Judge Rakoff throws the book at the SEC & BAC.
Some of the priceless moments:
*Judge says proposed settlement is neither fair, reasonable or adequate.
*Judge says settlement "does not comport with the most elementary notions of justice and morality"
*Judge says Bank of America never actually provided the information the court requested.
The Best Part:
*Judge calls the proposed settlement a "contrivance" designed to provide SEC with "the facade of enforcement" and Bank of America a quick resolution of an embarrassing inquiry" at shareholder expense.
*Rakoff directed the parties to prepare for a possible trial that would begin no later than Feb. 1, 2010.
Someone is going to jail at BAC.
Bank On That!
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