Nobody likes having their kindness rubbed in their nose the way Wall Street has done in recent months. The public was never that keen to bail out the spoiled gamblers on Wall Street but did so with the understanding that it prevented an even worse recession. (And that remains true.) This better be the start of a tougher stance against Wall Street in general.
The Securities and Exchange Commission said Monday that it will broaden its investigation into alleged wrongdoing at Bank of America and may seek additional charges as it prepares for a trial against the bank.
The move was the latest effort by the agency to combat the impression that it took a soft approach in a high-profile investigation stemming from Bank of America's acquisition last year of Merrill Lynch. The SEC suffered a serious setback last week when a federal judge ordered a trial after rejecting a $33 million settlement in the case.
