Wednesday, September 16, 2009

Judge Rakoff goes the extra mile

The Wall Street Journal reported yesterday that Judge Rakoff rejected the proposed settlement between the SEC and Bank of America. He was critical of both parties and seems to be injecting a strong dose of common sense by shining a light on who authorized billion dollar bonus payments to employees in a company that was on the verge of collapse, and why this was not disclosed in public filings.

Here's a copy of the Judge's opinion.

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