Read this interesting article in the NYTimes. Rarely we find a person that takes a stand against the system:
Judge Rakoff refused to approve a $33 million deal that would have settled a lawsuit filed by the Securities and Exchange Commission against the Bank of America. The lawsuit alleged that the bank failed to adequately disclose the bonuses that were paid by Merrill before the merger, which was completed in January at regulators’ behest as Merrill foundered.
This is the retort from an executive by the name of Richard X Bove (where does this guy live?):
I’m having a difficult time understanding who was harmed here ... why is this company being put into court over a series of events that benefited the nation*, its economy, its financial system, the shareholders of Bank of America and the bank itself.
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*Deceiving the public benefits the nation?
