IN a Shocking move- The SEC defends acceptance of 33 million dollar settlement

Please refer yourselves to Paragraphs number 13, 14, and 15 of todays article,
thankfully reported to us, by Ms. Gordon and Mr. Bernard. AP Business Writers .

I may be a little more forgiving, if they would not have had 600 branches closed , and laid off a few more of the 30 million now unemployed. Making the bonuses, and subsequent slap in the wrist a Monumental GAFFE.

Charlotte, N.C.-based Bank of America, one of the nation's largest banks, acquired Merrill on Jan. 1, in a shotgun merger in September 2008 at the height of the financial crisis. It was later revealed that Merrill, with the knowledge of Bank of America executives, accelerated $3.6 billion in bonus payments before the deal was closed.
In seeking approval to buy Merrill Lynch, Bank of America told investors that Merrill would not pay year-end bonuses without Bank of America's consent. But in its complaint filed Aug. 3 in federal court in Manhattan, the SEC said Bank of America had already authorized Merrill to pay up to $5.8 billion in bonuses and didn't share that information with shareholders. That rendered a statement Bank of America mailed to 283,000 shareholders of both companies about the Merrill deal "materially false and misleading," the SEC said.
Merrill wound up paying $3.6 billion in bonuses in 2008, even though it lost $27.6 billion that year, a record for the firm. Those losses affected Bank of America's bottom line after its takeover of the troubled investment bank was completed.