NY AG files civil fraud charges against B. of A.

[montec]

NY AG files civil fraud charges against B. of A. - MarketWatch

Quote:

SAN FRANCISCO (MarketWatch) -- New York Attorney General Andrew Cuomo unveiled a lawsuit Thursday against Bank of America /quotes/comstock/13*!bac/quotes/nls/bac (BAC 14.98, -0.55, -3.54%) , its former Chief Executive Ken Lewis and former Chief Financial Officer Joe Price. The suit alleges that Bank of America's management intentionally failed to disclose massive losses at Merrill Lynch so that shareholders would vote to approve its acquistion of the investment bank. Once the deal was approved, Bank of America's management "manipulated" the federal government into saving the deal with billions of dollars in taxpayer money by falsely claiming that they would back out of the deal without bailout funds, Cuomo said in a statement. Bank of America spokesmen didn't immediately respond to an email seeking comment on Thursday. Bank of America shares fell 3.6% to $14.97 in afternoon trading.

[Politicus]

Naw, they would never manipulate anything.