov. 5 e-mail to Chief Financial Officer Joe Price that included Merrill’s October financial report. The e-mail, which estimated markdowns and “other larger items” of $5.3 billion, was included in 1,000 pages of documents that Bank of America gave to the House Oversight Committee last week.

The committee is investigating how the lender’s rescue of Merrill Lynch led to a government bailout for Bank of America, the biggest U.S. lender. Chief Executive Officer Kenneth D. Lewis didn’t tell his shareholders about Merrill’s losses before they voted to approve the deal on Dec. 5, and didn’t inform regulators until mid-December that the takeover was in danger.

THE VERDICT IS IN an I BURNT ALL THE GET OUT OF JAIL CARDS IN 06
: )

1 comment:

  1. Why should they worry. They knew that they could count on taxpayers, because they are too big to fail. That's why they need to be broken up.

    ReplyDelete