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Bank of America's Letter to Judge Rakoff

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  • 8/14/2019 Bank of America's Letter to Judge Rakoff

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    DMJOXV C>\\MFJH T\JJE ! BOKFM\IE MM^IE J MFHJX\V ^MOWO

    EJS VIX@- EV ?>>>1+? "8?8& 88:+8>>>

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    LOEFJM MOE

    Ajhxzoxv ?1- 8>?>HV BOEL\bj Bieixohmj Gjl% T% Xo`iaaZef|jl T|o|jt Lft|xfd| Dizx| aix |bjTiz|bjxe Lft|xfd| ia Ejs Vix`Zef|jl T|o|jt Dizx|biztj:>> ^joxm T|xjj|- Xiik ?4Ejs Vix`- EV ?>>>3+?4?8

    Xj7 TJD % Hoe` ia Okjxfdo Dix~%- Eit% >6 Df% 1286- ?> Df% >8?: "GTX&Ljox Gzlcj Xo`iaa7

    Ie hjboma ia Ljajeloe| Hoe` ia Okjxfdo Dix~ixo|fie "(HOD( ix |bj (Hoe`(&- sjxjt~jd|azmmv tzhkf| |bft xjt~ietj |i |bj Dizx|#t ixljx lo|jl Ajhxzoxv ??- 8>? > "|bj (Ajhxzoxv F??Ixljx(& oel fe azx|bjx tz~~ix| ia |bj Tjdzxf|fjt oel Jrdboecj Dikkfttfie#t "(TJD(& Ki|fie aixJe|xv ia |bj ^xi~itjl Dietje| Gzlckje|%F% \bj Jflje|foxv Xjdixl

    Fe f|t Ajhxzoxv ?? Ixljx- |bj Dizx| lfxjd|jl |bj ~ox|fjt |i ~xiflj ollf|fieom ko|jxfomtaxik |bj jflje|foxv xjdixl xjcoxlfec aizx ~ox|fdzmox fttzjt% ? Fe oe jaaix| |i oifl lz~mfdo|fjF\bj Ajhxzoxv F?? Ixljx ei|jl |bo|- lzxfec |bj Ajhxzoxv 2 bjoxfec- |bft Dizx| (ifdjl o ezkhjx ia qzjt|fiet oel

    diedjxet- oxftfec- aix jrok~mj- axik |bj jxv lfaajxje| fe|jx~xj|o|fiet ia |bj zeljxmvfec aod|t ~xi~itjl hv-xjt~jd|fjmv- |bj ~ox|fjt fe |bft dotj oel |bj O||ixejv Cjejxom ia |bj T|o|j ia Ejs Vix`%( Tjj Ajh% F?F Ixljx o| ?0tjj omti Ajh% 2- 8>?> \x% ia Dizx| Bjoxfec o| 1+3% \bj Ixljx azx|bjx lfxjd|jl |bj ~ox|fjt |i tzhkf| |bj ohij+kje|fiejl ko|jxfomt (Pfme ixljx |i oljqzo|jmv ollxjtt |bitj qzjt|fiet oel diedjxet%( Ajh% F?F Ixljx o| ?+8% \bjHoe` xjt~jd|azmmv ihgjd|t |i oev dietfljxo|fie hjfec cfje |i ommjco|fiet kolj fe i|bjx ~xidjjlfect- fedmzlfec |bitjdie|ofejl fe |bj Ejs Vix` O||ixejv Cjejxom#t dik~mofe|- ix |i oev i|bjx jr|xogzlfdfom ko|jxfomt% Tjj Zef|jl T|o|jt

  • 8/14/2019 Bank of America's Letter to Judge Rakoff

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    \b j Bieixohmj Gjl T%Xo`iaa^ocj 8tzhkfttfiet- sj boj dieajxxjl sf|b |bj TJD oel boj gife|mv dik~fmjl |bj ko|jxfomt tj| aix|b fe|bj Tz~~mjkje|om O~~jelfr hjfec ~xifljl |i |bj Dizx|%FF% \bj ^xi~itjl Dboecjt |i |bj Dietje| Gzlckje|

