Skip to comments.Former exec says Bank of America ordered "compulsory donations" to political candidates
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.
They do it every time. I hope this story grows legs.
I wonder who will commit suicide by 3 or 4 bullet wounds to the head this time.
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.
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.
One can only hope it was Erskine Bowles :)
From fecinfo.com -
CHICAGO, IL 60614
BANK OF AMERICA -[Contribution]
FRIENDS OF JOHN LAFALCE
GOLDIE-MORRISON, DUNCAN E
CHICAGO, IL 60614
BANK OF AMERICA -[Contribution]
EDWARDS FOR SENATE
Goldie-Morrison, Duncan E. Mr.
Jackson, WY 83001
Banc of America Securities LLC/Head -[Contribution]
THE BOND MARKET ASSOCIATION POLITICAL ACTION COMMITTEE
9/13/2000 - Edwards for Senate - $500
Still a better name than FU.
If this were a game show, you'd now be hearing:
(D)ing! (D)ing! (D)ing! (D)ing! (D)ing!
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