Merrill Lynch received a $2.5 million spanking from the SEC yesterday along with a ceas-and-desist order being sloppy with its email handling. Evidently, the brokerage giant wasn’t fast enough in turning around requests for certain emails and electronic documents. Neither Merrill nor the SEC would comment, but there is speculation that the requests were related to the “Squawk Box” scandal.
You Got Nailed [NY Post]
Fining Merrill Lynch for $2.5 million?? OOoohhhh.. That’s REALLY going to hurt and prevent them from doing this again, especially when they paid out the bonuses they did this year.
Please… This is the same stupid shit as fining an NFL player $10,000 for running his mouth..
Fines have to be proportional to a person or a companys income. THEN it would really hurt.
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