Accounting Standards
Financial Disclosure Problems Strike Again
Feb. 10, 2010
Reuters photos
BofA's upper management, led by former CEO Ken Lewis
(left) opposed disclosure. Former Treasury Secretary Henry
Paulson threatened to replace Lewis if the deal was halted.
Bank of America management, with likely involvement from the U.S. Treasury, ignored the advice of its company treasurer, external auditor and later its own general counsel by not disclosing the pre-merger losses at Merrill Lynch, according to a complaint filed last week by the New York Attorney General's office.
More and more of the details are emerging about what really happened during the tense moments back in November and December of 2008 at the height of the credit crisis when Bank of America either voluntarily or involuntarily acquired Merrill Lynch, a Wall Street
