Bank of America Pays $33 Million Fine to SEC
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Bank of America has agreed to pay a $33 million fine to the Securities and Exchange Commission to settle charges it misled investors about the bonuses being paid to Merrill Lynch employees. The bank also laid out a succession plan to replace CEO Ken Lewis when he stops down. As of now, Lewis has no plans to step down from his post and would like to stay on until Bank of America repays all TARP funds to the federal government.