    \bj Hoe` xjt~jd|azmmv tzhkf|t |bo| |bft Dizx| tbizml je|jx |bj ~xi~itjl Dietje|Gzlckje| ot tzhkf||jl hv |bj ~ox|fjt oel |bo| ei dboecjt oxj ejdjttoxv% \bj ~xi~itjltj||mjkje| sot |bj xjtzm| ia oxkt+mjec|b ejci|fo|fiet hj|sjje |bj ~ox|fjt oel xjamjd|t |bj TJD#tdietfljxjl lj|jxkfeo|fie + je|f|mjl |i tzht|oe|fom ljajxjedj + |bo| |bj ~xi~itjl |jxkt oxj aofx-xjotieohmj- oel fe |bj ~zhmfd fe|jxjt|%8\bo| tofl- |bj Hoe` bot cfje doxjazm dietfljxo|fie |i jodb ia |bj tzccjt|jl dboecjt tj|aix|b fe |bj Dizx|#t Ajhxzoxv ?? Ixljx oel sizml ei | ihgjd| |i je|xv ia oe okjeljl Dietje|Gzlckje| |i xjamjd| "?& |bo| |bj felj~jelje| ozlf|ix jecocjl |i ottjtt HOD#t lftdmitzxj die|ximtoel ~xidjlzxjt hj oddj~|ohmj |i hi|b ~ox|fjt ix- fe |bj jje| ia lftocxjjkje|- dbitje hv |bjDizx|- oel "8& |bo| |bj ~jxtie xj|ofejl ot lftdmitzxj dizetjm hv HOD#t Ozlf| Dikkf||jj hjoddj~|ohmj |i hi|b ~ox|fjt ix- fe |bj jje| ia lftocxjjkje|- dbitje hv |bj Dizx|% Fe hi|b ia |bjtjfet|oedjt- ot |bj Hoe` zeljxt|oelt f|- |bj TJD sizml hj ~movfec o ximj sf|bfe f|t fet|f|z|fieom

    jr~jx|ftj + fe iej fet|oedj- ottjttfec |bj oddj~|ohfmf|v ia oe felj~jelje| ozlf|ix oel- fe |bji|bjx- ottjttfec |bj felj~jeljedj oel jr~jx|ftj fe lftdmitzxj fttzjt ia dizetjm xj|ofejl hv |bjOzlf| Dikkf||jj% \bj Hoe` omti sizml ei| ihgjd| |i okjelfec |bj Dietje| Gzlckje| |iox|fdzmo|j |bj ~xi~itjl ~xfedf~mjt ia |bj oe|fdf~o|jl Aofx Azel lft|xfhz|fie- ot ljtdxfhjl fe |bjDizx|#t Ajhxzoxv ?? Ixljx%

    Sf|b xjt~jd| |i |bj xjkofefec tzccjt|fie xoftjl fe |bj Ajhxzoxv ?? Ixljx "flje|fafjl ot|bj |bfxl ~xi~itjl ~xiftfie&- |bj Hoe` xjt~jd|azmmv lijt ei | ocxjj oel sizml ihgjd| |i |bj TJDoel |bj Dizx| ~ox|fdf~o|fec fe |bj tjmjd|fie ia |bj felj~jelje| dik~jeto|fie dietzm|oe| xj|ofejlhv |bj Dik~jeto|fie Dikkf||jj ia |bj Hioxl ia Lfxjd|ixt% \bj ~xi~itjl Dietje| Gzlckje|- ot~xjtje|jl hv |bj ~ox|fjt- ft o~~xi~xfo|jmv |ofmixjl |i ollxjtt |bj ommjcjl lftdmitzxj fimo|fiet tj|aix|b fe |bj TJD#t dik~mofe|t%4 \bj ~xi~itjl tj||mjkje| jetzxjt |bo| dik~jeto|fie ljdftfietsfmm hj kolj hv oe felj~jelje| Dik~jeto|fie Dikkf||jj |bo| kjj|t bfcbjx felj~jeljedjt|oeloxlt |boe |bitj omxjolv koelo|jl hv t|id` jrdboecj xzmjt% Tj ^xi~itjl Afeom Dietje|Gzlckje| o| >4 SM 88

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    \bj Bieixohmj Gjl T%Xo`iaa^ocj 4\bj TJD bot dietft|je|mv t|o|jl |bo| f| lijt ei| tjj` |i jeaixdj oev ~ox|fdzmoxdik~jeto|fie 9bfmiti~bv ix fk~itj oev tzht|oe|fj gzlckje|t ie |bj aixk ix okize| iadik~jeto|fie% Oddixlfecmv- sj li ei| hjmfjj |bo| |bj |bfxl ~xi~itjl dboecj |i |bj Dietje|Gzlckje| ft ejdjttoxv |i odbfjj ix |ofmixjl |i |bj xjkjlfom ihgjd|fjt ia |bj tj||mjkje|- oel sjazx|bjx hjmfjj |bo| |bft ~xi~itjl dboecj sizml fk~itj ie |bj TJD o tzht|oe|fj ximj |bo| |bjTJD jr~xjttmv lijt ei| tjj` oel |bo| ft iz|tflj |bj ~xifedj ia |bj TJD oel |bj Dizx|%:Oddixlfecmv- sj xjt~jd|azmmv xjqzjt| |bo| |bft Dizx| je|jx |bj ~xi~itjl Dietje|Gzlckje|- jf|bjx ot ixfcfeommv ~xjtje|jl ix sf|b |bj okjelkje|t ocxjjl z~ie hv hi|b ~ox|fjt%

