SEC Fines B of A $33M for Bonus Bust

		<a href='http://ads.truthdig.com/banners/www/delivery/ck.php?n=a9cd87eb&cb=1804087374' target='_blank'><img src='http://ads.truthdig.com/banners/www/delivery/avw.php?zoneid=1&cb=1804087374&n=a9cd87eb' border='0' alt='' /></a>	February 19, 2012 Log in / Register
			Text Size

Past Events Upcoming Events

Krugman to Playboy: Economic Crisis 'Doesn't Have to Be Happening'

Déjà Pooh

The .0000063% Election

The Best, Most Revealing Reporting on the Foreclosure Crisis

Truthdigger of the Week: Lt. Col. Daniel L. Davis

The Lowdown on Fracking
By Lena Groeger, ProPublica

The Best, Most Revealing Reporting on the Foreclosure Crisis
By Blair Hickman, ProPublica

The .0000063% Election
By Ari Berman, TomDispatch

Truthdigger of the Week: Lt. Col. Daniel L. Davis

Krugman to Playboy: Economic Crisis ‘Doesn’t Have to Be Happening’

Iran Could Cause Mideast Cold War, U.K. Official Warns

Syrian Troops Kill Mourner at Damascus Funeral

Gov. Christie Nixes New Jersey Gay Marriage Bill

Google Caught Tracking Apple Users

Santorum’s Super PAC Backer Makes a Sexist Gaffe, Walks It Back

‘Left, Right & Center’: Cars, Contraception and China

Occupy Fashion Week

Putin on Trial ... Almost

‘Colbert Report’: Contraception Crusade

Déjà Pooh
By Mr. Fish

This Gay Man Represented the President
By Mel White

Whither ‘Colbert Report’?

Herman Cain Will Not Dance With the Stars

The Questions Education Reformers Aren’t Asking

Dig led by Mike Rose

Financial Meltdown 101

A Dig compiled by the editors of Truthdig

SEC Fines B of A $33M for Bonus Bust

ceoworld.biz

It’s baffling how $33 million can seem like a relatively small sum lately, but given that it’s all that Bank of America will have to pay the Securities and Exchange Commission for failing to inform investors about the billions in bonuses the bank paid Merrill Lynch executives during B of A’s acquisition of Merrill last year, it seems more like a light knuckle-rap than a full-on spanking.

Business Week:

The Securities & Exchange Commission sued Bank of America (BAC) on Aug. 3 for not having informed investors about bonuses the government said the nation’s largest bank agreed to pay to Merrill Lynch executives as part of the bank’s $50 billion acquisition of Merrill last January. While the SEC said that Bank of America had agreed to settle the charges and pay a fine of $33 million, the government’s action gives new ammunition to dissident investors and some Obama Administration officials in their campaign to force out Bank of America’s chief executive, Kenneth Lewis.

Read more

More Below the Ad

Advertisement

TAGS: acquisition bailout bank of america bonuses economy executive investor merrill lynch sec

Related Entries

February 17, 2012 Occupy Fashion Week
February 17, 2012 Will We Choose a Chinese Future?
February 17, 2012 Pay Close Attention to China
February 16, 2012 What’s Really at Stake in 2012
February 16, 2012 Consumer Agency Puts Debt, Credit Companies on Notice

Email to a friend

Get truth delivered to
your inbox every week.

Previous item: White House: No Tax Hikes for Middle Class

Next item: Iranian Politicians Skip Ahmadinejad Ceremony

Comments

Are you a Truthdig member yet? Login now, or register with Truthdig.

By Fat Freddy, August 5, 2009 at 5:25 pm Link to this comment

It’s bad when an institution like a bank defrauds its customers. But it’s unheard of for any business to defraud its shareholders. There’s something really wrong here.

Report this

By bobbycotter1, August 5, 2009 at 1:13 pm Link to this comment

FINALLY it’s about time they start doing something. I thought regulation was the first thing that would happen after the disaster of the last few years…. Yet people are still taking huge bonuses.

Adventure Travel

Travel jobs

Report this

By tommy, August 4, 2009 at 6:42 am Link to this comment
(Unregistered commenter)

ooohh, $30 million. That’s gotta hurt. Such a big bite our of the $5 BILLION the crooksters at the fed and congress gave them

Report this

By samosamo, August 4, 2009 at 4:58 am Link to this comment

Just like the analogy of cancer these banks are hell bent to kill off the host who is us and we ARE very infected by simply allowing these crooks to take our money and give it away to not just their investors but to those ‘best and brightest’ whose new jobs are to ruin the people by stealing OUR money.

Just to show this isn’t some rant about these prick’s bonuses why don’t you catch a read on this from msnbc’s Red Tape, if you don’t know about it yet:

http://redtape.msnbc.com/2009/08/in-new-hampshire-residents-pledge-to-live-free-or-die-apparently-that-even-extends-to-online-banking—-an-eagle-eye.html

Report this

By richard roe, August 3, 2009 at 3:32 pm Link to this comment
(Unregistered commenter)

Our government has stolen our tax dollars to reward the very thieves who stole our retirement and children’s college funds. It’s called collusion.

With mechanisms like these in place how can the average American protect themselves from these thieves?

Report this

By coloradokarl, August 3, 2009 at 2:45 pm Link to this comment

Is this the same SEC that let the Madoff thing slide for twenty years? We are going to trust THEM with $30 million? Nothing Changes If Nothing Changes….

Report this