The Securities and Exchange Commission has a curious concept of punishment. Bank of America is accused of misleading investors about $5.8 billion in bonuses paid to top executives at Merrill Lynch. The SEC responds with a penalty of a $33 million settlement.
What is wonderful about this “constructive conclusion” is that the Bank of America does not even have to admit any responsibility or guilt. Ultimately, the same investors who were misled will now effectively pay the penalty for being misled. Only in America.
For the full story, click here.