By now many of you have heard that Bank of America made a settlement with the SEC for $33 million regarding the questionable bonuses paid to the Merrill Lynch employees and Bank of America did not disclose that they were going to do so and misled share holders when presenting the Merrill Lynch deal. US District Judge Jed Rakoff in Manhattan Tuesday said he is not approving the Bank of America $33 million dollar SEC settlement and is questioning the SEC’s investigation or lack of investigation into the Bank of America allegations regarding misleading their shareholders. US District Judge Jed Rakoff in Manhattan also has requested a detailed statement from the SEC regarding the SEC investigation by September 9 to further understand the matter. The SEC investigation and charges against Bank of America stem from activities in late 2008 when Bank of America was working to purchase Merrill Lynch and had told share holders in a proxy statement that Merrill Lunch had agreed not to pay year end bonuses before deal closed. The Bank of America and Merrill Lynch records show that Merrill Lynch paid $3.6 billion in year end bonuses just before deal closed, and Bank of America paid another $5.8billion in bonuses to Merrill Lynch employees after deal closed despite a record annual losses at Merrill Lynch. I am sure the TARP monies given to Bank of America went a long way toward helping them in their ability to pay these excessive bonuses to the Merrill Lynch employees. The real issue is the lack of information regarding these bonuses shared with the share holders, and the fact that the proxy saying no bonuses would be paid until deal closed.

The Bank of America executives who made the misleading statements regarding the bonuses to the Merrill Lynch executives to share holders told SEC, they did so based on advice from their lawyer.
US District Judge Jed Rakoff said Bank of America executives statements that they relied solely on counsel have no weight whatsoever. US District Judge Jed Rakoff also is wondering if he will find the lawyers that made the decision to create a false proxy that misled shareholders regarding the Bank of America and Merrill Lunch deal should be held legally responsible as well.

US District Judge Jed Rakoff is not very pleased with the SEC’s dealings with the Bank of America investigation and is wondering why the SEC did not seek a waiver to further investigate Bank of America’s attorney client information and privileges.

Am I the only one wondering why Bank of America who we gave so much TARP monies to is giving money away to Merrill Lynch executives for any reasons when Merrill Lynch had a year of record losses. I am sure Bank of America wanted to purchase Merrill Lynch evidenced by the actions they took and the fact that they paid huge bonuses to Merrill Lynch employees and withheld the information from share holders that they were doing so in their proxy. Don’t you wonder why a bank who needs billions in TARP monies thinks it is ok to pay out billion in non disclosed bonuses in this economy, when they have not even paid back the TARP monies they borrowed for their own bail out yet.

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Opening up a bank account can be hard work as allot of bank accounts require that you come in person to the branch to open up an bank account. After the normal process you are given an account and routing number and this is often how people are able to complete payments online either this or using a credit card.

With Bank Of America online banking you will not have this problem as Bank Of America is one of the few banks that will allow you to setup an online bank account, with many branches around the world and one of the most stable banks around there is no reason not to setup an online banking account with Bank Of America.

Bank Of America has been around for a number of years and offers a wide number of services, often when setting up an Bank Of America online banking account it is important to remember the number of services that are provided by this kind of bank. Certificate of deposits are one thing that this kind of bank offers and the CD rates at this type of bank maybe something to get interested in.

Remember these great tips when looking to get a Bank Of America online banking account, or trying to use a different online banking account for your own personal needs. Accounting and routing number are often something to consider saving after you have opened up a bank account from the privacy of your own home as these numbers will help you setup other things.

Often saving an online ID and password is important to make sure you are able to check your balance and other things while you are online.

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When looking for an online bank account Bank Of America can be a saving grace, there are allot of things to consider when opening a bank account with BOA or Bank Of America one thing is there is a small deposit needed as low as $25.

This deposit can be made by credit card or this deposit can be made by check most bank accounts don’t allow for opening an account online but when looking for this service Bank Of America will allow you to open an online bank account and depending on what type of account you get will depend on how much fees you end up paying.

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