Bank Of America CEO Brian Moynihan Subpoenaed By New York Attorney General

NEW YORK -- New York Attorney General Eric Schneiderman is not backing off a civil fraud probe into whether Bank of America deliberately misled shareholders about the massive losses on Merrill Lynch's books before its 2008 purchase of the investment bank.

The NY AG, who took over from Andrew Cuomo this year, has subpoenaed Bank of America Corp. CEO Brian Moynihan and other executives of the Charlotte, N.C.-based bank seeking new depositions, The Wall Street Journal reported online late Friday, citing unidentified people familiar with the matter.

A spokeswoman for the New York AG's office declined to comment.

A Bank of America spokesman was not immediately able to be reached for comment. The bank has said that the charges are unfounded.

Comments

[wwwTHENOIREFFECTcom]

12:04 AM on 07/07/2011

Wasn't it our government who negotiated the deal for BofA to acquire Merrill Lynch - forcing then CEO Ken Lewis to buy Merrill? I'm confused.

[inorbit]

11:45 AM on 07/05/2011

For the first time in my middle-aged life my middle class, liberal, pacifist, family sat around during our Fourth of July picnic and seriously discussed the prospect of armed revolution. Not against the govt. in Washington, but against the big banks and financial institutions on Wall Street who own our govt. It was quite an amazing discussion and one that I never, ever thought I'd hear in my lifetime.

[TMIDGE66]

07:17 AM on 07/05/2011

I agree but i would hope that the innocent depositors, who were not complicit in any of these dealings and half their life savings in the BOA do not get hurt. there should be a safeguard in place to avoid destruction of the innocent.

[FoxIslander]

11:32 PM on 07/04/2011

BoA posts always leave me with a warm and fuzzy feeling. :-)

[ms eve]

08:49 PM on 07/04/2011

Glad to see it - they have the worst customer service (I don't know what country those representatives are in, but I cannot understand their English) and the highest fees. I only have a VISA with them, and I cannot wait to get it all paid off. I will never ever ever deal with B of A again.

[giwel7]

08:43 PM on 07/04/2011

are they going to supenoa ken lewis "banker of the year" not long ago.

[JustABriefThought]

02:15 PM on 07/04/2011

Grassroots solutions - I closed my Bank of America accounts and moved them to a local bank who treats me much better. My new bank is much more likely to LEND to citizens who are NOT mega millionaires; use my MONEY the way that I would llike to see it used.

[tribilin219]

11:32 AM on 07/04/2011

This is Great but? It's been almost 3 years, when do we see the Big boys and not in a Fed jail but a real jail? Keep it going Eric.

[rybalaw]

04:11 PM on 07/06/2011

The words Ossining (Sing Sing) and Danamora are music to my ears with these creeps

[Nobody78]

07:57 PM on 07/03/2011

Eric Schneiderman is going to have a short career as an AG. After B of A beats this (and they will) they are going to squash Mr. Schneiderman just set an example. Don't mess with the Bank Cartel.

[shadow013]

10:40 AM on 07/04/2011

Bless Schneiderman. Investigation and prosecution should have been a federal level top priority for Obama. FDR didn't keep blaming Hoover. Instead, FDR adopted Hoover's Pecora investigation and sent it into overdrive to expose the banksters. Why, oh why is Obama determined to cover up fraud and keep the financial top dogs in place so they can keep covering up?
http://www.youtube.com/watch?v=J8Kp07aLCP4

[Ronald Mc Donald]

07:06 PM on 07/03/2011

You will need quite a few considering all the thieves involved in this rip off !!

[luckyone77]

12:27 PM on 07/04/2011

are you suggesting a conspiracy?

[Elliot Miller]

02:08 PM on 07/03/2011

God bless America

[thekidde]

01:30 PM on 07/03/2011

Get the gallows ready.

[kamact]

01:06 PM on 07/03/2011

Run them down, seize their assets, and throw them in jail,...This would justice that most Americans would understand.

[AceNewsServices]

11:05 AM on 07/03/2011

My take on this article is if and when Bank of America are found guilty then all the people they took money from should have it refunded and any bonuses paid to the executives involved should be repaid, by a lien on their property and assets. Then all these reclaimed monies should be put into a not-for-profit trust for and only for the benefit of all people that were defrauded by this action and then as and when confirmed repaid as such, to each person in turn.

[BigDaddyWow]

11:09 PM on 07/02/2011

That deal, structured by John Thain was bad. Don't forget that he authorized $3.7Bn of bonuses for Merrill employees in late 2008 as that ship sat at the bottom of the ocean. It was fraud pure and simple.