Wednesday, September 16, 2009

BREAKING NEWS: Cuomo has subpoenaed five BofA directors

Within the last several minutes, both the WSJ and ABCNews is reporting that NYAG has served five BofA directors with a subpoena in Cuomo's ongoing investigation. An annonymous source, that sounds like it is on the NYAG side, has indicated questions will be asked regarding the Merrill acquisition, knowledge of Merrill 4Q losses and bonuses, and about whether there was federal pressure to go through with the deal. The source is alleged to report the NYAG's investigation will culminate in charges against several BofA executives in the coming weeks.
Previous blawg discussion on the continuing BofA/Merrill matter can be found here.

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