things that hurt our brains
SEC Sues Bank of America, Bank of America Settles
This morning, the Securities and Exchange Commission, which is overseen by the federal government, sued Bank of America, which has $45 billion in TARP money and so is for all intents and purposes also overseen by the federal government, for outright lying to shareholders about its paying employees at Merrill Lynch, a company it acquired under pressure from the federal government, $5.8 billion in bonuses. Bank of America has subsequently agreed to settle the charges "without admitting or denying the allegations" by paying the SEC $33 million. [WP]
