Cuomo takes on the Money Party

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http://onlinejournal.com/artman/publish/article_5564.shtml


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Andrew Cuomo’s complaint filed in the New York Supreme Court, County of New York, against the Bank of America and two former top executives has the potential to push that too big to fail entity off the edge of a very steep cliff. The charges of massive fraud are based on a compelling and exhaustive filing on February 4.

A trial will likely involve testimony by the current Bank of America CEO and President Brian Moynihan against defendants Kenneth Lewis, the bank’s former CEO and board chairman, former chief financial officer (CFO) Joseph L. Price, and the bank itself. Price is currently in charge of BofA’s credit card division.

The complaint charges fraud before, during and after the bank’s merger with struggling brokerage firm Merrill Lynch in late 2008. The fraud cost bank shareholders and citizens billions of dollars. This is the first major case brought against our nation’s largest financial institutions. These are the same financial institutions and executives that nearly destroyed the economy.

Cuomo’s press release states clearly that Lewis and the bank are examples of a much larger problem. It appears to be a leading indicator of future actions by the New York attorney general. Why else would Cuomo have generalized about institutions (plural) in his statement about this particular case?

If Cuomo succeeds in taking down one of the toughest guys on the block, he’ll make a point to the rest of the crew: you’re next, get ready to cooperate. Many of the key perpetrators are located in Cuomo’s jurisdiction, although Bank of America (BofA) is headquartered in Charlotte, North Carolina. Clearly, there are others in line for some New York style law and order.

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Hopefully, New York Attorney General Andrew Cuomo started what will become an era of accountability for those at the very top. This should be about more than just one case. It’s an example of top down accountability.

May the bank, Mr. Lewis, and Mr. Price have the speediest of trials and the absolute maximum penalties should they be found guilty.

They knew exactly what they were doing every step of the way.
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GO Cuomo! and good luck. watch your back, they play dirty.

[Captain Hilts]

1. He's won the governorship with this. nt

[liberal_at_heart]

2. Cuomo is my new hero. At least someone is standing up to these banks.

[Andy823]

3. Good for Cuomo!

There should be a lot more of this happening! We need investigations and those who broke the law need to be punished and given huge fines!