Shuttered Tax-Avoidance Group Is Bank Of America's Voldemort

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Some employees claim they aren’t even allowed to say the group’s name anymore. But escaping the troubles left by the group, called Structured Equity Finance and Trading, hasn’t been so easy. Regulators have intensified their scrutiny of certain dividend-tax trades and deepened an investigation into whether Bank of America broke rules designed to safeguard client accounts, people familiar with the matter say...In a sign of the group’s importance, some employees pocketed bonuses of $1 million to $3 million apiece in certain years, spawning envy from nearby colleagues who mostly saw SEFT as a bunch of nerds who milked other employees’ client relationships for additional profits. [WSJ]

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