Word: lewises
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Dates: during 2000-2009
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Many analysts believe that the Merrill deal, while risking the solvency of Bank of America, will end up being a boon for the bank. Merrill still has a strong investment-banking franchise, and even in the depth of the financial crisis, its wealth-management business continued to be profitable. Nonetheless...
Anger among Bank of America investors about the Merrill Lynch deal has been brewing for months. In April, shareholders voted to strip Lewis of the title of chairman. Even then, some people predicted Lewis was not long for the bank, but he managed to hold on to his CEO title...
Lewis' problems came to a head this summer. Bank of America had struck a deal with the SEC to pay $33 million to end an investigation into whether some unnamed Bank of America executives had mislead shareholders when it purchased Merrill. The SEC alleges that in early December, on the...
But in September, Judge Jed Rakoff said he would not accept a settlement that did not name specific executives. New York attorney general Cuomo is reportedly considering pursing his own charges against Lewis and other Bank of America executives on issues surrounding the Merrill acquisition. Pursuant to Rakoff's ruling...
In his letter on Wednesday to Bank of America employees, Lewis wrote, "Some will suggest that I am leaving under pressure or because of questions regarding the Merrill deal. I will simply say that this was my decision, and mine alone." It is also abrupt. Just months ago, Lewis told...