Finally a judge with balls tells Bank of America to F.O.

[bakemeacookie]

lol! Too bad the pussy President can't do taht shit. Merril pays their execs $3.7 BILLION in bonuses, then next day bought by BofA. BofA lies to their shareholders about the bonuses. Then they get taxpayer funds.

BofA is about to get their own Savings and Loans scandal very soon. I'd be scared if I was a BofA exec. Fuck yeah!!

Bank of America: Judge Throws Out BofA Settlement; NY Prepares Charges - Financials * US * News * Story - CNBC.com

Bank of America agreed to acquire Merrill Lynch in a hurried deal exactly one year ago today at the height of the financial crisis, just as Lehman Brothers was preparing to file for bankruptcy. It was later revealed that Merrill, with the knowledge of Bank of America executives, accelerated $3.6 billion in bonus payments before the deal closed on Jan. 1.

Merrill wound up paying the bonuses for 2008 despite losing $27.6 billion that year, a record for the firm. Those losses affected the bottom line at Bank of America, one of the largest recipients of U.S. government bailout funds.

In seeking approval to buy Merrill Lynch, Bank of America told investors that Merrill would not pay year-end bonuses without Bank of America's consent. But in its complaint filed Aug. 3 in federal court in Manhattan, the SEC said BofA had already authorized Merrill to pay up to $5.8 billion in bonuses and didn't share that information with shareholders.

c

 

[75th]

Blame Bernake and Paulson as well. Theyre the ones who told them to keep it under wraps.

 

[miplank]

fuckers

 

[puddlemonkey]

Heads should roll