SEC Sues Bank of America, Bank of America Settles

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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]

SEC v Bank of America Complaint