WOW - BofA withheld Merrill losses to investers in 2008.

[iamwhatiseem]

Wow....however once again I am sure no one will go to jail, or be forced to pay restitution.

Top executives at Bank of America Corp did not tell shareholders just prior to a 2008 vote on its purchase of Merrill Lynch & Co that losses were mounting and expected to weigh down earnings for years, papers filed in private shareholder litigation show.

But the bank and former Chief Executive Kenneth Lewis said in their own court papers that they should not be liable to shareholders who claimed to have lacked information they needed to vote on the once $50 billion merger.

Lewis also said he had been advised by the bank's law firm and chief financial officer that no disclosure was necessary.

The papers, including sworn testimony from Lewis, were filed on Sunday night in class-action litigation accusing the second-largest U.S. bank of fraudulently misleading holders of shares and call options about Merrill's losses and bonus payouts.

Read more: BofA Withheld Depth of Merrill Loss in 2008: Filings | Fox Business

 

[Mad Scientist]

Criminal Banking Cartel. What in store for us is a "Bank Holiday". That's what happens when all the Banks close their doors for few days so you can't make withdrawls while the US Dollar gets MASSIVELY DEVALUED!

I would tell you to buy Gold and Silver to protect against those losses, but I'll just get called a "conspiracy theorist" or a "gold bug".

Ain't that right Toro? :-D

 

[CrusaderFrank]

It was a shotgun wedding with Paulson holding the shotgun