gretchen morgenson

Obama Admin Ignores Bank Of America Crimes

11mo ago

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"Days before Bank of America shareholders approved the bank's $50 billion purchase of Merrill Lynch in December 2008, top bank executives were advised that losses at the investment firm would most likely hammer the combined companies' earnings in the years to come. But shareholders were not told about the looming losses, which would prompt a second taxpayer bailout of $20 billion, leaving them instead to rely on rosier projections from the bank that the deal would make money relatively soon after it was completed...".* The Young Turks host Cenk Uygur breaks it down. *Read more from Gretchen Morgenson at The New York Times: http://www.nytimes.com/2012/06/04/business/bank-of-america-withheld-loss-figures-ahead-of-merrill-vote.html

gretchen morgenson

Obama Admin Ignores Bank Of America Crimes

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