Channeling his inner Oscar Wilde (and Lee Corso), judge Jed S. Rakoff had a message for BAC and the SEC on that proposed $33 million settlement: not so fast my friend. If the SEC is going to declare victory in the Merill bonus impropriety game, it's not going to be at the expense of shareholders. Citing the comedy Lady Windermere's Fan, the judge proved that there are those in the legal system tuned in to the symbiotic relationship forming between bailed out bank and failed regulator and overturned the Merrill bonus settlement.
The judge quoted Oscar Wilde's "Lady Windermere's Fan" in the end of his ruling to say that a cynic is someone "who knows the price of everything and the value of nothing."
The proposed settlement, the judge continued, "suggests a rather cynical relationship between the parties: the S.E.C. 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."
If the SEC is going to seal the deal they need to understand the new landscape. Shareholders don't pay for this sort of impropriety; multi-billion dollar taxpayer-funded bailout money does.
Posted by guest , Sep 14, 2009 1:51PM
BOOM goes the BLANUS!
Posted by guest , Sep 14, 2009 1:51PM
Greg Michaels and Oscar Wilde...
Thanks, Bess.
Posted by guest , Sep 14, 2009 1:54PM
That Greg BLANUS sure is a dandy.
Dennis K
Posted by guest , Sep 14, 2009 1:54PM
Witty, very witty.
http://www.youtube.com/watch?v=UxXW6tfl2Y0
Posted by guest , Sep 14, 2009 1:58PM
He looks so regal in that picture
Posted by guest , Sep 14, 2009 1:59PM
why is there a picture of Stephen Fry with this article?
Posted by guest , Sep 14, 2009 2:01PM
@6 go back to watching antiques roadshow or bob's full house. Stupid Brit.
Posted by guest , Sep 14, 2009 2:02PM
@7 is that a Lehman reference?
Posted by guest , Sep 14, 2009 2:04PM
Greggums,
Why does everyone think you are a poof? Oh, in case you were wondering,the procedure to correct my vagitosis when very well. Jaron, Fuquan and Big Baby Jesus and I are celebrating in the jacuzzi. See you later sweetie!
Love,
Mom
Posted by american bandersnatch , Sep 14, 2009 2:05PM
If we're going to be quoting dead Englishmen: As George Orwell nearly said "In certain kinds of writing, particularly those of Greg Michaels, it is normal to come across long passages which are almost completely lacking in meaning."
Posted by guest , Sep 14, 2009 2:07PM
The Importance of Bieng Blanus
by Greg Michaels
Posted by guest , Sep 14, 2009 2:07PM
The British have bad teeth.
Boom! Take that!
Proud American
Posted by guest , Sep 14, 2009 2:10PM
Amanda Drury has great tits
Boom! Take that!
Proud Australian
Posted by guest , Sep 14, 2009 2:12PM
@11
Definitely a one-act play.
Posted by guest , Sep 14, 2009 2:14PM
An Ideal Husband-
Starring Charles Gasparino
A Play by Greg Michaels
Posted by guest , Sep 14, 2009 2:16PM
Too Imprimatur
Didn't Read
Posted by guest , Sep 14, 2009 2:19PM
Greg:
If you want to tell people the truth, make them laugh, otherwise they'll kill you.
-Oscar
Posted by guest , Sep 14, 2009 2:24PM
Greg, I dont know quite how to say this, but, stop being a little nancy boy and act like a f***ing man
- Oscar Wilde
Posted by guest , Sep 14, 2009 2:28PM
@13 Butterface.
Posted by guest , Sep 14, 2009 3:21PM
19 = MCC
Posted by enjointhis , Sep 14, 2009 4:02PM
My goodness, it's a beautiful, big "screw YOU" to both the SEC and BOA's counsel. He throws down the gauntlet to the attorneys (by telling them they'll try the case in 4 1/2 months...) & instructing the SEC to pursue BOA's lawyers. Totally worth a read and a nasty, snarky laugh at the boyz/girlz who thought they were too clever by half. The only down side? It' Andy Cuomo's wet-dream.
Posted by NotNasser , Sep 14, 2009 7:30PM
"There's only one thing worse than inattention from a judge; that's attention from a judge.
"And if you're a sodomite, it can really be a pain in the ass."
- Oscar Wilde.
Posted by guest , Sep 14, 2009 9:23PM
Poor Ken and the good ole' boys in Charlotte... RIP