Because you knew somewhere among the summary updates I would insert BofA news, right?
I have written here before of the “pressure” BofA may have put on federal actors preceding conclusion of the Merrill acquisition ("pressure" that is argued to have forced $20 billion in federal support for the transaction). Remember: recent revelations are a result of documents previously protected by a/c privilege being produced to investigators. Documents apparently show outside counsel turning to his left (BofA) to indicate one opinion of whether a material adverse change ("MAC") triggered an escape clause in the Merrill transaction, and then turning to his right (federal actors) and indicating a polar opposite opinion. (Recall, the MAC discussed here is the enormous 4Q08 Merrill losses). It's not looking good - the contrary opinions were literally given hours of one another.
I have written here before of the “pressure” BofA may have put on federal actors preceding conclusion of the Merrill acquisition ("pressure" that is argued to have forced $20 billion in federal support for the transaction). Remember: recent revelations are a result of documents previously protected by a/c privilege being produced to investigators. Documents apparently show outside counsel turning to his left (BofA) to indicate one opinion of whether a material adverse change ("MAC") triggered an escape clause in the Merrill transaction, and then turning to his right (federal actors) and indicating a polar opposite opinion. (Recall, the MAC discussed here is the enormous 4Q08 Merrill losses). It's not looking good - the contrary opinions were literally given hours of one another.
In a related story, though not as regards the "pressure" issue, WSJ ran an interesting article on Judge Rakoff. See also (Rakoff is the S.D.N.Y. judge the SEC case against BofA is pending in front of; trial date slated for March 01, 2010). The inside trading case involving Galleon Management founder Raj Rajaratnam is also before the Good Judge. Pundits speculate this will be a second high-profile opportunity for Rakoff to skewer the SEC and its litigation strategy.
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