SEC charges BofA with making misleading statements, then caves

Proposed revised flag for U.S.
Proposed revised flag for U.S.

BofA quickly settled for a wrist-slap $33 million in fines for their statements on the Merrill merger.

We no longer have even the appearance of a functioning justice system.

From the comments on Zero Hedge

Awesome! SEC takes almost a year to file charges when everyone was shouting fraud from the rooftops and then an hour later charges are settled for chump change. Just awesome!

The SEC got an immediate Rahm phone call, after noticing that the spu’s and bac didnt like the news. Chicago gangster politics dressed up as an eloquent black man.

My favorite part “BOA admitted no wrong-doing”. Don’t you just love it when they say that after paying a large… well, in this particular case paltry… sum of money.

SEC: Hey, you broke the law.
BOA: Here, have some of this money the Gov’t paid us.
SEC: Thanks; no hard feeling bro.
BOA: *Hug*
SEC: *Hug*

Geez, I thought it was “criminal” for a CEO to lie.

Silly you. Those rules about lying only apply to us, not the politically connected.