Mergers & Acquisitions
How B of A’s GC Got Fired: Leave Now, and Leave Your BlackBerry Behind
Posted Nov 17, 2009, 07:08 am CST
By Debra Cassens Weiss
Bank of America’s former general counsel Timothy Mayopoulos says he was stunned when he learned last December that he was being fired as his employer was preparing to acquire Merrill Lynch.
Mayopoulos said no reason was given for his dismissal, and he still doesn’t know why it happened.
Since Mayopoulos’ firing, the Securities and Exchange Commission has filed a suit against Bank of America related to the acquisition, alleging a failure to notify shareholders of planned bonuses at Merrill. In prepared congressional testimony, Mayopoulos says he was axed just one day after he learned of bigger than expected losses at Merrill and asked to speak to the chief financial officer about his concerns.
Now the… Continue reading...
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