President Obama is being undermined by his own people, the folks at the SEC. How are we supposed to get Health Reform passed if Americans are being sold down the river by an agency of the Federal government, the SEC?
Check out what this great Judge did today:
Today, Judge Jed S. Rakoff of the US Federal Court, Southern District of NY, refused to approve a plea bargain between the SEC and the Bank of America that would allow the Bank of America to pay, without admitting guilt, a fine of $33 million for allegedly lying to investors about bonuses that would be paid to executives of Merrill Lynch.
After pointing out that it is rather disgusting to have the victims of the crime, Bank of America shareholders, pay the fine, Judge Rakoff questions why the SEC would agree to such a settlement. In the words of my new hero, Judge Jed S. Rakoff:
"Overall, indeed, the parties' submissions, when carefully read, leave the distinct impression that the proposed Consent Judgment was a contrivance designed to provide the S.E.C with the facade of enforcement and the management of the bank with the quick resolution of an embarrassing inquiry -- all at the expense of the sole alleged victims, the shareholders."
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