Photo: screen grab
A draft press release from Bank of America in 2008 shows Moynihan saying just that, that we was leaving the company.The release was uncovered by the Wall Street Journal thanks to Cuomo’s case against Ken Lewis.
Bank of America never ended up releasing the note because Bank of America’s general counsel, Tom Mayopolous, was abruptly fired.
Cuomo’s lawsuit unveils documents pertaining to Bank of America’s merger with Merrill Lynch. The press release was found because Moynihan’s job was going to be eliminated by the merger; John Thain (then CEO of Merrill) took over running global wealth and wealth management.
But when Ken Lewis spoke to Bank of America’s board about Moynihan’s decision to turn down a job offer in Wilmington, VA and instead leave Bank of America, the board was not happy. Emails reveal that they called Moynihan the “more versatile (valuable) player” – presumably choosing Moynihan over Tom Mayopolous, then the bank’s general counsel.
The SEC now charges that Ken Lewis fired Tom Mayopolous specifically to make way for Brian Moynihan to take over his job, general counsel.
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