BiggerPockets

I just came across this in another forum, this is dated Oct 8, but I can't find anything here on BP. anyone know anythig about it?

Bank of America (And Its Executives) to be Tried by Jury

In an ominous, one sentence disclosure just filed in Southern District Court of New York, the SEC has advised that it will demand a trial by jury for "all issues so triable

Ofgift

First I have heard of it as well. Any chance of any reference to the actual case?

But then again a trial by a jury of your peers, would mean the juriors would also be bankers???? :mrgreen:

Now now James. Not all bank officials have been replaced with govt officials, even though some of them would have to be included, I guess.

This could be a securities lawsuit. Some shareholders are upset about the merger last year and bonuses that were paid around the time of the merger without sufficient information to shareholders.

Yup. That's a securities action. Just before BofA acquired ML last year, the latter paid huge bonuses to its staff. Shareholders are upset about having been kept in the dark about the bonuses although senior execs knew about it prior to the merger.

Normal crooked stuff that happens on Wall Street all the time.

Court date is set for 2-1-10. Could it be as soon as the end of FEB?

Originally posted by Ralph S.

With all the billions and trillions being thrown around nowadays, why can't any of it fall on me? :roll:

It already rains on you in several forms: bailouts (for others), bills (both in Congress and the ones that collect in your mailbox), and ads. :roll: What you want is for it to rain on you in a more desirable form. :mrgreen:

Unless FRB/Treas are subpoenaed, this thing goes down as a wash, with
the shareholders paying whatever the SEC/Courts decide is "fair" as
compensation for THEIR efforts to save us all from themselves.

The missing answers to "justice" are at LEAST:

1. Claw back every bonus paid to BoA's management until you hit the ML
bonuses paid PLUS the SEC/Court costs.

2. Fire everyone involved, barring them (as in Milken and other cases)
from ever practicing in the financial fields. Milken, of course, has a
"pass" for some reason - he's a CONSULTANT to the bond world and a
highly respected one at that..

3. Pay EVERY dime of the clawback to shareholders as a dividend,
holding off all future bonuses until such time that bill is paid in full.

The nice Judge must have missed those powers among the many not brought
to bear on this "save the shareholder/taxpayer" effort.

Ain't NONE of the above gonna happen