I was just wondering this morning what ever happened to the allegations that Lewis was coerced into acquiring Merrill...glad it isn't forgotten yet.

I am very, very happy to see SOMEONE in Congress remembers client-attorney doesn't count in Congressional testimony. Something Clinton had to learn.
http://www.digenovatoensing.com/No_Clien....

Maybe, just maybe, a small piece of the truth will come out. Not holding my breath, but a sliver of hope.

Nothing will come of this. So not everyone crossed their T's and dotted their I's. It was an emergency and there wasn't time to do everything by the books. Unless some has a big grudge against BernankeGeithnerPaulsonLewis, this is all for show.

Just audit the Fed already guys. The TRUTH will set you free.

And perp walk a few bankers in orange jumpsuits too.

That someone wants to get re-elected....mid terms next year! Edolphus Towns will of course win by a landslide, and he is one of the few (and he's from NYC!!) who hasn't taken money from the banks (he is "friends" with healthcare but wtf).

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Just audit the Fed already guys. The TRUTH will set you free.

Well this is absolutely shocking news but the Fed just gave Timbo a pseudo-finger. Timbo no doubt then gave them back a secret 'High-Five'.

http://www.bloomberg.com/apps/news?pid=2....

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As WalMart goes so goes the rest of the nation.

ya, but as stated before, I think Ken is just going to take the heat and go to jail... I don't think they going to let FED/Paulson fall... this really sux...

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That someone wants to get re-elected....mid terms next year! Edolphus Towns will of course win by a landslide, and he is one of the few (and he's from NYC!!) who hasn't taken money from the banks (he is "friends" with healthcare but wtf).

But he voted to keep giving money to ACORN.

What does this tell you about his district?

Did they ever finish the investigation on Kellerman?

Ah ye of little faith... This BOA/Merrill merger story is not going to go away. Rakoff made sure of that. Yes, there is a question of how expansive the prosecutions will be (the judge suggested indicting the lawyers who advised the board to keep mum about compensation to Merrill's execs - a very broad net), but the prosecutions have begun. Trying to stop this now is going to be like trying to stop the Watergate investigations. Once a certain threshold is crossed in an investigation, nobody wants to be left on the wrong side. What will happen is that miscreants with fairly low level of criminal exposure will start ratting out their buds. Its maddeningly slow - but it is unfolding before our eyes. I am convinced that some folks will likely go to jail and certainly some fortunes will be lost. Pass the popcorn. This is what we have been waiting for. After the two other branches of our government have failed us, we must have faith in the third - judiciary - or its hopeless.

Gen, any chance you will still be making appearances on CNBC?

Having powerful government officials tell a private company, even a regulated one, to commit to a course of action that violates the managers responsibility to their shareholders is a frightening thing.

To me, Ken Lewis, was a victim here of government abuse of power. If the head of the largest bank in America can be threatened with the loss of his job if he does not obey a ukase from the Fed chairman who amongst us is safe?

Sangell..Lewis a victim of government abuse of power?
It takes two to tango.
He knows how the game is played and he has played with the biggest and baddest. We don't know what card they played on him. Pictures? Video? Obviously he didn't have as good ammo as the other side.
He is just as much as ******* as the govvie guys.

Regardless of how it happened, the 20 billion was not enough to cover the losses due to Merrill. Originally Ken thought he was getting a great deal and I don't think it took too long for him to realize he was screwed. BofA probably accounted for any "Bank" shenanigans, but they failed to account for how much the "Investment" shennanigans cost. So BoA payed $50 billion for Merrill and a $20B guarantee wasn't enough. Those are some serious losses.

I don't think the original corruption here is going to be the problem so much as DESPITE what they have concocted thus far, BofA will still need help. Many banks that took TARP funds are going to find that they weren't enough and that will be part of TSHTF.

"[T]he truth must be forced into the open, irrespective of whether the government or private parties want this to happen or not!"

Good luck with that. There's no way this gets beyond blogospherian hyperbole. I wish that weren't true, but it's a very tight-night circle you're hoping to unravel. I don't see anyone zealous enough in a prosecutorial role to bring anything about. The SEC is eager to bury it, the FBI won't come away with anything, and even if they do, gag-ordered pleas will be the most visible result.

The bottom line is that the administration cannot allow something big like this to bubble up (pun intended) and ruin the illusion of recovery. They've bet the farm on the bailouts, and no racketeering charge is going to get in the way.

I would not be surprised if Obama calls a halt to any action by proclaiming the same thing Hitler did after the night of the long knives - I did it to save the country and make no apologies.
Who in Congress or the judiciary is going to gainsay him? He owns them.

Whether it is merely deemed an appropriate time and circumstance for TPTB to trot out a Sacrificial Lamb or these are real Legal Pursuit of Criminals underway by the Judiciary/State AG remains to be seen...

Prediction: Nothingburger.

They ain't gonna allow any beef.

BoA missed a deadline today to deliver documents to the House committee investigating the ML takeover. Oh, and BoA apparently had a well-funded partnership with ACORN to commit mortgage fraud and launder campaign contributions bring the dream of homeownership to low- and middle-income neighborhoods. It just gets better and better!

(Links to both stories are in Breaking.)

the fed will not be audited the have a can of lighter fluid back there and the are burning as fast as they can

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Having powerful government officials tell a private company, even a regulated one, to commit to a course of action that violates the managers responsibility to their shareholders is a frightening thing.

It's called fascism.

There's no attorney client privilege between communications with third parties. If BAC sent an email to MER, there's no attorney client privilege. If BAC's attorney sent an email to MER, there's no attorney client privilege. The privilege only applies if the communication was between BAC and their own lawyer, and even then, there are so many ways to destroy the privilege...

JM-I guess the LAW regarding the Fed, Treasury, the Gov't in financial matters is not the same as criminal law.

There is a more flexible open approach to laws in financial matters when it comes to gov't entities and "Fed-like" entities.

You got it- Gibbie It is called Fascism.