The Security Police and Fire Professionals of America Retirement Fund
& Central Laborers’ Pension Fund label Morgan Stanley's payouts as
“unjust enrichment” for failing to administer its compensation plans in
the best interests of the company and its shareholders; Juniper Networks
to pay millions in backdating suit.
Andrew Cuomo, New York
attorney general, claims Bank of America, former Chief Executive Kenneth
Lewis and former Chief Financial Officer Joe Price lied to shareholders
about the acquisition of Merrill Lynch & Co.
the first day of testimony before the FCIC, bank bosses were both apologetic
and defensive, at one point claiming that institutional investors who dealt
with them were professionals and should be responsible for their actions.