Fed, Treasury knew of Merrill's $3B in bonuses, SEC says

08/26/2009 | Financial Times (tiered subscription model)

The Federal Reserve and the U.S. Treasury were fully informed last year of Merrill Lynch's plan to award $3 billion in employee bonuses, the Securities and Exchange Commission said in a court document. The filing is in connection with a proposed $33 million settlement with Bank of America for charges that the bank failed to properly disclose Merrill's bonuses to investors.

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