Truthdig - Ear to the Ground - SEC Fines B of A $33M for Bonus Bust

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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.

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

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By Fat Freddy, August 5 at 9:25 pm #

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.

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By bobbycotter1, August 5 at 5:13 pm #

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.

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By tommy, August 4 at 10:42 am #
(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

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By samosamo, August 4 at 8:58 am #

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

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By richard roe, August 3 at 7:32 pm #
(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?

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By coloradokarl, August 3 at 6:45 pm #

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….

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