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14 Aug 2009, 5:30 am
A cool Nigerian coder even once used the break-room hot plate to cook us all an authentic African ox-tail stew, which ended with a dessert course provided by raiding the partner's pantry freezer and ripping off a case of ice-cream sandwiches that were meant for some lame Merrill Lynch client meeting or whatever.Of course, the clients are billed regardless, since firms of this caliber are as immune to the ethics rules as Typhoid Mary was to disease. [read post]
13 Aug 2009, 9:36 am
The SEC had previously argued that the CEOs of Bank of America and Merrill, Ken Lewis and John Thain, respectively, had no knowledge of the bonus payouts. [read post]
13 Aug 2009, 1:02 am
Foundation Sues Merrill Lynch for $30 Million Over Madoff Investments
Daily Business Review
A complaint by a Florida-based foundation seeking $30 million in damages from Merrill Lynch claims the Wall Street financial advisory firm was taken in by Bernard Madoff at a face-to-face meeting months before his investment empire collapsed in fraud. [read post]
12 Aug 2009, 4:51 pm
FINRA also announced that it was suspending five Merrill Lynch brokers for 15 days. [read post]
12 Aug 2009, 10:15 am
Readers will recall that many Merrill Lynch brokers were faced with the choice of remaining at Merrill and taking something less than one times trailing 12 to stay, or leaving Merrill and taking something more [read post]
12 Aug 2009, 5:13 am
Under the agreement announced Aug. 3, Bank of America would pay $33 million to settle charges by the SEC that it lied to shareholders about billions of dollars in bonuses promised to Merrill Lynch executives. [read post]
12 Aug 2009, 3:03 am
The complaint, which can be found here, alleges that Teva purchased CDO action rate notes and other auction rate securities that Merrill Lynch structured and underwrote. [read post]
11 Aug 2009, 2:42 pm
"In response, Bank of America's lawyer said the bank could prove "there were a number of companies that might have hired Merrill’s employees. [read post]
11 Aug 2009, 10:09 am
AN OFFER HE COULDN’T REFUSE: Bank of America, Merrill Lynch, and the Fed. [read post]
11 Aug 2009, 8:31 am
Our colleagues at the Am Law Litigation Daily recount how Judge Jed Rakoff put the brakes on a $33 million settlement between Bank of America and federal regulators over allegations that the bank misled investors about its intention to pay Merrill Lynch employees bonuses after the two giants merged. [read post]
11 Aug 2009, 8:00 am
The agreement (actually the exhibit) merely required Merrill to award the compensation "in consultation with" BofA. [read post]
11 Aug 2009, 7:03 am
A federal district court judge, charged with approving the SEC settlement with Bank of America on the Merrill Lynch deal has delayed ruling, a very unusual move, after 90 minutes of negative questioning of the presenting lawyers. [read post]
11 Aug 2009, 6:49 am
Lewis and former Merrill Lynch chief executive John Thain were involved. [read post]
11 Aug 2009, 6:47 am
Executive bonuses are in the news again, with the SEC complaint against Bank of America for allowing Merrill Lynch to pay up to $5.8 billion in discretionary bonuses, despite proxy statements suggesting that no bonuses would be paid. [read post]
11 Aug 2009, 6:23 am
But in truth, according to the SEC, Bank of America had already “contractually authorized” Merrill Lynch to pay up to $5.8 billion in bonuses. [read post]
11 Aug 2009, 5:48 am
UBS, Switzerland's largest bank by assets, hired more than 20 senior bankers from competitors including Merrill Lynch and Goldman Sachs Group to strengthen its fixed-income division. [read post]
11 Aug 2009, 4:14 am
AmLawLitigationDaily is reporting this morning that yesterday's hearing in the S.D.N.Y. did not go so smoothly for BofA (as regards it's Merrill acquisition or Merrill bonuses paid). [read post]
11 Aug 2009, 2:34 am
The Countrywide ERISA action joins the Merrill Lynch ERISA case as high profile subprime-related ERISA lawsuits that have resulted in significant settlements – as noted here, the Merrill Lynch ERISA action settled for $75 million. [read post]
11 Aug 2009, 2:22 am
The Atlantic explores what happened behind the scenes in the final days of Merrill Lynch, when the Wal-Mart of banking took over the former Wall Street powerhouse. [read post]
10 Aug 2009, 5:00 pm
For an almost transcript like rendition of the hearing on the settlement by BofA with the SEC in connection with the bonuses paid by Merrill before the merger closed, see the report by Thom Weidlich at Bloomberg. [read post]
