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It all started during the financial crisis. Banks and brokerage houses were tumbling down one after another. One of the biggest was the collapse of Merrill Lynch. Bank of America (BAC) negotiated the purchase of Merrill, but there was one hitch. BofA failed to appraise its stockholders that Merrill had approved $5.8 billion in bonuses to Merrill employees.
The agreement was struck. Everything was kept under the table until the SEC started an investigation into the matter. The SEC is famous for just giving a slap on the wrist to the biggest offenders. In this case the SEC agreed that BofA should pay a measly $33 million fine.
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