Calling it “half-baked justice,” a very reluctant Judge Jed Rakoff Monday accepted the $150 million consent judgment over Bank of America Corporation‘s alleged faulty and failed disclosures during its merger with Merrill Lynch & Co., Inc.

Rakoff said the Securities and Exchange Commission imposed punitive and remedial measures that were too “modest.” He called the civil penalty “paltry.” While better than nothing, his 15-page opinion (pdf) stated, “this is half-baked justice at best.”