The “good” news keeps coming for those pursuing claims against Bank of America.
Earlier this week they found out they will get their hands on documents that show what BofA’s lawyers were telling it during the frantic time of the Merrill merger.
Today the Wall Street Journal reports of an interesting email exchange between directors.
WSJ: A Bank of America Corp. director wrote to another director in a January email that pressure from the federal government to slash the bank’s dividend meant “unfortunately it’s screw the shareholders,” according to people familiar with the exchange.
The email, written by Charles Gifford to Thomas May, was recently turned over to the Congressional committee investigating the merger and to New York’s attorney general Andrew Cuomo.
The email was sent during a January 15 conference call during which Ken Lewis was explaining to the BofA board the forthcoming government bailout and the worse-than-expected extent of Merrill’s losses, according to The New York Times.
May’s response to Giffords “Unfortunately it’ll screw the shareholders!!”?
“No trail,” he said — apparently suggesting it might not be a good idea to say such a thing over email.
Gifford then said he was talking “in the context of a horrible economy!!!” to which May replied, “Good comeback.”
A BofA spokesman would not speak to the specific e-mail thread, but told the NYT, “[W]e believe the full record in context demonstrates that we acted in good faith and with appropriate disclosure in the Merrill Lynch acquisition.”
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