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September 2009: Judge shuts down deal
A federal judge declined to authorize a $33 million settlement that would have resolved a lawsuit brought against Bank of America by the Securities and Exchange Commission alleging that BofA didn’t sufficiently reveal the bonuses paid by Merrill Lynch prior to the companies’ merger. Judge Jed S. Rakoff said that the SEC should have instituted more disciplinary action for BofA, and added that the bank should have taken more accountability for its actions before the government had to provide it with bailout funds.
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YOUR CAREER AT Merrill Lynch
1. Top brokerage house in the world
You'll be empowered working for a global powerhouse at the center of the financial universe.
For the sixth year in a row, Merrill picked up the top brokerage house of the year honors in 2004 from SmartMoney, which lauded the firm for its proprietary research. And for the fourth year in a row, Merrill Lynch was named the top wealth manager in the U.S. by Barron's magazine. Merrill's 50,000 employee workforce is one of the largest on Wall Street and includes nearly 15,000 financial advisors in the firm's global private client group, who together manage more than $1 trillion in client assets.