The Securities and Exchange Commission is broadening its inquiry into the merger of Bank of America and Merrill Lynch. Specifically, the SEC will go beyond the issues of Merrill's bonus pool, to look into Merrill's accelerating pre-merger losses and BofA's threat to use an escape clause to cancel the merger. This latest development follows a decision by BofA's board to waive attorney-client privilege of internal discussions during the merger, after facing demands to do so from both the SEC and New York's attorney general.
SEC Broadens Inquiry Into Bank of America's Merger With Merrill
October 14, 2009