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BofA letter a publicity stunt? “That’s a load of bull,” Sink says

Posted Feb 9, 2010 by Catherine Whittenburg, Tallahassee bureau

Updated Feb 9, 2010 at 10:07 AM

Chief Financial Officer Alex Sink didn’t mince words in responding to a statement by Attorney General Bill McCollum gubernatorial candidate, which called her pursuit of a potential legal action against Bank of America a politically motivated publicity stunt.

“That’s a load of bull,” Sink told reporters, just before the start of this morning’s Cabinet meeting.

Sink sent a letter on Feb. 5 to McCollum and Ash Williams, director of the state Board Administration, noting that New York Attorney General Andrew Cuomo had filed suit against BofA. New York claims that the company pepetrated fraud against shareholders and taxpayers by failing to disclose mounting losses at Merrill Lynch, which BofA acquired. Sink asked McCollum and Williams about the prospect of taking similar action on Florida’s behalf, since the state’s pension fund suffered big losses due to BofA’s financial deterioration.

Here’s part of the statement that McCollum campaign released yesterday:

“Alex Sink’s request for an investigation into former employer Bank of America – while shameless in its transparency as a politically-motivated exploit at taxpayer expense – is a clear sign she wishes to inoculate herself from her disastrous record as a banker that eliminated thousands of Florida jobs while raking in millions in salaries and bonuses.

“We can’t blame Alex Sink for wanting to distance herself from her mentor, embattled former Bank of America CEO Ken Lewis, but enough is enough. No amount of rhetoric and grandstanding will dissociate her from the man who launched her career, ultimately making her a multi-millionaire.”

Sink said today to reporters: “My letter was written in response to an action taken by the Attorney General of the state of New York, who believes that his investors were wronged. Florida’s the fourth-largest pension fund in the country. We need to be taking action, too. The attorney general ought to be looking at ways to protect our investors as well.”

A former president of Florida operations at BofA, Sink rejected the suggestion that she bears some responsibility for the company’s actions, or deserves the taint of association. “I left the institution 10 years ago. The things that I was involved in were old-school banking. Making loans to Florida families and small businesses and corporations—things were very different 10 years ago when I left there.”

Interestingly, McCollum was reluctant to stand behind his own campaign’s attack on Sink. Asked this morning about the allegations made against Sink by his campaign, the AG said, “I’m not commenting on the reasoning or motives for this discussion.” McCollum said he’s looked at the New York AG’s suit himself, and even called the inquiry about BofA’s impact on Florida, and possible action by the state in response, “a legitimate question.”

So, is McCollum denying his campaign’s claims about Sink’s motivation?

“I don’t have any comment on that,” McCollum said. “No comment at all.”

The Cabinet is just starting to discuss the BofA issue now.

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