Lawsuit filed: Bank of America was forced by government to buy Merril Lynch.

Lawsuit filed: Bank of America was forced by government to buy Merril Lynch.

www.oag.state.ny.us

Bank of America's attempt to exit the merger came to a halt on December 21, 2008. That day, Lewis informed Secretary Paulson that Bank of America still wanted to exit the merger agreement. According to Lewis, Secretary Paulson then advised Lewis that, if Bank of America invoked the MAC, its management and Board would be replaced

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Basically what this is saying is that Bank of America and ML began a merger deal some time ago. However they could withdrawl from the merger due to the massive loss posted by ML. Paulson then came in and told the board if they were to withdrawl from the deal that they would be replaced. Then Paulson and Bernake also instructed them they did not want a public disclosure of this. And the icing on the cake is that Paulson did not keep the SEC in the loop.

Corruption at it's best. I can only imagine the other things like this that will come to light in the next few years.

www.oag.state.ny.us
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