Tuesday, August 25, 2009
The lawyers made me do it
Such is the latest defense of the indefensible in the continuing story of Bank of America, its settlement with the SEC and the judge who wanted to know more.
Responding to questions posed by a federal judge, Bank of America and the Securities and Exchange Commission said the bank had relied on its outside lawyers to fill in the fine print in that firm’s controversial marriage with Bank of America.That is some fine management there. Imagine how big that bank would be if it was run by someone who knew what he was doing.
That meant that lawyers at two firms — Wachtell, Lipton, Rosen & Katz as well as Shearman & Sterling — handled a decision to keep Merrill’s $3.6 billion in bonus payouts a secret from Bank of America’s shareholders, according to the filings.
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