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B of A Officials Say Firing of GC Was Just a Corporate Downsizing

Posted Nov 18, 2009, 06:38 am CST
By Debra Cassens Weiss

Bank of America officials told a skeptical congressional panel yesterday that the abrupt firing of the company’s general counsel late last year was just part of a general corporate downsizing.

For his part, former general counsel Timothy Mayopoulos says he was given no reason for his dismissal last Dec. 10, and he still doesn’t know why it happened. Some panel members, however, suggested the dismissal could have been triggered because officials didn’t like Mayopoulos’ legal advice on whether the bank had a legal reason to escape from a planned merger with Merrill Lynch, Corporate Counsel reports.

Mayopoulos’ supervisor, Brian Moynihan, told the House Oversight and Government Reform Committee that he doesn’t know why Mayopoulos… Continue reading...



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