Merrill’s promise to “cooperate” is also looking quite specious.
The Justice Department said it had obtained an agreement from Merrill and its parent, Bank of America, to “cooperate with the government’s ongoing investigation of individuals and to report to the Department evidence or allegations of violations of the wire fraud statute, securities and commodities fraud statute, and anti-spoofing provision of the Commodity Exchange Act in BAC’s Global Markets’ Commodities Business…”
General - Counsel - Global - Banking - Global
The General Counsel of Global Banking, Global Markets and International at Bank of America Merrill Lynch is William C. Caccamise, who is also the Chairman Elect at the Wall Street trade association known as SIFMA. The Board of SIFMA includes representation from pretty much every mega bank on Wall Street – including the ones that are serially charged with market manipulations like Citigroup, Goldman Sachs and Deutsche Bank.
While Merrill is promising to “cooperate” with the Justice Department, SIFMA, along with the Bank Policy Institute and the Chamber of Commerce of the United States, has filed an Amicus (Friend of the Court brief) asking the Federal District Court in Illinois that is hearing the cases against the two indicted Merrill traders, Bases and Pacilio, to throw out the wire fraud charges.
Futures - Industry - Association - FIA - Amicus
The Futures Industry Association (FIA) has also filed a similar Amicus. The Chairman of the Board of FIA is Jerome Kemp of Citigroup. The Vice Chairman of FIA is Nicholas Rustad of JPMorgan Securities. Citigroup admitted to one criminal felony count lodged by the Justice Department in 2015 for rigging foreign exchange trading. JPMorgan Chase admitted to two criminal felony counts in 2014 for its role in the Bernie Madoff Ponzi scheme and one felony count in 2015 for participating in the rigging of the foreign exchange market.
Bank of America Merrill Lynch also has an executive on the Board of FIA,...
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