Bank of America Must Defend Claims It Concealed Merrill Bonuses
OPS_admin | Aug 28, 2010 | Comments 0
Bank of America Corp. must defend lawsuit claims it concealed bonuses and losses at Merrill Lynch & Co after it agreed to acquire the brokerage firm, a judge ruled.
U.S. District Judge Kevin Castel in Manhattan yesterday granted some of Bank of America’s requests to dismiss claims in the consolidated class-action securities-fraud and derivative lawsuits, while denying others.
Bank of America, the largest U.S. bank, acquired Merrill Jan. 1, 2009, in a deal criticized by lawmakers, regulators and investors over its cost and the U.S. bailout that followed. Castel yesterday rejected Bank of America’s argument that one claim in the case should be dismissed because the bank’s proxy materials didn’t misstate or omit Merrill’s intention to award employee bonuses made in December 2008.
Full Story: Bank of America Must Defend Claims It Concealed Merrill Bonuses – BusinessWeek.
Filed Under: Crime, Legal Issues
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If we don't change our ways soon...
A new report by the Royal Society, chaired by Nobel prize-winning biologist Sir John Sulston warns that world population must be stabilized and consumption in wealthy nations must be reduced or the entire planet is in big trouble. As the report reads: "The number of people living on the planet has never been higher, their levels of consumption are unprecedented and vast changes are taking place in the environment. We can choose to rebalance the use of resources to a more egalitarian pattern of consumption... or we can choose to do nothing and to drift into a downward spiral of economic and environmental ills leading to a more unequal and inhospitable future."This is the same warning that President Jimmy Carter gave Americans back in the 1970's - but it was ignored when Ronald Reagan came to power with a "more positive" message basically telling Americans we can do whatever we want. And then after 9/11 - Bush told us all we should go shopping and consume ever more.And now with corporations calling the shots in Washington - long-term sustainability of the planet takes a back seat to short-term profits. If we don't change our ways soon - and embrace clean, alternative energy and educate women around the plant - then we all could be headed for a rough century.-Thom(Is there any chance we will learn in time? Tell us here.) -
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The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. 
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