BofA’s tiny SEC fine

By Felix Salmon
August 3, 2009
pay $33 million in fines to the SEC. That's less than 0.92% of the bonuses in question.

" data-share-img="" data-share="twitter,facebook,linkedin,reddit,google" data-share-count="true">

File under “failed incentives”: Bank of America lied about $3.6 billion in Merrill Lynch bonuses, and as a result will pay $33 million in fines to the SEC. That’s less than 0.92% of the bonuses in question.

If I were Citigroup, and the Feds were telling me not to pay Andrew Hall his $100 million bonus, I’d be inclined to just pay it anyway. And then sheepishly apologize and pay a $920,000 fine. So much easier than doing the right thing from the beginning.

9 comments

Comments are closed.