Judge Jed Rakoff, who was in a position to voice the disgust many other felt about the original Bank of America (BAC) settlement with the SEC, says he will rule on the new, improved settlement by the end of next week. First, he will give the attorney's for both sides a list of questions and hear their responses, notes the AP.

You get the idea that he's still skeptical. He's already said that the compensation component of the proposed settlement may not be up to snuff. He held out the possibility of court oversight of some components. The SEC has thrown the book at the judge, hoping he'll finally see things its way. They have asked for a raft of governance changes, all of which ought to happen anyway. The key hurdle for him is why people can't be held responsible. You could argue that if Cuomo could charge Ken Lewis and Joe Price, why couldn't the SEC. Of course the SEC cannot avail itself of the Martin Act. Still, it does seem like the SEC really wants to avoid a trial, which is interesting. Rakoff is right to ask questions. 

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