"Rakoff, in his ruling, found that the settlement "suggests a rather cynical relationship between the parties: the SEC gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger, the bank's management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders, but also of the truth."
Rakoff isn't very familiar with SEC actions because that is the status quo. Now th SEC has to put on a case. I doubt they know how to do that since over 90% are settled just like this.
Posted by T e x on :
quote:Originally posted by wallymac: "Rakoff, in his ruling, found that the settlement "suggests a rather cynical relationship between the parties: the SEC gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger, the bank's management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders, but also of the truth."
Rakoff isn't very familiar with SEC actions because that is the status quo. Now th SEC has to put on a case. I doubt they know how to do that since over 90% are settled just like this.
or...maybe...sumpin else: i saw this, too. Here's what I like about your post and response:
Now th SEC has to put on a case. Posted by wallymac on :
That will be interesting to see if they actually can. I feel that they have lacked the resolve to just that.
IMO, the Judge is telling them to grow a pair.
Posted by T e x on :
![[Big Grin]](biggrin.gif)