Bank Of America's No Good Very Bad Day

B to the A has settled the never-ending SEC charges pertaining to the Merrill acquisition, and agreed to pay $150 million in fines. This comes on top of Cuomo's civil lawsuit under NY's Martin Act, charging Lewis and Joe Price for "misleading investors about the Merrill purchase" and its failure to disclose a multibillion-dollar loss and big bonus payouts at ML before shareholders voted on the merger in December 2008. As for the latter, BofA had this to say in a statement:

We find it regrettable and are disappointed that the NYAG has chosen to file these charges, which we believe are totally without merit. The evidence demonstrates that Bank of America and its executives, including Ken Lewis and Joe Price, at all times acted in good faith and consistent with their legal and fiduciary obligations. In fact, the SEC had access to the same evidence as the NYAG and concluded that there was no basis to enter either a charge of fraud or to charge individuals. The company and these executives will vigorously defend ourselves.