Well at least there are some ethical people left in the world.
www.reuters.com/article/newsOne/idUSTRE5750N920090806
Clearly this judge finds the SEC to be totally inept and impotent to deal with the real issues. It so painfully obvious that the SEC wanted no part in this BAC drama. They were told by the Treasury/FRB to slap BAC on the wrists, so they did.
What the end result was shareholders took in the ass when the merger went through, and will take it in the ass when BAC would pay the SEC the $33MM.
Judge Jed Rakoff says:
"Despite the public importance of this case, the proposed consent judgment would leave uncertain the truth of the very serious allegations made in the complaint."
"The proposed consent judgment in no way specifies the basis for the $33 million figure or whether any of this money is derived directly or indirectly from the $20 billion in public funds previously advanced to Bank of America as part of its 'bailout".
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