Bank of America Corporation (NYSE:BAC) slid  -3.70% to $14.95  on 140,138,194 shares on news the New York Attorney general has filed charges against Bank of America and Ken Lewis its former CEO, contending the bank defrauded investors when it acquired Merrill Lynch in 2008.  It has been alleged the Wall Street bank’s senior chief executives opted out of disclosing the true condition of Merrill Lynch’s substantial losses to shareholders before the vote to merger; then threatened to pull out of the merger if it didn’t get dozens of billions of dollars of bailout money, funded by US taxpayers.

The Attorney general said Bank of America’s actions were “egregious and reprehensible” in attempt to fool shareholders, and the US federal government.  The bank has reportedly received a total $45 billion in bailout funds, which in part helped to compensate losses from the Merrill Lynch acquisition. The Bank of America paid its top employees $4 billion dollars in bonuses for 2009.

Headquartered in Charlotte, North Carolina, Bank of America Corporation, is a financial holding company for one of the world’s largest financial institutions, offering individual consumers, small- and middle-market businesses and  corporations banking, asset management, insurance products and other financial and risk management services. On January 1, 2009, Bank of America announced the purchase of Merrill Lynch & Co., Inc.

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