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Posts Tagged ‘BofA’s New Settlement with SEC Smells Even Worse’

Might the Hunter Become the Hunted? Judge Jed Rakoff, Mary Schapiro, and Rule 14a-9

Posted by Larry Doyle on February 18th, 2010 8:51 AM |

Judge Jed Rakoff and SEC Head Mary Schapiro

Judge Jed Rakoff and SEC Head Mary Schapiro

SEC Chair Mary Schapiro is on the front page of almost every major financial periodical for her ongoing pursuit to fine Bank of America for impropriety in handling its merger with Merrill Lynch.

Recall that the SEC had initially fined Bank of America $33 million last fall for its improper disclosure of Merrill’s financial figures to BofA shareholders prior to the shareholder vote approving the merger of these two financial titans.

Enter Judge Jed Rakoff who threw out the $33 million fine, calling it a ‘contrivance.’

With the ball squarely back in the SEC’s court, Mary Schapiro has now fined Bank of America a tidy sum of $150 million, but still did not pinpoint any single individual at BofA as being culpable for the impropriety. (more…)






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