Judge Rakoff Pours Cold Water On BofA-SEC's Little Complicit Scheme,
The SEC and Ken Lewis were hoping for a fast, mutual wrist/backslapping deal (whose $33 million bill would likely be funded by taxpayers). Not so fast. Judge Jed Rakoff from the Southern District has set a hearing for Monday to discuss the charges that BofA betrayed its investors and for which its punishment would be 33 million pieces of silver.
In the filed order, Rakoff said:
"Despite the public importance of this case, the proposed Consent Judgment would leave uncertain the truth of the very serious allegations made in the Complaint. Further, the proposed Consent Judgment in no way specifies the basis for the $33 million figure or whether any of this money is derived directly or indirectly from the $20 billion in public funds previously advanced to Bank of America as part of its 'bail out.'"
Could it be that there is someone in the judicial system who is not as corrupt as the crony "regulators" over at 100 Street F, NE, Washington DC 20549? To find out, we suggest readers who are boosting the government's continuing claims number to check out the public hearing:
Monday, August 10, 2009 at 4 PM in Courtroom 14-B at 500 Pearl Street, New York, New York