Following the 2007-2008 Wall Street collapse, not only did BOA get a $15 billion bailout, but it was also allowed to get bigger by snapping up the foundering investment giant, Merrill Lynch. To win shareholder approval of this merger, the bank's top executives issued a rosy assessment of the takeover, promising golden profits within a year or so.
Court documents in a shareholder lawsuit, however, recently revealed that the honchos, including the CEO, knew at the time of the shareholder vote that the numbers were "materially false" and that swallowing Merrill would choke the owners with billions of dollars in losses. Moreover, the deal struck by the geniuses at the top was so bad that they knew they would have to get a second federal bailout of $20 billion to stave off total collapse. Shareholders, who were told none of this, unwittingly voted to okay the merger.
the banks instead of being bailed out they should be hearing "bail denied", by a federal judge. a few beholding to so many decide it was good business to lie to their faces about business practices being corrupt.
numeral uno "you don't lie to your lawyer". kno wonder they thought they could get away with it. wall street is right they don't need regulation those a-holes will incarcerate themselves from greed. no more bail out try strip outs and create smaller institutions. the withdrawal experience of the money addicts priceless.