Ken Lewis Sued

How the hell did Ken Lewis and Joseph Prince get sued by NY attorney general Andrew Cuomo for frauding their shareholders by not revealing the Merrill losses before the vote. The fed/government pressured BoA into the rushed marriage and the SEC even tried to settle with BAML now with the same information. This is just another instance of attacking the banks.

http://online.wsj.com/article/SB10001424052748704…

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Comments (4)

Feb 4, 2010 - 2:45pm

Cuomo used this:
The Martin Act: New York General Business Law article 23-A, sections 352-353,1 2 is a 1921 piece of legislation in New York that gives extraordinary powers and discretion to an attorney general fighting financial fraud. People called in for questioning during Martin Act investigations do not have a right to counsel or a right against self-incrimination. The act's powers exceed those given any regulator in any other U.S. state.

  • 1
Feb 4, 2010 - 5:09pm
BnewzSrumr:
Cuomo used this:
The Martin Act: New York General Business Law article 23-A, sections 352-353,1 2 is a 1921 piece of legislation in New York that gives extraordinary powers and discretion to an attorney general fighting financial fraud. People called in for questioning during Martin Act investigations do not have a right to counsel or a right against self-incrimination. The act's powers exceed those given any regulator in any other U.S. state.

No right to counsel???

Soon we'll be burning in Red Square

Feb 4, 2010 - 2:49pm

Ohh damn, what a crazy Act, nice find

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