Thursday, September 10, 2009

UPDATE ONE OF THREE: BofA fired its GC during “the” merger?

The most salacious of my BofA / Merrill posts first … reported today on a NYTimes article outing BofA for firing its GC in December 2008 - the middle of the Merrill merger! BofA maintains the firing was unrelated to any counsel offered on the merger. Gossip is, however: Mayopoulos was pulled out of a meeting with a Merrill executive and fired on the spot – escorted out of the building and provided no reasoning. Another BofA lawyer – though more properly a bank executive whose experience was “business side” – temporarily assumed the role of general counsel. Mayopoulos signed a severance agreement requiring confidentiality and has since joined Fannie Mae in D.C., acting as general counsel.

Good stuff!
Photo credit: Timohty J. Mayopoulos, as pictured on the NYTimes.

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