Bank of America will pay a $33 million fine to settle government charges that it misled investors about Merrill Lynch’s plans to pay bonuses to its employees. In seeking approval to buy Merrill, Bank of America told its shareholders Merrill had agreed not to pay year-end bonuses without Bank of America’s consent. But according to the Securities and Exchange Commission, Bank of America had actually authorized New York-based Merrill to pay $5.8 billion in bonuses. The bonuses amount to nearly 12% of the $50 billion Bank of America paid for Merrill.
Source: Associated Press
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