February 9, 2010
Judge Questions Terms of Proposed SEC-BofA Settlement
Judge Rakoff has questions about the proposed SEC-BofA settlement. He thinks that the $150 million penalty is "still quite small," wonders if the court should exercise oversight over the implementation of some of the corporate governance changes and questions why the SEC's version of the facts differs from the allegations set forth in the New York AG's complaint -- specifically, the reasons for the firing of BofA GC Mayopoulos. He expects to make a decision by Feb. 19.
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If someone were to break such rules and gain upwards of $200-$300 million in the process, then yes I would agree that $150 million is a bit shallow in terms of settlements. Being cheated to the point of financial ruin deserves a settlement that would at the very least make up for past transgressions may it be a simple forex or penny stock alert to buy all the way up to leveraging a company and selling off the pieces.
Posted by: Penny Stock Alerts | Feb 11, 2010 1:20:20 PM