BANZAI7 NEWS--The Securities and Exchange Commission filed charges Monday against Bank of America for misleading investors about billions of dollars in bonuses paid to top executives at Merrill Lynch following its purchase of the brokerage giant.
Bank of America agreed to settle, without admitting to the charges. The Charlotte, N.C.-based lender will pay a penalty of $33 million, which will be subject to court approval.
The penalty will be funded from shareholder equity.
“Steal a loaf of bread, go to prison. Steal a railroad, go to Congress!”
- Mark Twain
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