No good deed

15.02.10

In the annals of financial chicanery to date, we do not know how to rate this episode, but the Securities and Exchange Commission (SEC) has slapped the Bank of America with loads of internal government, he agreed to settle for 150 million dollars and management reforms (but no admission of fault). New York Attorney Andrew Cuomo common opinion that this is not punishment enough for a "massive fraud" that has cost American taxpayers' billions. "Mr. Cuomo continued the bank, the former chief of Directors Kenneth D.Lewis and former chief financial officer Joe Martin Award under the Act, New York, which is much broader than the federal law - and its precursor, Eliot Spitzer, has deployed aggressively against various financial companies en route to the governor's house. The law allows Mr. Cuomo to the charge of fraud by reason of any untrue statement of a material fact, whether or not someone has deliberately lied. There is no need to prove that shareholders had relied on false information or even damages suffered. However, it's a disorder.

Source: Washington Post