Word: lewises
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There are other apparent inconsistencies with Lewis' claim that Bank of America had little part in determining Merrill's bonuses. For example, in mid-December Bank of America senior vice president Randall Morrow sent a letter to Merrill's general counsel saying that it was the bank's understanding that...
Some inconsequential fibbing by executives is allowed - just think of all the corporate bluster you get on business TV channels. Executives can state that they believe their company has the best employees or the best strategy, even if that turns out to be wrong. But when CEOs make statements that...
The SEC case against Bank of America - the one that was settled, but could now be revived - involves lying on a proxy statement. The good news for Lewis is that proxy fraud generally has lower penalties than regular securities fraud. The bad news is that the bar for proving that...
The SEC is only allowed to bring civil cases. So even if Lewis is found liable on proxy statements, there is no possibility of jail time. The SEC can bar individuals from being officers of public companies, which would put an end to Lewis' Bank of America career, but legal...
Cuomo will have a higher bar to clear if he's looking for wrongdoing outside the proxy statements. In general securities-fraud cases, it must be proven that executives of a company knew that a piece of information was material and created a scheme to make sure shareholders didn't...