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Resource ID: #15840
Subject: Banks
Source: SF Weekly
Affiliation: 
Date: 12/31/98

Description

Bank of America cheats cities and citizens through their bond fund, estimated to be at about $7.7 billion in 1992. Additonally, it illicitly invested public money for its own deals, charged excessive fees for expired bonds, failed to notify bondholders of outstanding bonds and destroyed records. Gov't officials fail to monitor accounts; few city ledgers match bank records. Yet even as lawsuits are waging, San Francisco city gives $500 million deal to BofA.

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