Thread: Bank of America fined for misusing research

Posted on Thu, Mar. 15, 2007

Bank of America fined for misusing research
By OTIS BILODEAU
BLOOMBERG NEWS

Bank of America Corp. was fined $26 million by regulators, ending a six-year investigation into the company's misuse of its own analysts' research.

The bank let its salesmen and traders find out about forthcoming reports and tried to profit by trading before they were published, the Securities and Exchange Commission said in a statement Wednesday. The bank's analysts also issued false research, hyping companies to win banking business, the SEC said.

"We are determined to plug the improper leak of information on Wall Street," Linda Thomsen, the director of enforcement at the Washington-based SEC, said in the statement.

The bank "neither admits nor denies the factual allegations of the order," Bank of America spokeswoman Shirley Norton said Wednesday in a statement. "We believe it is in the best interest of the corporation and our shareholders to settle this matter at this time."

The case has already cost Bank of America $10 million. The SEC levied the fine in 2004, after accusing the bank of withholding documents and lying to investigators during the probe.

http://www.star-telegram.com/100/story/37484.html

No wonder they are pandering to illegals. Obviously the need the money and are getting desperate.

Have you seen the full-page ads B of A is running in the newspapers now! "This is the Land of Opportunity -- Let's help keep it that way."

Telling us how wonderful they are because they are committing $20 billion to address environmental challenges.

"At Bank of America, we believe that healthy communities and a healthy planet create good business opportunities not just for us, but for everyone."

Their business practices are undermining healthy communities - by assisting illegal immigrants, which encourages more illegal immigration.

At least we are causing them to spend $$$ to attempt to repair their image!!

Now our banks want to run our government. It is time to tell the banks to get out of politics and go back to banking obeying the laws.