SEC & BAC - Back To The Drawing Board

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!