On August 3 the US Securities and Exchange Commission charged Bank of America for failing to disclose Merrill Lynch bonus payments before its acquisition closed. The bank settled the charges for $33bn. The next day it charged General Electric with accounting fraud. The conglomerate settled for $50m. Two days later, it charged former American International Group chairman and chief executive Hank Greenberg, and Howard Smith, the insurer’s chief financial officer, with accounting violations. Greenberg settled for $15m and Smith for $1.5m.

None of the defendants admitted guilt.

• SEC Greenberg release
• SEC General Electric release
• SEC Bank of America release 
  
  
  
  
  

3 Aug 2009 -

Holding on

2 Apr 2009 -

No thanks, Hank