2009-02-27 — forbes.com
By definition, [the] key decision makers are required to exercise a fiduciary duty to put the interests of shareholders first in all corporate decisions. When executives or boards fail to uphold this standard of loyalty, care and due diligence, shareholders can be financially harmed. Since the initial merger announcement last September, they have lost over $150 billion, and the sheer speed in which these sizable losses occurred, warrant further investigation.
It appears there were at least seven critical decision points where BoA, considered a financially strong retail banking operation prior to the ML deal, could have acted to protect the company and its shareholders. These points leading up to, during and after completion of the merger must be assessed to determine if senior executives and/or board members upheld fiduciary duties.
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