Kinda confused as to why the SEC’s ongoing look at the Merrill Lynch bonuses gets the breaking news treatment here.
This process dates back to January and it is serious business. The SEC is not going to rush a finding on material disclosure to shareholders. Either Ken Lewis and crew knew about the bonuses and didn’t tell shareholders — or Lewis and crew didn’t do their jobs and wasted billions in shareholder value as a result.
The SEC only really cares about one of those possibilities. BofA shareholders should not, however. Stay tuned.
