Kucinich Subcommittee Findings Triggered Expanded Enforcement
OPS_admin | Jan 16, 2010 | Comments 0
Congressman Dennis Kucinich, who is Chair of the House Domestic Policy Subcommittee, announced on Wednesday, January 13th, that “the Securities and Exchange Commission’s (SEC) decision to file charges against Bank of America (BofA) for its failure to disclose mounting losses at Merrill Lynch was a response to finding made during the Kucinich subcommittee’s 9-month investigation of the merger.”
Kucinich’s Domestic Policy Subcommittee held five joint hearing on the matter with the Oversight and Government Reform Committee.
Subcommittee investigators found several potential violations of securities laws. On December 10, 2009, the Kucinich subcommittee staff sent a memo to majority members on the Oversight Committee and the Domestic Policy Subcommittee outlining potential legal violations committed in the BofA/Merrill Lynch merger. During the fifth Congressional hearing on the subject, Mr. Robert Khuzami, the Director of the Division of Enforcement at the SEC, agreed that SEC would investigate the potential violations.
Full Story kucinich.us – Kucinich Subcommittee Findings Triggered Expanded Enforcement.
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