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  • SEC Accepts that it Favored Bank of America Corp. (BAC) in Settlement

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    Wednesday Dec. 1, 2010 at 08:49 am EST
     
    SEC Accepts that it Favored Bank of America Corp. (BAC) in Settlement
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    In a shocking disclosure, SEC accepted that it favored BofA in settling for the Merrill case. Attorneys of SEC felt pressured to end the case and stayed away from complex legal queries. According to report in this case -Bank of America Corp’s Merrill Lynch buyout- regulator staff initially focused on 2008 bonus given to Merrill employees instead of losses recorded by Merrill in fourth quarter as few officers were reluctant to accept the later claims can be pursued successfully. In the first analysis given in this report on faulty disclosure by BofA on Merrill lynch buyout, SEC didn’t find any improper act by its officials throughout the course of investigation.
    Shares of Bank of America Corp. (NYSE:BAC) closed at $10.95 on Tuesday at just above support level of $11.11. There is yet no significant support below. Resistance levels above are $11.58, $11.93, $12.46, $13.3.
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