• 03 Aug 2009 at 12:47 PM

BAC May Need Some More TARP Funds……

By Greg Michaels

Ken Lewis.jpg…..to pay its legal bills as the SEC investigates it for making materially false and misleading statements about the Merrill deal. CNBC is reporting that Kenny (whether in a Boone’s induced haze or not) and his troops took some liberties with the truth surrounding, shockingly, bonuses. Among the details so far is the claim that BAC agreed to pay up to $5.8B in ML bonuses which the SEC says doesn’t jive so well with their earlier claims. No doubt there will be more to follow.
Update I: The SEC has apparently chickened out (for now) and settled with BAC, subject to court approval.

Comments (17)

  1. 1
    Posted by guest | August 3, 2009 at 12:49 PM

    no sirens?

  2. 2
    Posted by guest | August 3, 2009 at 12:50 PM

    How about a dancing banana?

  3. 3
    Posted by guest | August 3, 2009 at 12:51 PM

    I like bananas dipped in chocolate.

  4. 4
    Posted by guest | August 3, 2009 at 12:53 PM

    http://nymag.com/daily/intel/2009/08/dude_in_underpants_passed_out.html

  5. 5
    Posted by NakedShort | August 3, 2009 at 12:53 PM

    @3 so does Barney Frank

  6. 6
    Posted by Tax Chick | August 3, 2009 at 12:58 PM

    @4 that is so anticlimactic. I’m going to start drinking Boone’s or sniffing glue… whichever one I find first.

  7. 7
    Posted by guest | August 3, 2009 at 1:00 PM

    The word should be “jibe” not “jive.”

  8. 8
    Posted by guest | August 3, 2009 at 1:02 PM

    What is the penalty for this?

  9. 9
    Posted by BSD | August 3, 2009 at 1:04 PM

    Lawsuit has been settled for $33m. Check your facts.

  10. 10
    Posted by guest | August 3, 2009 at 1:13 PM

    Did anyone see the Blair Witch CNBC interviewed from the FT? Holy cow! – make a train take dirt road. Whew!

  11. 11
    Posted by Tax Chick | August 3, 2009 at 1:17 PM

    What is wrong with the pic of Kenny? It looks like Greg used his cellphone to take the picture rather than pulling it from the shared network drive.

  12. 12
    Posted by guest | August 3, 2009 at 1:29 PM

    some jittery processing on the pic?
    why greg why?

  13. 13
    Posted by guest | August 3, 2009 at 1:30 PM

    re: “chickened out”, hardly, the SEC never has to go to court because no company regulated by the SEC is ever stupid enough not to settle

  14. 14
    Posted by guest | August 3, 2009 at 2:03 PM

    Yup, we’re still in a recession. Anyone disagree?
    http://www.governmentalityblog.com/my_weblog/question-of-the-day-8309.html

  15. 15
    Posted by guest | August 3, 2009 at 3:18 PM

    What is the point of this fine? It only means taxpayers fork over more. Why couldn’t the SEC just charge $1 out of respect to taxpayers.
    It’s so meaningless to BAC. K to the L was told to merge and told he would be helped out through the merger. A $1 fine would be as artifical as the merger.

  16. 16
    Posted by guest | August 3, 2009 at 4:33 PM

    @13 SEC did chicken out. 33m is pennies to BAC. PENNIES.

  17. 17
    Posted by amsat | August 3, 2009 at 5:07 PM

    Yes what is the point of that fining?its not really advisable if they’ll do that.
    Todd DiRoberto
    http://www.campaignmoney.com/political/contributions/todd-diroberto.asp?cycle=08

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