Bank of America, New York City Controller Liu Reach Disclosure Agreement On Political Contributions (BAC)
3/14/2010- Bank of America (NYSE: BAC) and New York City Controller John C. Liu have reached an agreement under which the bank will publish an annual summary of its political donations on its Web site, according to a Wall Street Journal report.
Under the terms of the agreement, Bank of America will disclosed donations made with corporate funds to political parties and committees and will also account for political contributions from specific employees, according to a spokesperson.
Liu said, "This kind of agreement with Bank of America is critically important in the wake of that court decision that essentially allows unlimited amounts of money to be contributed for political causes at essentially the whim of the top management. Full disclosure can and will be a disinfectant."
Write to Chip Brian at cbrian@tradethetrend.com
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