Thursday, April 16, 2009

SEC eyes whether BofA broke law on Merrill bonuses

So, you are about to merge with a competitor. You need shareholder approval of the merger. The competitor has 27 billion dollars in losses, and is about to pay its employees 3.6 billion in bonuses, right before the merger.

And you don't disclose that bonus payment to your shareholders? Hmmm, maybe 3.6 billion was not material............

SEC eyes whether BofA broke law on Merrill bonuses

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