Another Bad Day for the Bank of America

For an almost transcript like rendition of the hearing on the settlement by BofA with the SEC in connection with the bonuses paid by Merrill before the merger closed, see the report by Thom Weidlich at Bloomberg.  Judge Rakoff refused to approve the settlement, indicating that he needed additional information.  He seemed particularly concerned with the relatively low amount of the fine relative to the ostensible size of the misstatement and the failure to charge any individuals.  Stay tuned.