by M Reichenbach | September 14th, 2009
Great piece of just a few minutes ago on the NYTimes website. Kudos to Louise Story for a job well done.
Judge Rakoff, talking about Bank of America / Merrill Lynch/ SEC settlement and he starts quoting Oscar Wilde of those “who knows the price of everything and the value of nothing.”
In his opinion, he continues that it “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.”
Yeah – what he said.
Excellent story.
As Marked
