The SEC and Bank of America

The flaws of the Securities and Exchange Commission's case against Bank of America have been a topic here dating back to August 2009, and the case is before Judge Rakoff, who has his own doubts. Now the Am Law Litigation Daily posts a column by American Lawyer writer Susan Beck in which Ms. Beck offers her own assessment: "The Securities and Exchange Commission can't get its story straight....the SEC premise--that BofA committed overt violations of securities law even though no one at the bank or its law firm was guilty of anything worse than negligence--doesn't hang together. If the SEC believes BofA's violations were so obvious, then it should have the guts to go after the lawyers and executives who made the disclosure decisions. But if it thinks the law is so fuzzy that even Wachtell Lipton couldn't get it right, it should tone down its allegations--or even drop the case." Remember, this is the Obama administration's SEC we're talking about here, folks. Why expect them to get Bank of America right when they are busy with climate change.