Word: complainte
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...position for the top executive to stay in place," says Paul Miller, who follows Bank of America at FBR Capital Markets. The executive's performance during the financial crisis has come under increasing scrutiny in the past few months. At the center of the criticism, and the SEC complaint, is the way Lewis handled the Merrill Lynch acquisition. Lewis and his executives hammered out the details of the multibillion deal to buy Merrill over the course of a single weekend during the worst of the financial crisis. Quickly, it became apparent that Merrill Lynch was in much worse shape than...
...complaint, which was filed Monday, alleges that Lewis misled shareholders in advance of the Merrill acquisition, withholding information that might have caused investors to vote against the acquisition he wanted. In a proxy statement sent to shareholders prior to the vote on the deal, Bank of America stated that Merrill had agreed not to pay bonuses to its top executives until after the acquisition was closed. Shortly after completing the acquisition, Lewis fired Merrill's top executive John Thain for, among other things, paying out $3.6 billion in bonuses to Merrill's top executives just days before the Bank...
...according to the SEC complaint, Lewis and other Bank of America executives had full knowledge of Merrill's plans to pay out bonuses to top executives. In fact, prior to sending out the proxy statement, the complaint asserts, Bank of America had agreed to let Merrill pay out as much as $5.8 billion in year-end bonuses, a little over $2 billion more than Thain actually paid out. In settling the SEC complaint - paying the fine - Bank of America neither confirmed nor denied the charges...
Generally, the biggest complaint among home exchangers has to do with different standards of cleanliness. Swappers are supposed to make sure their home is in order before they depart, but one person's idea of clean may be more, shall we say, forgiving than another's. And homeowners say that if they come back to a less-than-sparkling kitchen, well, that may be inconvenient but not sufficient to sour them on exchanges. (See pictures of Americans in their homes...
...shady guy hogging the Beer Nuts will walk off with your idea? Riordan, on his lawyers' advice, makes people sign a nondisclosure agreement before divulging more details. Others take their chances with an honor code not to steal one another's ideas. Says Kassar: "We've never heard a complaint." At least...