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sec enforcement as seen by judge rakoff: not a pretty picture September 15, 2009

Posted by Bradley in : financial regulation , trackback

Judge Rakoff’s decision not to approve the proposed consent judgment in SEC v Bank of America takes the high road:

The proposed Consent Judgment in this case suggests a rather cynical relationship between the parties: the S.E.C. gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger; the Bank’s management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders, but also of the truth.

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