The Buzz

From the staff of the Tampa Bay Times

Sinks wants McCollum to investigate her former bank

5

February

CFO Alex Sink wants Attorney General Bill McCollum, one of her opponents for governor, to investigate fraud at the bank where she was a longtime executive.

In a letter sent Friday to McCollum, Gov. Charlie Crist and the state pension fund director, Sink -- former head of Bank of America in Florida -- asked McCollum to "immediately review" whether the alleged fraud by Bank of America and its executives has resulted in losses to Floridians. Her request came the day after New York Attorney General Andrew Cuomo filed charges of fraud against Bank of America and their top-level leaders.

Cuomo alleges the company, former chief executive Kenneth D. Lewis and former Chief Financial Officer Joseph Price misled federal officials and investors about the size of losses at Merrill Lynch, the flailing investment bank that Bank of America was moving to take over. Cuomo maintains the bank executives intentionally wanted to deceive the federal officials into giving Bank of America more bailout money.

“I applaud Attorney General Cuomo for his aggressive actions on behalf of New Yorkers, and it begs the question whether Florida can pursue similar legal action on behalf of our taxpayers and consumers,” CFO Sink wrote.  “If former top executives at Bank of America committed the fraud outlined in Attorney General Cuomo’s suit, those executives must be held accountable not only to the people of New York, but also to the people of Florida.”

Sink's letter also repeats her call for the State Board of Administration to pursue lawsuits against Bank of America or any other other banks that might have misled Florida’s pension fund.

Check it out here: Download CFOSINKbankLetter


 

[Last modified: Thursday, September 9, 2010 1:17pm]

    

Join the discussion: Click to view comments, add yours

Loading...