Sunday, 22nd November 2009

 

15 September 2009 - Press Briefing

BofA faces trial as Judge rejects $33m settlement with SEC

US Judge Jed Rakoff on Monday tossed out Bank of America’s planned $33m (€22.6m) settlement with the Securities and Exchange Commission to resolve allegations that it misled investors during last year’s acquisition of Merrill Lynch, according to a report in The Independent, London.

Ruling that BofA would have to stand trial next February, Rakoff said that the deal seemed like "a contrivance” intended to offer the SEC with the “façade of enforcement” and the lender’s management with a swift resolution of an embarrassing probe - “all at the expense of the sole alleged victims, the shareholders".

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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