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Former exec says Bank of America ordered "compulsory donations" to political candidates
Associated Press | November 12, 2003 | PAUL NOWELL

Posted on 11/12/2003 9:48:25 AM PST by HAL9000

Former Bank of America executive seeks millions

CHARLOTTE, N.C. --Bank of America Corp. on Wednesday denied allegations of financial wrongdoing by a former executive who claims he was dismissed for whistleblowing on questionable practices at the bank.

The Wall Street Journal reported Wednesday that former Bank of America executive Duncan Goldie-Morrison is seeking $7.3 million plus damages. The paper said Goldie-Morrison filed claims Tuesday with the National Association of Securities Dealers, which handles disputes in the securities industry.

Goldie-Morrison also accused Bank of America of inappropriately ordering executives to make charitable and political contributions, the paper reported.

Goldie-Morrison was a high-ranking executive at the bank's corporate- and investment-banking division. The Journal said his job was eliminated as part of a reorganization earlier this year.

"Bank of America strongly denies any wrongdoing with respect to the separation of Mr. Goldie-Morrison's employment," Bank of America spokesman Jeff Hershberger told The Associated Press. "We have not seen Mr. Goldie-Morrison's filing, but his allegations have been described to us and we are confident the company will refute and successfully defend against the allegations raised."

In addition to unspecified damages, Goldie-Morrison seeks stock options valued at $5 million that were revoked or abridged, a $2.1 million bonus he didn't receive and $101,000 in charitable and political contributions he made to a museum and a North Carolina political candidate, the Journal reported.

In the claim, Goldie-Morrison, 48, said he was a prized employee at the bank and received a crystal hand grenade that former chairman Hugh McColl was known to award to valued employees. After Goldie-Morrison was dismissed, Bank of America issued a press release saying "we are grateful for Duncan's significant contributions over the years."

According to the arbitration claim, Goldie-Morrison now has "strong reason to believe that his termination was prompted by his increasingly vocal internal criticism" of allegedly questionable practices at the bank, the Journal reported.

Without providing specifics, he alleges that the bank used "creative accounting" in connection with losses related to a Latin American venture as well as a junk-bond portfolio, and that a former boss inappropriately used one of the bank's jets for personal travel.

Goldie-Morrison also alleged he was "ordered" to make "compulsory donations" to a children's museum and education center in Charlotte as well as "donations to specific political campaigns dictated by Bank of America," the Journal reported.



TOPICS: Crime/Corruption; Front Page News; News/Current Events; US: North Carolina
KEYWORDS: bankofamerica; boa; campaignfinance; democrats; electionlaw; electionlaws; fec; financelaws; fundraising; goldiemorrison; hughmccoll; illegalcontributions; manditorydonations; mccoll; mediabias; northcarolina; oldnorthstate; rattricks
This is not a surprise, recalling that former Bank of America chairman Hugh McColl paid a half-million dollar bribe to the Clinton Library to buy a pardon for Rick Hendrick.
1 posted on 11/12/2003 9:48:27 AM PST by HAL9000
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To: HAL9000
When the story fails to mention which party benefits from illegal donations, somehow it always turns out to be the Donks.
2 posted on 11/12/2003 9:54:51 AM PST by Norman Conquest
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To: Norman Conquest
BOA is basically the bank of the Dems. They made it big riding on FDR's "bank holiday".
3 posted on 11/12/2003 9:59:53 AM PST by aynrandfreak
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To: Norman Conquest
When the story fails to mention which party benefits from illegal donations

They do it every time. I hope this story grows legs.

4 posted on 11/12/2003 10:03:33 AM PST by concerned about politics ( So it is. It is done.)
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To: HAL9000
Goldie-Morrison also accused Bank of America of inappropriately ordering executives to make charitable and political contributions, the paper reported.

I wonder who will commit suicide by 3 or 4 bullet wounds to the head this time.

5 posted on 11/12/2003 10:05:58 AM PST by concerned about politics ( So it is. It is done.)
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To: Norman Conquest
Hmmm, compulsary donations. Wonder why they should be "compulsary"? The appeal of one political advocacy or another should stand or fall on its own virtues, and serious partisan beliefs should have no place in the business office. I don't CARE if the person sitting in the next cubicle is of one political persuasion or another, so long as it is not the subject of any discussion in the office. If someone wants to go out and argue it over drinks after work, that is an entirely different venue.

