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Posted on 02/04/2010 10:10:12 AM PST by BIOCHEMKY
NEW YORK (Reuters) - Bank of America Corp, former Chief Executive Kenneth Lewis and former Chief Financial Officer Joe Price were charged with fraud by New York's attorney general over the bank's acquisition of Merrill Lynch & Co.
Attorney General Andrew Cuomo accused the defendants of intentionally failing to disclose massive losses that Merrill was racking up prior to December 5 shareholder votes on the merger.
After concealing the losses, the defendants then told the federal government the bank would back out of the merger if it did not get billions of dollars of taxpayer help, according to Cuomo.
(Excerpt) Read more at reuters.com ...
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