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.
There are two things that can be done:
First, subject all executive pay decisions to an up and down vote of the shareholders, with the following caveats: no proxies; no voting allowed by shares owned by officers, directors or their relatives; and no cumulative voting.
Second, something that I have long advocated, apply prison terms to corporations. Have certain crimes be the responsibility of the CFO (this case), the CEO, the Board of Directors, etc. Have the rime require no scienter or any other form of direct knowledge. The net effect of this will (a) make the officeholders far more scrupulous in the conduct of their jobs, and (b) provide a tool for permanently rooting out malcreants.
Buddha,
I bit and the sea hag has rebounded claing her bottles together. Despite being returnable. Desperately seeking attention. For that you are being invited for a long maine weekend away. Enjoy my blawg buddie. You can be initiated to Turleedom. Take one for the gipper you can do it..
As far as I am concerned, as one of the original turlees, Buddah and AY are interchangeable. We never had this shit before.
You have no class or manners and I will meet you head on every time, as you already know.
And since I was the object of the ID theft and all the other bullshit, I have more than just a casual say.
Keep it up you guys, you’ll be OUT on your ass so fast it will make your head spin…
…UNLESS I MISS MY GUESS!
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Anonymously Yours 1, August 8, 2009 at 9:25 pm
Buddha Is Laughing 1, August 8, 2009 at 8:25 pm
But go ahead.
Try to tell me who I can and can’t endorse and how I do it and to whom I do it.
None of which is your decision, you drunk control freak.
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Are you sure it should not have been written: “But Head go a [way].”
Buddha Is Laughing 1, August 8, 2009 at 8:25 pm
But go ahead.
Try to tell me who I can and can’t endorse and how I do it and to whom I do it.
None of which is your decision, you drunk control freak.
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Are you sure it should not have been written: “But Head go a [way].”
We have located the bonuses and are in distress.
Here we have a locater holler and a distress holler.
I certainly will try to afford Professor Turley some blawg decorum while he is away with his family at the beach. I owe the man so much more than that.
It’s pretty well know in psychology circles that the one who is obsessed with everyboody else in the room, has the biggest problem because he doesn’t think he has one. Ask Mike S. to expound if you dare.
OR keep shootin’ your mouth off…
I’ve called your bluff a few times and I am still standing with my practice and my personal life in tact.
Get a life of your own and stay outta mine!
Why don’t we just drink beer and then:
http://www.youtube.com/watch?v=uQfkATCpW3c
By the way, I will say it again. If anyone feels the need to blame someone that is posting under other names, I am doing it again. Just blame me leave all of the new folks here alone. Please place all of your vengeance to me. I can handle it an no need to run others away, yet again.
But go ahead.
Try to tell me who I can and can’t endorse and how I do it and to whom I do it.
None of which is your decision, you drunk control freak.
Patty,
You can do something to me that rhymes with “tow”.
The only chip here is yours, Princess.
I vote ‘No’ and I have, in fact, asked JT to check out some other recent unprovoked derogatory posts under unknown handles, as well.
And you, Buddha, should MYOB and keep your big mouth shut, as far as I am concerned. I don’t know you from Adam, but I find you to be incredibely obnoxious with a capital “O” most of the time.
You have no pull greater than mine. From what I have witnessed here, that huge chip on your shoulder that you keep draggin’ around is gonna trip you up, big time, one of these days if it hasn’t already.
And I suspect it already has- a few times.
Bron,
Should you decide to ask for a reprieve, you can list me as a reference too provided you promise to stay away from the troll behavior that got you banned in the first place. You’ve come a long way and seeing you fall in such a manner was most disappointing. ID jacking is really uncool even if the ID you jacked was that of a . . . person of disagreeable nature. But I’m willing to go to bat for you for a second chance. As always, I’ll abide by the Prof’s discretion and decisions.
Bron98:
“he had my router blocked, I am at a net cafe as I wanted to extend my condolences to Buddha.”
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It’s good to hear from you. I was unaware of any banishment. Perhaps you should apply for a reprieve if that is true. List me as a reference, if you think that would help.
Bron,
Thank you very much for the condolences. It has been a rough month. I’m sure the Prof. will forgive your transgression given the circumstance and I ask in advance for his mercy.
It was good to hear from you even though the circumstances are not good.
You take care.
I understand that the judge refused to accept this deal. That’s one for the judiciary.
Anony:
he had my router blocked, I am at a net cafe as I wanted to extend my condolences to Buddha. Thus my apology.
Bron98,
my apologies to Prof. Turley for violating his prohibition.
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what prohibition?
Buddha:
I know this is not timely, but I just read about your loss and I wanted to extend my sincere condolences to you and the boys mother.
my apologies to Prof. Turley for violating his prohibition.
“this whole BoA issue smells like fraud to me though, plain and simple.”
Well it is a Fraud you and I are forced to pay for through more largeness in fees and you know, how a bank ever goes belly up with what they charge is beyond me.
I have shares of stock that I purchased between 28 and 40 a share. it closed yesterday at 1.95. Kids college fund was tied into the same banks. Did have Bud until they were bought out in cash for the few 100 shares that were owned.
Maybe another try in Charles Schwab should be another good time. He took it private again and it has not suffered for some reason. I wonder why?
AY,
In some respects perhaps, but subsidiaries can be run any variety of ways. From discrete but totally controlled units that you want segregated for tax or other purposes to operating essentially as a stand alone company. Corporate structure aside, this whole BoA issue smells like fraud to me though, plain and simple.