That's a fairly big penalty. Does the SEC have teeth again? Now, the big question is: Will Bank of American pay this fine with the taxpayer funds it got from the bailout?:
The Securities and Exchange Commission on Monday charged Bank of America with lying to investors about its plan to pay billions of dollars in bonuses to employees of Merrill Lynch.So, we know B of A screwed its investors. SEIU wants B of A to stop screwing its employees, too.
Bank of America, which bought the ailing investment bank this year, agreed to settle the charges and pay a $33 million penalty, according to the SEC. The company did not admit or deny wrongdoing.
The agency alleged that Bank of America violated securities law by telling investors in a November 2008 filing that bonuses would not be paid without its consent.
