Skip to main content

BAC May Need Some More TARP Funds...... 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.