http://www.mcclatchydc.com/227/story/83700.html
The SEC thinks that a fine of 150 million will make the stench of FRAUD disappear.
Because that's the way big business boo boos always get made better.
It's called a kiss off
New York Attorney General Andrew Cuomo today announced that his office is filing civil charges against former Bank of America Corp. chief executive Ken Lewis, former chief financial officer Joe Price and the Charlotte bank.
The charges are the latest legal fallout from a long-running investigation of the bank's Jan. 1 acquisition of Merrill Lynch & Co.
In a news conference this morning, Cuomo said his office is charging the bank with securities fraud because it "understated" Merrill fourth-quarter 2008 losses to investors in order to win approval of the deal at a December 5, 2008 shareholder vote. It then turned around and "overstated" its ability to legally escape the deal in order to obtain $20 billion in government bailout funds, Cuomo said. Merrill also paid out $3.6 billion in bonuses to its employees in December of 2008.
The Securities and Exchange Commission this morning also said it filed a motion seeking court approval of a proposed settlement in which Bank of America would pay $150 million and strengthen corporate governance practices to settle charges that the company did not properly disclose bonuses and losses as part of its Merrill Lynch & Co. acquisition
