Bank of America 'Bashing' Needs To Stop
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Through it's outside lawyer, Lewis Liman, the bank has accused Cuomo of making 'spurious' allegations about the takeover, and refusing to hear Bank of America and Merrill Lynch's 'side of the story'.
In the meantime, US regulator The Securities and Exchange Commission has said that Bank of America executives should not be charged for misleading investors over the payment of Merrill Lynch bonuses. The regulator said in a court filing Wednesday that, although BofA 'plainly violated ...proxy disclosure rules', the payment of a $33m fine (as it proposes) is sufficient punishment.
Finally, The Business Insider reports that veteran Rochdale Securities analyst Richard Bove has said in a report issued this week that all the Bank of America bashing needs to stop, 'as it is only 'distracting management and costing shareholders money'.
Bove also had a pop at Andrew Cuomo, saying: 'To my knowledge, the attorney general in Michigan does not bring charges against the automotive industry. Texas is not attacking the oil industry, and Florida is not suing the tourist industry'.
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