Conditions of employment should not reflect political orientation. That might even be illegal, as creating a "hostile work environment". There would be a better case for that than for discrimination based on, say, homosexuality.
6 posted on 11/12/2003 10:07:29 AM PST by alloysteel
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To: alloysteel
What should be and what is aren't the same thing.
7 posted on 11/12/2003 10:23:42 AM PST by YankeeinOkieville
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To: HAL9000
Bill (ran against Jeb) McBride's wife, Alex Sink used to be President of Bank of America-Florida.

8 posted on 11/12/2003 10:25:28 AM PST by Battle Hymn of the Republic
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To: *Old_North_State; **North_Carolina; Constitution Day; mykdsmom; 100%FEDUP; ...
NC ping.

B of A at it again?



If you want on or off the NC Ping list, just let me know.
9 posted on 11/12/2003 10:25:57 AM PST by TaxRelief (Welcome to the only website dedicated to the preservation of a free republic.)
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To: HAL9000
Nothing new here. BofA extorted donations from employees when I worked part time for the bank when I went to college. We were all forced to listen to a recorded speech by A.P. Gianini telling us that we should donate through the bank. The bank got a lot of publicity because "the bank" supported United Way.

I refused to "give my fair share" donation because every penny I made was going to pay for tuition, room and board and books.

Management criticized me for not being a "team player" and my manager told me he was forced to write a personal check to cover me on his employee quota. One month later, I was terminated based on my "bad attitude." Yeah, right . . . I was going to college full time carrying 18 units and working from 6 PM to midnight for BofA.

I hope this guy wins millions. I hope other former bank employees line up behind him and also file suit. Loud Applause from this corner.

10 posted on 11/12/2003 10:27:04 AM PST by ex-Texan (CBS [SeeBS] Deserves a Long Double Flush . . . Pull the Chain!)
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To: alloysteel
Conditions of employment should not reflect political orientation

I don't want to hire democrats or do business with democrats, because generally, they have very bad attitudes about work and life.

They tend to think business is bad and profits should be given to the deserving which is usually them. They don't want you to have a profit. They think business is immoral, therefore if they steal or cheat the business, it is ok, because they are cheating an immoral beast. They think they are entitled to all kinds of things which makes them bad employees. They take offense at very small items. They tend not to take responsibitlity for their errors and scapegoat other things or people. They tend not to be very logical either. In business, I avoid them at all costs.

11 posted on 11/12/2003 10:27:07 AM PST by staytrue
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To: HAL9000
Who_was_the_candidate?

One can only hope it was Erskine Bowles :)

12 posted on 11/12/2003 10:32:21 AM PST by JohnnyZ (Red Sox in 2004)
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To: HAL9000
Bank of America is a liberal rabble-rousing institution. Remember that they recruited lady golfers to break the sex-barrier on the US Tour? Not that I care, but it shows where they are coming from (San Francisco, to be exact).
13 posted on 11/12/2003 10:40:35 AM PST by Brilliant
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To: JohnnyZ
JohnnyZ that would make a lot of sense, b/c they were big time behind EB last election.
14 posted on 11/12/2003 10:45:59 AM PST by jern
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To: JohnnyZ
Who_was_the_candidate?

From fecinfo.com -

GOLDIE-MORRISON, DUNCAN
10/16/2000 $500.00
CHICAGO, IL 60614
BANK OF AMERICA -[Contribution]
FRIENDS OF JOHN LAFALCE

GOLDIE-MORRISON, DUNCAN E
9/13/2000 $500.00
CHICAGO, IL 60614
BANK OF AMERICA -[Contribution]
EDWARDS FOR SENATE

Goldie-Morrison, Duncan E. Mr.
10/2/2002 $2,500.00
Jackson, WY 83001
Banc of America Securities LLC/Head -[Contribution]
THE BOND MARKET ASSOCIATION POLITICAL ACTION COMMITTEE

15 posted on 11/12/2003 10:51:00 AM PST by HAL9000
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To: ex-Texan; TaxRelief
Duncan Goldie-Morrison:

