Sunday, March 30, 2014
Wednesday, March 26, 2014
One of SIGTARP's first cases: Bank of America, ex-CEO Lewis settle NY lawsuit over Merrill http://t.co/zjjSwzwNQx
— Neil Barofsky (@neilbarofsky) March 27, 2014
It only took five years to settle this case, which stems from Bank of America's takeover of Merrill Lynch (refresher here). Notice that Lewis pays zilch (keeping all $135 million of his deferred compensation) as shareholders pick up the legal tab. Bloomberg's Jonathan Weil explains here why Lewis wins--and why Hank Paulson and Ben Bernanke might have been the real culprits.