BofA Firing Under Investigation

Shortly after Bank of America shareholders voted to approve the bank’s acquisition of Merrill Lynch, Bank of America’s general counsel, Timothy J. Mayopoulos was unceremoniously fired by the chief risk officer. The dismissal, which was given no explanation, has now come under investigation by federal investigators, led by New York Attorney General Andrew Cuomo.
 
In particular, the timing of the firing, which occurred on the same day as Bank of America informing its board of directors that Merrill Lynch was losing money at a surprising pace, has come under scrutiny. Mayopoulous had just discussed Merrill Lynch’s financial situation with the bank’s …read more