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| Economy |
| Fed Judge Rejects SEC/Bank of America Settlement as 'cynical' |
| 2009-09-15 |
The Federal District judge said that Bank of America [BofA] "materially lied" in shareholder communications about the $3.6 billion in bonuses paid to Merrill Lynch executives just before BofA took over Merrill last year.
The $33 million settlement "does not comport with the most elementary notions of justice and morality," the judge wrote. He focused his criticism on the fact that BofA shareholders would be the ones to bear the expense of the settlement, although they were actually the ones injured.
This is just the tip of the iceberg. |
| Posted by:Anguper Hupomosing9418 |