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Tuesday, September 29, 2009
News / Biz BofA's bad press just won't stop
Posted By Rhiannon Fionn-Bowman on Tue, Sep 29, 2009 at 10:12 AM
More lawsuits, more backtracking for the nation's largest bank.
The state of Ohio is leading five pension funds in suing Bank of America Corp. over its purchase of Merrill Lynch & Co.Ohio Attorney General Richard Cordray says the lawsuit against BofA, Merrill Lynch and executives, including BofA Chief Executive Kenneth Lewis, could eventually seek billions in damages.
The lawsuit contends BofA and Merrill executives concealed widening losses at the brokerage firm even as they approved huge bonuses ahead of the deal’s closing.
The five pension funds are from Ohio, Texas, Sweden and the Netherlands. The litigation includes two Ohio state pension funds, the State Teachers Retirement System of Ohio and the Ohio Public Employees Retirement System.
And, in news Progressives won't like:
BofA, who bailed out ACORN earlier this year, announced this week that they're dropping their nearly 20-year-old deal with the non-profit after working together to create "over 55,000 new homeowners in low-and-moderate income neighborhoods," according to ACORN housing.
This is the bank's response to revelations that a fake pimp and prostitute punked both an ACORN office and Fox News, who practically peed on themselves with excitement while smearing ACORN's name. This, of course, isn't the first time Fox News has reported fake ACORN news in their ongoing efforts to disparage the organization who's mission, since 1970, has been to help the poor.
So, it makes you wonder, how did ACORN become a target of the right-wing media?
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