File this under change we can believe in.
NEW YORK (CNNMoney.com) — New York Attorney General Andrew Cuomo said Thursday it was bringing civil charges against senior Bank of America executives, including former company CEO Ken Lewis, for their role in the company’s controversial purchase of Merrill Lynch…
…The lawsuit contends that the bank’s management team understated the losses at Merrill in order to get shareholders to approve the deal, then subsequently overstated the firm’s willingness to terminate the merger to regulators weeks later in order to get $20 billion of additional aid from the federal government.
Anyone know why they are not bringing criminal charges? ‘Cause I’d like to see some people go to jail. Is it that bringing criminal charges against rich people is gauche? Or something else? Oh, wells. The important thing is that it’s a friggn’ indictment of high-level wrong-doing.