9/13/2000 - Edwards for Senate - $500

16 posted on 11/12/2003 10:56:56 AM PST by JohnnyZ (Red Sox in 2004)
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To: HAL9000
LOL! I'd looked that up and was searching through Easley's documents for more . . .
17 posted on 11/12/2003 10:58:03 AM PST by JohnnyZ (Red Sox in 2004)
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To: HAL9000
Bank of Antichrist. BOA
18 posted on 11/12/2003 11:17:13 AM PST by JackDanielsOldNo7 (On guard until the seal is broken)
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To: JackDanielsOldNo7
Bank of Antichrist. BOA

Still a better name than FU.

19 posted on 11/12/2003 11:59:41 AM PST by JohnnyZ (Red Sox in 2004)
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To: Norman Conquest
When the story fails to mention which party benefits from illegal donations, somehow it always turns out to be the Donks.

Correct answer!

If this were a game show, you'd now be hearing:

(D)ing! (D)ing! (D)ing! (D)ing! (D)ing!

20 posted on 11/12/2003 2:06:13 PM PST by weegee
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To: weegee; JohnnyZ
We should bombard Forbes and other publishers of this article with the "which candidate?" question. (You know they're hoping we don't ask...)
21 posted on 11/12/2003 2:10:27 PM PST by TaxRelief (Welcome to the only website dedicated to the preservation of a free republic.)
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To: HAL9000
When I worked for a major West Coast insurance company, they had a list of political candidates who they considered "right" on insurance issues, and officers of the company were required to donate to a PAC-like fund that in turn contributed money to those candidates. I think this is common practice in a lot of large companies.
22 posted on 11/12/2003 3:01:39 PM PST by Mr. Jeeves
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To: HAL9000
A crystal HAND GRENADE!!! What is THAT supposed to signify??
23 posted on 11/12/2003 3:20:55 PM PST by Ann Archy
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To: Norman Conquest
What kind of man has a last name that's hyphenated???
24 posted on 11/12/2003 3:21:57 PM PST by Ann Archy
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To: staytrue
On the interview, it may be possible to thread your way through a series of questions that would expose attitudes about what is their opinion of doing business for profit, what they think the employer should give them in the way of benefits, how they would regard a troublesome or annoying co-worker, and how to straighten out a misunderstanding that comes up in the workplace. Watch how they answer these questions, and ask them how this relates to their earlier experiences. If they are able to answer a series of inquiries like this in a coherent manner, and not get up in a huff and leave, there is a very good chance that they are not a doctrinaire super-lib.

Of course, some ringers do get through, and they are as hard to get rid of as sand fleas. For those, I extend my sympathy.
25 posted on 11/12/2003 3:59:27 PM PST by alloysteel
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To: Ann Archy
Huge McColl was an ex-marine and kept a hand grenade in his office to represent his aggressive approach to business and acquisitions. Over the years, the metaphor became associated with BofA, hence the crystal award.
26 posted on 11/12/2003 6:47:22 PM PST by Huber ("...when the challenge comes to step out and testify for his faith, he does so" - Whittaker Chambers)
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To: TaxRelief; mykids'mom; Constitution Day
......nothing would surprise me about Hugh McColl....he was a little man in every sense of the word.......and of course the Charlotte Observer was nothing more than a propaganda vehicle for him......Charlotte used to be a lovely Carolina town.......thanks to pimps and hustlers like McColl it has turned into another plastic sun belt megalopolis.......think: one continous strip mall.
27 posted on 11/13/2003 3:32:15 PM PST by STONEWALLS
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To: STONEWALLS
More like a hornets nest now, only the hornets are the members of the "chamber" party.
28 posted on 11/13/2003 4:50:34 PM PST by TaxRelief (Welcome to the only website dedicated to the preservation of a free republic.)
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To: HAL9000
I wonder if banks that don't donate to the correct politicians get harassed by the federal regulators.
29 posted on 11/13/2003 4:53:34 PM PST by aristeides
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To: JohnnyZ
Erskine Bowles

My first guess as well.

30 posted on 11/13/2003 4:54:49 PM PST by SC Swamp Fox (Aim small, miss small.)
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