KRLD Radio in Dallas interviewed Mark Wigder on New York Attorney General Andrew Cuomo filing fraud charges against Bank of America and its former top executives, alleging the bank manipulated the company's shareholders and the federal government in order to carry out a merger with Merrill Lynch.
According to the lawsuit, former CEO Ken Lewis and former CFO Joe Price hid more than $16 billion worth of losses at Merrill from shareholders in order to ensure their approval of the merger. But after shareholders voted to buy the ailing firm, the bank approached the government to demand an infusion of taxpayer cash. Without bailout funds, they told regulators, BofA would be unable to complete the merger. The government capitulated and funneled $20 billion of TARP money into the bank.
To listen to the interview, click here.
Mark Wigder's practice focuses on representation of public corporations and private companies in public and private financings, securities and corporate compliance matters, and mergers and acquisition transactions, and representation of broker-dealers, investment advisors, hedge funds and other private investment funds.