Recent Headline: SEC defends $33M settlement with Bank of America
The Securities and Exchange Commission (SEC) affirmed in a legal filing its defense of the proposed $33 million settlement over “the bonus affair”, which arose after Bank of America Corporation agreed to buy Merrill Lynch for $50 billion a year ago.
However, the SEC also says there is “…no factual support to charge individual Bank of America executives in the case”.
I am tempted to hold myself speechless.
…but, I could never do that. And, you reader, would have none of that.
So… Why then, did they impose a fine on Bank of America to begin with?
Meanwhile… A federal judge has delayed approving Bank of America’s proposed settlement with the SEC. He asked for filings by Wednesday from the SEC, and the bank, so that he can decide whether to approve the deal.
How is this a deal? Isn’t it, in some reality, a scam?
Let me get this straight… Merrill lynch executives bilk the public by misrepresenting the truth. The company then gets bailed out by our government. The SEC cuts a little deal that puts pocket change back in government coffers – so, they can pretend like they do something. Now the courts FINALLY want to get involved, and also pretend like they are doing something.
I get distracted by shiny things often enough. But, I see a pattern here as well.
I wonder who is going to take credit for any of this once someone sorts it out?
Where the hell is an indignant media?
In other news:
WASHINGTON (AP) – Economic activity is stabilizing or improving in the vast majority of the country, according to a government survey released Wednesday. The findings indicate that the worst recession since the 1930s may be over.
Okay. That’s it then. Everybody back to work (just in time for Labor Day to be over). No more excuses. The media has made a statement (perhaps anticipating my outrage, as outlined above).
I am guessing “the memo” was finally issued by the Obama administration.
Peace be to my Brothers and Sisters.
Brian Patrick Cork