Word comes that a Federal judge has told the SEC to go back to the drawing board with its paltry $33M slap on Bank of America’s wrist over neglecting to mention to anyone the bonuses they’d agreed to pay Merrill Lynch management when the two firms merged.
This coincides with President Obama’s speech warning the financial sector that they shouldn’t expect to get bailed out & then return to the wild west environment of hot & cold running excess.
My money’s on Jed S. Rakoff’s ruling having more impact than Obama’s injunction. After all, the government’s already shown that it has no spine when it comes to standing up to Wall Street. But Rakoff has a history of demanding actual, you know, justice from perpetrators of corporate malfeasance.
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