SEC Watchdog Opens Inquiry Into $33M BofA Fine

Law360, New York (September 11, 2009, 2:34 PM EDT) -- The inspector general of the U.S. Securities and Exchange Commission has opened an investigation into $33 million in fines the agency assessed over the lack of disclosure of the bonuses Bank of America Corp. paid to Merrill Lynch & Co. Inc. as part of their merger late last year.

In an Aug. 20 letter to Rep. Elijah Cummings, D-Md., who had asked for the review, SEC Inspector General H. David Kotz said his office would take up the investigation because it shares the congressman's concerns....
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