I couldn’t agree more regarding Lewis’ credibility. BofA is really Nations Bank, an acquisitive super regional that used deregulation and a bull market to leap into the big leagues. Ken Lewis has benefited from all of this. It is not clear to me that Bank of America has anything going for it other than size, unlike JPMorgan Chase, a better run institution.

The whole mess surrounding BofA and Merrills stinks to high heaven. There are definitely things we are not privy too which we should be privy to. The U.S. government must eventually be forced to reveal more about what it has been doing behind the scenes. These deals should not be state secrets.

Let’s see how Bloomberg gets on in their lawsuit against the Fed. That may be a test case for better disclosure.