Bank of America Accused Of 'Corporate Shenanigans'

The New York Post reports that a former senior executive at Bank of America has alleged in a NASD arbitration claim for wrongful termination and defamation that officials at the bank engaged in 'creative accounting'. The former banker also alleged that bank CEO Ken Lewis 'ordered' him to donate $250,000 over a five year period to a favoured Charlotte charity to help make Lewis look big.

48 year-old Duncan Goldie-Morrison was, until March, a high-ranking executive at Bank of America's corporate and investment banking division. He has now filed an arbitration claim against his former unit and Edward Brown, president of the global corporate and investment banking division.

The former Bank of America man says that he was exited earlier this year after he complained about his unit's accounting practices and the behaviour of management. He is seeking $5m in lost stock options, $2.1m in lost 2003 bonus, $101,000 in reimbursement of charitable expenses and political contributions and damages for defamation, together with his legal costs.

A spokesman for the bank said that 'Bank of America strongly denies any wrongdoing with respect to the separation of Mr Goldie-Morrison's employment. We have not seen the filing but his allegations have been described to us and we are confident the company will refute and successfully defend against these allegations'.

Goldie-Morrison's lawyer said that his client's employment was terminated 'because he refused to look the other way and play along with corporate shenanigans. This lawsuit seeks fair comp owed to Mr Goldie-Morrison as a result of the huge profits he generated for the bank'.

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