Cuomo Hits 5 BofA Directors With Subpoenas

Bank's board may have hid Merrill losses from shareholders
By Nick McMaster,  Newser Staff
Posted Sep 16, 2009 1:50 PM CDT
FILE - In this Dec. 11, 2008 file photo, New York Attorney General Andrew Cuomo speaks during a presentation in Albany, N.Y.   (AP Photo/Mike Groll, file)
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(Newser) – Andrew Cuomo subpoenaed five members of Bank of America’s board of directors today in his probe to uncover whether the bank was truthful to shareholders about losses at Merrill Lynch, the Wall Street Journal reports. The New York Attorney General suspects that the board was fully informed of the trouble Merrill was in before a Dec. 5 shareholder vote to approve the merger, but may have kept shareholders out of the loop.