BofA And Merrill Lynch "Lied To Their Shareholders," Judge Says

New York Times:

Reigniting a major controversy over Wall Street pay, a federal judge on Monday sharply criticized the bonuses that Merrill Lynch hurriedly paid out before it was acquired by Bank of America last year and pointedly questioned a federal settlement that had seemed to put the issue to rest.

Read the whole story: New York Times

Comments

[Tiggy]

09:18 PM on 08/13/2009

Well Judge, serve up some REAL Justice, Legal Style (Prison instead of a golf course)! Lord knows Congress and the SEC are incapable of punishing those who pad their pockets.
Show the people there is a reason that our founding fathers created the framework of three branches of Government. That reason being if all others fail...we have someone or something to rely on.
To ignore their crimes and set them free is like opening the prison gates for all serial offenders. It is not a question of whether or not they will commit a crime, it is a question of WHEN!

[cygnus workstation]

11:03 AM on 08/13/2009

at the end of the day it's the middle class that gets scr3wed through inflation' loss of jobs/job security and stagnant wages- a trend that has persisted for decades with the advent of so called 'reagan0mics'

hat tip to http://www.iamned.com

[ibsteve2u]

12:18 PM on 08/12/2009

The "right", as I define them, include the Republicans and/or their financiers on Wall Street, in banking, and in corporate America.

There are two things that I have learned about the right since the behavior of Nixon first scraped away the lacquered finish that they have attempted to conceal themselves with:

1) The morality, ethics, patriotism, and even the religion of "the right" come to a screeching halt right at the edge of their wallets.

2) When the right speaks, the right lies.

The evidence, as in this article, is overwhelming. I am in despair that the Republican Party can find enough supporters among "the Average Americans" to even exist.

[jrfunkenstein]

12:09 PM on 08/12/2009

Corporate fraud and deceit on Wall Street?

Unthinkable.

[guy12002us]

11:48 AM on 08/12/2009

Good for the judge, Im sick and tired of the regulatory agencies defending this business as usual crapola.

[Okieborn]

11:29 AM on 08/12/2009

These guys need to be in prison !!!!!!!

[xansam]

11:17 AM on 08/12/2009

This Judge should be the next Supreme Court Nominee!

[studlyguy]

11:16 AM on 08/12/2009

For all you peoples info NO ONE gets elected in this country without the approval of who is really running this country,the elites in the shadows,that's why social welfare for their losses and for you it's the middle finger.http://consumereducation.suite101.com/article. cfm/banks_use_overdraft_fees_to_fleece_customers

[studlyguy]

11:22 AM on 08/12/2009

http://www.sueeasy.com/class_action_detail.php?case_id=337

[maxfax]

11:11 AM on 08/12/2009

Isn't lying and misinformation the "corporate way"?

[duxguts]

01:11 AM on 08/13/2009

Lying is called misspeaking these days. Everyone does it.

[GreatNews27]

10:56 AM on 08/12/2009

As far as I can tell, law enforcement has no intention of actually enforcing the law. Illegal behavior is just ignored. There is no one minding the store and we, the taxpayer, are getting stolen blind. America does not function for it's people anymore. The fix is in and our own government is plotting against us. I was hoping Obama and the Dems would rectify this situation but they seem to have no interest in upholding the law either. We are fast getting to a point in history where we will all have to choose sides. Do we want a totally unregulated business class that can levy taxes(their losses) at will yet dole out every last cent in profits to it's own CEO? Or do we want to hold these criminals accountable and throw them and their cronies in jail for the rest of their lives? What to do when the law says one thing and law enforcement says another? This is the time when America either stands or falls.

[tanya1111]

10:45 AM on 08/12/2009

Great judge. I'll take a 91,000 bonus for sitting on my butt and gambling with other people's m0ney!

After all that is double what I made last year for cutting down trees, hauling logs, milling boards and making furniture until I passed out every day. But of course any body in china can do that! Remind me to be born into the ruling cl@ss next time 'round.

[BambooHarvester]

10:12 AM on 08/12/2009

White collar crime pays . . . . . WELL . . .
~

[bikerdude]

10:36 AM on 08/12/2009

White collar criminals should also have to pay...Do the crime, do the time...No matter what color your collar might be...If they don't prosecute, then it seems to me every petty thief and grand larcenist will have legal grounds to plead innocent based on these judgements.

[macohmz]

11:15 AM on 08/12/2009

This is why I believe a computer should replace judges. There are just too many biases and prejudices in these people. I just read of a judge who gave a man 6 mos. in jail for yawning in his courtroom (as if he owned the damned courtroom in the first place).

[Cailleach9]

12:07 PM on 08/12/2009

Absolutely!!!!!

[commentsareus]

10:03 AM on 08/12/2009

Thank you Judge Rakoff.

[ran6110]

09:48 AM on 08/12/2009

I changed the ending of my original post:

It's sad, the people in Congress we elect are suppose to protect us and the economy from crooks like them.

Instead they write laws to protect them and to add insult to injury they give them open ended tax payer money so they don't 'lose' any of their bonuses.

We need more judges like this to stand up to these back room protect the crook deals!

My favorite part was:

"The S.E.C.’s lawyer, David Rosenfeld, said repeatedly during the hearing Monday that the agency had chosen not to make allegations against individuals in the case."

Why not!!

Who in the S.E.C decided not to pursue individuals? This was not a natural disaster, it was planned and executed by a group of INDIVIDUALS!

The money for this "settlement" should come directly out of their pockets...

[Gover]

09:47 AM on 08/12/2009

We sentence people to death, but we never sentence anyone to an "all your money" fine.

Executive level white collar crime should be punished by seizing 100% of their assets as restitution for the damage they've caused.

[ReasonIsMyReligion]

11:14 AM on 08/12/2009

co-signed