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HeresyLives Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-04-10 01:24 PM
Original message
Civil charges filed against Bank of America, executives
Civil charges filed against Bank of America, executives

Stephen Bernard and Ieva M. Augstums

New York The Associated Press
Published on Thursday, Feb. 04, 2010 11:44AM EST

Last updated on Thursday, Feb. 04, 2010 1:19PM EST


The New York Attorney General's office said Thursday it filed civil fraud charges against Bank of America Corp. (BAC-N14.94-0.59-3.81%) and its former chief executive officer Ken Lewis, saying the bank misled investors about Merrill Lynch before it acquired the Wall Street bank in early 2009.

Civil charges were also being filed against Joe Price, the bank's former chief financial officer.

At the same time Attorney General Andrew Cuomo's office was filing its civil charges, the U.S. Securities and Exchange Commission reached a settlement to resolve separate federal charges it brought against Bank of America over similar issues. It is the second time the SEC and Bank of America have tried to settle the case.


http://www.theglobeandmail.com/report-on-business/civil...
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ParkieDem Donating Member (417 posts) Send PM | Profile | Ignore Thu Feb-04-10 01:25 PM
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1. So, where are the criminal charges?
If I understand correctly, BofA already has insurance policies that will pay any civil fines that these guys incur.
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grasswire Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-04-10 01:30 PM
Response to Reply #1
2. exactly
Writing a bad check is a CRIMINAL offense. So why isn't bank fraud criminal?
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HeresyLives Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-04-10 01:30 PM
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3. No idea. Maybe they come later?
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no limit Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-04-10 01:33 PM
Response to Reply #1
4. As far as I know corporations can't be prosecuted criminally. Right?
How do you put a immaginary entity in prison? Kind of cuts at the personhood argument too, doesnt it?
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KansDem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-04-10 01:43 PM
Response to Reply #4
6. But corporations are "people" now
Arrest them and put them on trial, just like a real person.
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KansDem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-04-10 01:36 PM
Response to Reply #1
5. BoA is "people" now
If I committed a criminal act like fraud, wouldn't I be arrested and held for trial?
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ParkieDem Donating Member (417 posts) Send PM | Profile | Ignore Thu Feb-04-10 02:15 PM
Response to Reply #5
7. The charges aren't against BofA
They're against their CEO and CFO.

A corporation can't be charged with a crime, but it also really can't commit a crime, either. Everything has a person behind it.

My guess is that these guys are only being charged civilly because there's not enough evidence for a criminal prosecution. The SEC already went the civil route on these guys, and my guess is that New York state laws are similar (meaning it can be very hard to get criminal charges to stick). Civil penalties are much easier to get.
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