So some teller at a Wachovia branch in Ballantyne gets a magic Jim Black sack-o-cash and viola! out pops a half-billion dollar letter of credit? That is the official story line so far.

Meanwhile a Bank of America assistant branch manager in Cotswold gets a $55K bribe for a fake letter of credit of unnamed size. Judging from the previous incident was it more or less than $3 billion?

Nor are all the business relationships exactly spelled out. We’ll get to that soon enough.