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Tuesday, April 14, 2009
Biz / News BofA: you naughty bank, you
Posted By Rhiannon Fionn-Bowman on Tue, Apr 14, 2009 at 11:10 AM
No way. The Ken wouldn't lie to his shareholders, would he?
The Securities and Exchange Commission is reviewing whether Bank of America broke the law by not telling shareholders about Merrill Lynch’s plan to pay out $3.6bn in bonuses before they voted for a government-backed merger of the two banks.Merrill paid the bonuses in December, days before it was acquired by BofA and a month before bonuses were normally dispensed.
Read the rest of this Financial Times article here.
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