Tuesday, September 15, 2009

People Are Upset 3

When the US judge Rakoff held up the BoA/SEC settlement he opined inter alia the following:

...'the proposed settlement "cannot remotely be called fair,".

Would the $15 million settlement be re-opened between SEC and Hank Greenberg, former chairman of AIG, found to have doctored financial statements misrepresenting the true conditions of the company whose shares were selling at inflated prices? Further, the company went belly up if not for Uncle Sam's multibillion rescue? He got off for a mere $15 million which he of course paid promptly! Is that "remotely fair" as well?

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