Word: lynch
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Bank of America CEO Kenneth Lewis may be in for much more than a trip to the woodshed. Ever since Bank of America completed its deal to buy Merrill Lynch, questions have lingered about whether the chief executive was completely honest with shareholders about the state of Merrill - specifically about the year-end bonuses paid out to Merrill employees despite the investment bank's huge 2008 losses. Bank of America shareholders have already voted to remove Lewis from the post of chairman in part because losses at Merrill turned out to be worse than Lewis let on. But that...
...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...
...Cuomo, who would also likely look to prove that Bank of America played more of a key role in determining Merrill's year-end pay than its executives have let on. One possible bit of evidence: according to documents drawn up at the time of the acquisition, Merrill Lynch agreed that 40% of the bonuses it paid would be determined "by [Merrill] in consultation with [Bank of America...
...plummeted, and credit markets seized up. Not surprisingly, many recent converts to luxury shopping quickly reversed course and went downscale. But what caught retailers off guard was that long-time luxury shoppers grew more frugal, too. The widely publicized bailout of Bear Stearns, the takeout of cash-strapped Merrill Lynch, the government rescue of American International Group, the collapse of Lehman Brothers and the meltdown in the credit markets - all served to rattle the upscale crowd, as many work in the financial industry. Fashionable free-spenders morphed into penny savers...
...During that long wait, I focused on the woefully underappreciated actor John Carroll Lynch. You might remember him from Fargo, in which he played Marge Gunderson's husband Norm, or Things We Lost in the Fire, in which he gave a compellingly tender and pleasingly peculiar performance as Halle Berry's neighbor. Love Happens is not his best work - that would probably be his chilling performance in Zodiac as the prime suspect Arthur Leigh Allen - but it's still pretty fine. Lynch has been working steadily since 1993, which was right about the time of Eckhart's first screen credit...