BofA: try a little tenderness, Uncle Sam

BofA wants to be like the badass banks, and will pay the government $425 billion to end a loss-sharing agreement it made with them to take on Merrill Lynch’s tanking assets. Now they can run free… right? Regain some swagger?

But if Edolphus Towns (D-NY) has anything to say about it, $425 billion is not enough to buy BofA’s peace of mind. The Congressman is still battling with the bank to retrieve documents explaining whether or not it mislead investors about Merrill’s health. His argument — that details of BofA’s transaction are protected by attorney-client privilege — is old news. The new news is that BofA sent Towns a stack of redacted, irrelevant documents in response to his request for files concerning the purchase. It’s on.

Shorty after this insubordination, the SEC warned it would widen its investigation into the BofA/Merrill tryst (lets call it a tryst now). Coincidence?

Look BofA, the government is broke, so if you have money, show it to us. Like a trip to the dentists or a pap smear, this will only hurt more if you struggle.


    Leave a Reply

    Fill in your details below or click an icon to log in: Logo

    You are commenting using your account. Log Out /  Change )

    Google+ photo

    You are commenting using your Google+ account. Log Out /  Change )

    Twitter picture

    You are commenting using your Twitter account. Log Out /  Change )

    Facebook photo

    You are commenting using your Facebook account. Log Out /  Change )


    Connecting to %s

%d bloggers like this: