Watchdog reviewing TARP influences on agency fines.
Global Banking News - 11 September 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
The Securities and Exchange Commission's (SEC) watchdog has started an enquiry into the influence that US rescue funds may play in determining fines for misconduct.
Inspector general H David Kotz is to examine fines that were imposed on banks that received aid from the USD700m Troubled Asset Relief Programme. There are apprehensions about the fines because fines that were paid by banks could have been derived from taxpayer's money. The SEC's penalty against Bank of America Corp (NYSE: BAC) for misleading investors is also to be probed by the watchdog.
Bank of America Corp has said it would not use TARP money to pay the fine.
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|Publication:||Global Banking News (GBN)|
|Date:||Sep 11, 2009|
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