The Securities and Exchange Commission Monday said Bank of American Corp. has agreed to pay $33 million to settle charges the Charlotte bank misled investors about bonuses paid to Merrill Lynch & Co. executives. The SEC alleged that in proxy materials sent to shareholders about the proposed Merrill acquisition, Bank of America said the New York investment bank had agreed to not pay year-end bonuses without Bank of America's consent. The bank, however, had already authorized Merrill to pay up to $5.8 billion in bonuses for 2008 under the merger agreement. Bank of America did not admit wrongdoing , Baltimore Sun reports.
Meanwhile, the bank yesterday shuffled senior management and paid $33 million to settle U.S. claims it misled investors while buying Merrill Lynch & Co. Liam McGee, who headed consumer banking, left and was replaced by Brian Moynihan in a division that has provided most of the Charlotte, North Carolina-based bank’s revenue and profit , Bloomberg reports.
However, Bank of America will pay a $33 million penalty to settle government charges that it misled investors by telling them that Merrill Lynch would not pay year-end bonuses without Bank of America’s consent. But Bank of America had authorized Merrill to pay up to $5.8 billion in bonuses , Kansas City Star reports.
It is becoming clear that America can no longer maintain its status as the only superpower in the world. In the economic field, China has moved ahead of America