Now We’re Up In The Big Leagues

Gettin’ our turn at bat, thank to Roy Cooper who’s asking Bank of America for answers about the midnight bonuses given to Merrill Lynch employees just before its purchase. He joins NY Attorney General Andrew Cuomo and the head of investigations for the federal bank bailout program, who are already looking into the last-minute Merrill shenanigans because the money came from taxpayers.

Under N.C. General Statutes, the state Justice Department has the power to investigate the affairs of all corporations and persons doing business in the state. Typically, this authority is used to probe businesses accused of defrauding consumers. In this case, the attorney general has multiple avenues to pursue, depending on what the documents show, a person familiar with the matter said.”

With all the nattering on about our state’s business climate, I’m glad to see a state leader step up and get to the bottom of a matter like this. Sure, Cooper could leave it to the federal and New York authorities, but isn’t it refreshing to see that he won’t. I’ll bet BofA once felt pretty safe about its dealings with NC state government, and with good reason.

As of June 30, the retirement system’s long-term investment fund held about $324 million in Bank of America shares, according to the most recent annual report. By market value, that investment was topped only by the state’s investments in JPMorgan Chase & Co. and General Electric Co.”

However,

Bank of America shares have lost 80 percent of their value since June 30.”

Ouch. Could it be the downturn has an upside? Will we now be free to pose tougher questions to the companies that do business within the state and with state government? Perhaps while Roy has their attention, he could find out how much, if any, bailout money is going to the nineteen (19!) lobbyists BofA is employing for the 2009 legislative session. I’d like to know that, too.