Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook

'Serpent Pastor' Dies of Snake Bite Mack Wolford believed faith compelled him to face the risk »

Judge Slams 'Lying' BofA, Merrill Over $3.6B Bonuses

By Rob Quinn, Newser Staff

Posted Aug 11, 2009 1:50 AM CDT

(Newser) – The judge who has refused to sign off on Bank of America's settlement with the SEC over $3.6 billion in bonuses paid to Merrill Lynch delivered a stinging rebuke to both parties in a hearing yesterday, the New York Times reports. The firms "... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

7 comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

'Serpent Pastor' Dies of Snake Bite

Miami Face-Eater Identified

New York Times (Source Grid »)

Money • Crime & Courts

executive compensation • Bank of America • federal courts • Merrill Lynch • SEC • bonuses • John Thain • executive bonuses • Jed Rakoff

More Newser Stories

Judge Balks at BofA Bonus Settlement

$33M deal with SEC raises questions of fairness; hearing set

(NEWSER) - Bank of America won't be able to quietly settle the flap over bonuses for Merrill Lynch execs with a simple $33 million payout to the SEC, a federal judge ruled yesterday. Judge Jed Rakoff refused to sign off on the settlement, saying that doing so would leave the public in the dark over whether the bank lied to shareholders and whether the $5.8 billion in bonuses it approved came from bailout funds. He scheduled a Monday hearing on the matter, Reuters reports. More»

SEC Probes BofA for Being Mum on Merrill Bonuses

Bank may have illegally misled investors over pre-takeover Merrill payouts

(NEWSER) - The SEC is looking into whether Bank of America violated federal law by failing to let investors know Merrill Lynch planned to pay its execs $3.62 billion in bonuses before it was taken over by BofA last year, the Financial Times reports. The regulator is reviewing the bank's disclosure to judge whether there was any dereliction. More»

Feds Probe BofA-Merrill Deal

FBI, Justice Department investigate timing of bonus payments: source

(NEWSER) - Bank of America's acquisition of Merrill Lynch is the focus of an ongoing investigation by the FBI and Justice Department, sources tell the Charlotte Observer, the bank's hometown paper. The SEC and the AGs of New York and North Carolina have already launched civil probes of the timing of huge bonuses paid to Merrill execs shortly before the deal closed; the feds' involvement indicates that criminal charges may also be in play. More»

Court Overturns Merrill-BofA Settlement With SEC

Bank's $33M fine doesn't do 'justice' to shareholders, public: judge

(NEWSER) - A federal judge today scrapped the $33 million settlement Bank of America and the SEC agreed on as punishment for the bank's not informing shareholders of bonuses paid to Merrill Lynch executives just before the bank bought Merrill, the New York Times reports. Saying BofA "materially lied, " Jed Rakoff noted that the very shareholders who were possibly misled by management would be footing the bill for the settlement. More»

Thain Accuses BofA of Lying About Bonuses

Fired Merill CEO tries to 'set the record straight' about $3.6B payout

(NEWSER) - In his first lengthy interview since being pushed out as CEO of Merrill Lynch, John Thain tells the Wall Street Journal that Bank of America—which acquired Merrill in September—is lying about its involvement in the $3.6 billion in bonus payouts that made Thain the poster boy for corporate greed. “Getting fired is one thing,” Thain said. “But nobody has the right to say things that they know aren't true.” More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Judge Slams 'Lying' BofA, Merrill Over $3.6B Bonuses

executive compensation • Bank of America • federal courts • Merrill Lynch • SEC • bonuses • John Thain • executive bonuses • Jed Rakoff

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Judge Balks at BofA Bonus Settlement

$33M deal with SEC raises questions of fairness; hearing set

SEC Probes BofA for Being Mum on Merrill Bonuses

Bank may have illegally misled investors over pre-takeover Merrill payouts

Feds Probe BofA-Merrill Deal

FBI, Justice Department investigate timing of bonus payments: source

Court Overturns Merrill-BofA Settlement With SEC

Bank's $33M fine doesn't do 'justice' to shareholders, public: judge

Thain Accuses BofA of Lying About Bonuses

Fired Merill CEO tries to 'set the record straight' about $3.6B payout

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?