BB&T CEO Kelly King and CFO Daryl Bible Securities Fraud

During late 2008 and through August 2009, unknown to shareholders but known to BB&T CEO Kelly King and CFO Daryl Bible, who certified BB&T's 2009 annual report filed with the SEC, BB&T borrowed billions from the Federal Reserve Bank's Term Auction Facility on nine occasions at interest rates as low as 0.25%, with up to $19.343 billion in Unencumbered Collateral representing an undisclosed credit line with the Fed, none of which was disclosed by BB&T's 2009 annual report.
BBT's annual report cites the words "Term Auction" 0 times, and "TAF" 0 times, with no mention of the overall size of BBT's Federal Reserve Term Auction Facility credit lines, interest rates and maturities, all of which were material inside information known to CEO Kelly King and CFO Daryl Bible but not BBT shareholders, Congress, or the public.

Sarbanes Oxley (SOX) states;


    (a) REGULATIONS REQUIRED ...the principal executive officer or officers and the principal financial officer or officers, or persons performing similar functions, certify in each annual or quarterly report filed or submitted under either such section of such Act that--

    (2) based on the officer's knowledge, the report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading..."
An SEC interpretation states: "Many financial institutions, such as thrifts and banks, are receiving financial assistance in connection with federally assisted acquisitions or restructurings...  If these or any other types of federal financial assistance have materially affected, or are reasonably likely to have a material future effect upon, financial condition or results of operations, the [Management Discussion and Analysis] should provide disclosure of the nature, amounts, and effects of such assistance..."

I believe CEO Kelly King and CFO Daryl Bible are guilty of Securities Fraud, with the consent of the Federal Reserve, the SEC etc... and the Justice Department.

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