Judge Jed Rakoff Takes On Bank Of America, SEC In Merrill Ruling

11/15/2009 05:12 am ET | Updated May 25, 2011
  • ZACHERY KOUWE New York Times

As President Obama traveled to Wall Street on Monday and chided bankers for their recklessness, across town a federal judge issued a far sharper rebuke, not just for some of the financiers but for their regulators in Washington as well.

Giving voice to the anger and frustration of many ordinary Americans, Judge Jed S. Rakoff issued a scathing ruling on one of the watershed moments of the financial crisis: the star-crossed takeover of Merrill Lynch by the now-struggling Bank of America.

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