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SUNDAY, NOVEMBER 22, 2009
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5

Feds Probe BofA-Merrill Deal

FBI, Justice Department investigate timing of bonus payments: source

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(Newser) – Bank of America's acquisition of Merrill Lynch is the focus of an ongoing investigation by the FBI and Justice Department, sources tell the Charlotte Observer, the bank's hometown paper. The SEC and the AGs of New York and North Carolina have already launched civil probes of the timing of huge bonuses paid to Merrill execs shortly before the deal closed; the feds' involvement indicates that criminal charges may also be in play.

DoJ and FBI reps refused to say whether investigations are underway, but a BofA spokesman said, "Various government agencies that are continuing to look at the issues associated with Merrill Lynch."

This Jan. 25, 2009, file photo shows a Bank of America branch office in New York.
This Jan. 25, 2009, file photo shows a Bank of America branch office in New York.   (AP Photo/Mark Lennihan, file)
A customer uses a Bank of America ATM in Charlotte, NC, July 17, 2009.
A customer uses a Bank of America ATM in Charlotte, NC, July 17, 2009.   (AP Photo/Chuck Burton, file)
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We continue to believe that no action is imminent nor that there is any basis for any action. - Bank of America spokesman Jim Mahoney

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5 comments
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timeandagain
Sep 18, 09 3:57 PM CDT
"Feds Probe" "Feds Probe" "Feds Probe"..... How big can Obama make our government?? Scary stuff. Reply
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IN RESPONSE:
odowd80
Sep 18, 09 4:07 PM CDT
Yeah its pretty scary for the Federal Government to investigate when taxpayer money is abused by corporations. What a world.
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+5
IN RESPONSE:
Forderon
Sep 18, 09 4:32 PM CDT
So now we're not even reading the SUMMARIES anymore, let alone the actual sources. Let's all just overreact to words we see in a headline. My how our attention spans have narrowed in the Internet age.
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IN RESPONSE:
wwwonderer
Sep 18, 09 6:03 PM CDT
Are you 'shrooming T&A? The funny thing is, ACORN should be investigated for a handful of employees that didn't take a dime from the gov., but Obama is making gov. too big. Wow. Let's blame EVERYTHING on Obama. I know the real reason why the Death Star was destroyed in Star Wars? Obama.
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Jayster999
Sep 18, 09 4:50 PM CDT
Historically, these probes dead-end with little or no accountability. Don't hold your breath for any justice on this folks... Reply
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