BofA linked to Merrill writedowns

[Banjo]

Bank of America was directly involved in markdowns that contributed to Merrill Lynch’s $15.3bn loss in the last quarter of 2008, its final reporting period before the Wall Street bank was acquired by BofA, sources familiar with the matter say.

http://www.ft.com/cms/s/0/9a8dfa20-14d7-11de-8cd1-0000779fd2ac.html

 

[spades434]

That Ken Lewis is a slick sob. Getting his guy to right down Merrill's books like that was shrewd. Made the numbers so bad that it would appear BofA was getting a raw deal, so he could squeeze another 20bil from the taxpayers. If there's any justice in this world, all of the greedy bastards will hang by the necks one day.