Word: deal
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...looks likely that probes into statements about the Merrill deal made by Bank of America officials could lead to charges against Lewis. On Sept. 16 New York attorney general Andrew Cuomo issued subpoenas for five Bank of America directors, reportedly including members of the audit committee. Cuomo is also said to be weighing whether to file civil charges against Lewis...
...Though many questions remain, here's what is known about Lewis' involvement in the Merrill deal. In a proxy statement Bank of America sent out to investors seeking approval of its acquisition of Merrill Lynch, the bank said that Merrill would not pay year-end bonuses without Bank of America's consent. But according to the SEC, Bank of America had already agreed to allow Merrill to pay $5.8 billion in bonuses. Telling shareholders that Merrill still had to seek approval, and omitting mention that bonuses had been agreed upon, was, according to the SEC, "materially false and misleading...
...January conference call with analysts, Lewis said he was surprised to learn in December that the losses at Merrill were much greater than his team had projected back in September, when the deal was signed. But later, when Lewis returned to testify before Congress in June, his recollection seemed to have changed. He said that it wasn't the losses that surprised him but a projection in mid-December that the losses would accelerate...
...It’s always a challenge when you lose a defensive coordinator, or anybody for that matter...but last year I believe we adjusted very well,” Barker says. “This year we don’t have to deal with that adversity, we don’t have to deal with new starters really, and I think we’re going to be great...
...been around a long time, and we know the system really well,” Barnes says. “This group has played a lot together, so really in terms of the secondary, as far as [leadership] goes, it hasn’t been a big deal...