If you’ve got a few minutes to kill you ought to check out the e-mails between Fed and Bank of America officials prior to the Charlotte bank’s acquisition of the troubled investment bank Merrill Lynch.
Some of the correspondence suggests there was great concern about people protecting themselves and their organizations from legal actions.
What really stands out was the acknowledgment by officials that Merrill was very troubled.
One senior Fed official writes: “Merrill is really scary and ugly.”
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You can read some of those e-mails here, courtesy of The Eagle’s friends at the Charlotte Obeserver.