It's about damn time, The Ken. What's taken so long? Not interested in hanging out with Bernie Maddoff for an eternity, eh?
In a stunning reversal, Bank of Americas board has voted to reveal the legal advice that the bank received late last year about its merger with Merrill Lynch, according to three people briefed on the matter.With a stroke of a pen, the banks decision will remove a stumbling block in a wide range of cases. The documents may exonerate bank executives, like its retiring chief, Kenneth D. Lewis, or may provide the evidence that some investigators are seeking to lay blame at individuals feet.
The banks decision was prompted by a series of conversations over the last two weeks with the office of New Yorks attorney general, Andrew M. Cuomo, who had threatened to charge individual Bank of America executives including Mr. Lewis with wrongdoing, the people briefed on the matter said. The bank also faced a deadline this week to provide a log of its private legal documents to a House committee.
The legal and public relations cost of the banks merger with Merrill Lynch, conceived in the heat of the financial crisis last fall, have threatened to overwhelm most of the benefits from the merger.
At their core, the investigations center on why the bank kept key information about Merrills bonuses or its losses secret from its shareholders.
Read the entire New York Times article here.
"This is straight-up capitalism. Chi-chi-BOOM."