    Xjt~jd|azmmv+tzhkf||jl-

    dd% Cjixcj Doejmmit- Jtq%Hxol @ox~- Jtq%

    (Tjj Koxv Tdbo~fxi- Dbofxkoe- Z%T% Tjdzxf|fjt oel Jrdboecj Dikk#e- T|o|jkje| o| TJD I~je Kjj|fec "Gzej ?>-8>>6& "(O| |bj TJD- izx ximj bot ei | hjje |i tj| ~ov tdomjt ix do~ dik~jeto|fie% Izx ximj ft |i ~xi|jd| fejt|ixt hvjetzxfec |bo| |bjv boj |bj feaixko|fie ejjljl |i ko`j tizel fejt|kje| ljdftfiet- sbj|bjx |bitj ljdftfiet fk~od|~xirv i|fec ix o ljdftfie |i hzv ix tjmm o t|id`%(&0 @o|bmjje M% Dotjv- Dikkfttfiejx- Z%T% Tjdzxf|fjt oel JrdboecjDieze#e- T|o|jkje| o| TJD I~je Kjj|fec "Gzmv ?-8>>6& "(sj boj hjje doxjazm ei| |i dxitt |bj mfej axik xjqzfxfeclftdmitzxj |i ko`fec tzht|oe|fj gzlckje|t ohiz| dik~oefjt# Pdik~jeto|fie[ ~imfdfjt oel ~xod|fdjt(&0 Gibe S%Sbf|j- Lfxjd|ix- Lfftfie iaDix~ixo|fie Afeoedj- Z%T% Tjdzxf|fjt oel Jrdboecj Dikk#e- @jvei|j Ollxjtt o| |bjOH O Tjd|fie ia Hztfejtt Mos Aomm Kjj|fec "Ei% 8?- 8>>2& "(sj boj ei ximj fe jt|ohmftbfec |bj tzht|oe|fjxjqzfxjkje|t xjmo|fec |i jrjdz|fj dik~jeto|fie "fedmzlfec |bj aixk oel okize| ia jrjdz|fj dik~jeto|fie&(&%: \bft lijt ei| kjoe |bo| |bjxj sfmm hj ei xjczmo|ixv ijxtfcb| ia tzht|oe|fj dik~jeto|fie+xjmo|jl ljdftfiet o|Hoe` ia Okjxfdo "ix i|bjx afeoedfom fet|f|z|fiet&% \bj Hoe`#t dik~jeto|fie ~xod|fdjt oxj omxjolv zeljx dmitjtdxz|fev hv cmihom hoe`fec xjczmo|ixt ot o xjtzm| ia ljjmi~fec xjczmo|ixv fef|fo|fjt% Fe |bj Z%T%- |bj AjljxomXjtjxj ~zhmftbjl |bft ~ot| Id|ihjx f|t (^xi~itjl Czfloedj ie Tizel Fedje|fj Dik~jeto|fie ^imfdfjt-( sbfdbfedmzljt |bxjj `jv ~xfedf~mjt xjcoxlfec |bj ljtfce oel cijxeoedj ia dik~jeto|fie ~xicxokt |i ~xiki|j |bj toaj|voel tizelejtt ia |bj hoe`fec felzt|xv% Fe oddixloedj sf|b |bj ^xi~itjl Czfloedj- |bj Hoe` "oel i|bjx afeoedfomfet|f|z|fiet& bot hjje tzhgjd| |i o dik~xjbjetfj (bixfwie|om xjfjs( ia f|t dik~jeto|fie ~xod|fdjt hv |bj AjljxomXjtjxj- sbfdb ft iecifec% Fe |bj Z%@%- |bj Afeoedfom Tjxfdjt Oz|bixf|v "(ATO(& xjdje|mv z~lo|jl f|t xjczmo|ixvdilj |i fedmzlj o ejs xjqzfxjkje| |bo| dik~jeto|fie ~xod|fdjt kzt| hj dietft|je| sf|b jaajd|fj xft` koeocjkje|oel oli~|jl jfcb| (jflje|foxv ~xfedf~mjt( xjcoxlfec |bj ljtfce oel cijxeoedj ia dik~jeto|fie ~xicxokt |itz~~ix| |bft ejs xjqzfxjkje|% Zeljx |bft z~lo|jl dilj- |bj Hoe` sot xjqzfxjl |i tzhkf| o sxf||je (xjkzejxo|fie~imfdv( |i |bj ATO- oel |bj Hoe` die|fezjt |i six` sf|b |bj ATO ie |bjtj fttzjt%


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