When you have everyone from Clusterstock, the Grey Lady, to NY AG Andrew Cuomo homing in on the reasons behind Bank of America’s sudden firing of its top in-house lawyer late last year, you better get your story straight. Thus far Ken Lewis and crew have not.
It is becoming clear that contrary to previous claims, and perhaps even sworn testimony, Lewis and top BofA execs did know that Merrill Lynch’s losses were greater than anyone expected and, most importantly, those losses were not disclosed to shareholders. Cuomo thinks is hiding behind attorney-client privilege to keep the details of who knew what, when from him. This is a dangerous game of chicken that might result Cuomo deciding that indictments are the only way to get to the truth.
