NEW YORK (TheStreet) -- There are people who say they've seen everything on Wall Street and there are a precious few for who that holds true. On Tuesday, Bloomberg profiled the career of Irene Bergman, a senior vice president and financial adviser at Stralem and Co. She's also 99 years old.
After weathering countless recessions and other financial disturbances, Bergman gave Bloomberg one piece of advice: "Don't do anything stupid."
On that note, Bank of America's (BAC) Merrill Lynch unit was recently fined $11 million by the SEC for not keeping adequate records of stock that was available to borrow, the Financial Times reported. The SEC highlighted three occasions between 2008 and 2014 in which Merrill Lynch traders identified stocks that were not easy to borrow, and trades of those stocks were issued at Merrill on those days.
Borrowed stock is used in short selling -- in which investors believe the price of a stock will fall so they borrow shares, sell them and buy them back at a hopefully lower price to return to the lender.
In addition to the fine, Merrill Lynch admitted to wrongdoing and will be subject to a compliance review by an independent consultant.
Bank of America's stock closed up 17 cents to $16.72.