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Showing posts with the label Bank of America

Freedom!

Bank of America is set to pay back $45 billion it owes TARP. Funny how the need to free the company from CEO pay restrictions provided motivation for such an action... For more, here's Felix Salmon's report . And here's what the WSJ has to say .

When "understanding" goes awry....

According to the WSJ , BoA attorneys today filed statements in court that made clear their perspective on the $3.6 billion in Merrill Lynch bonuses that were paid out just one day before it was absorbed by BoA: "Bank of America Corp. said Monday it did not mislead shareholders about its approval of billions in Merrill Lynch & Co. bonuses before a merger of the two firms, noting that it was "widely understood" that Merrill would award year-end compensation and the bank never told investors it had prohibited such payments. Bank of America said Merrill disclosed its intention to pay bonuses in separate federal filings throughout 2008. The new statements were made in a filing to federal Judge Jed Rakoff, who has refused to sign off on a $33 million settlement of a Securities and Exchange Commission civil lawsuit targeting the bank for what it disclosed about the bonuses before a December shareholder vote. The SEC said proxy documents sent to investors in November 2...