For those who don't know, BOA execs tried to back out of the Merrill transaction. Treasury Secretary Hank Paulson with undersecretary and now Treasury Secretary Ben Barnake told BOA if they backed out of the Merrill deal, the Treasury would fire CEO Ken Lewis, replace the Board of Directors and BOA would nto get any help from Washington.
I'm not a BOA fan, but you can't charge BOA execs for doing what the US Treasury forced them to do.
For those who don't know, BOA execs tried to back out of the Merrill transaction. Treasury Secretary Hank Paulson with undersecretary and now Treasury Secretary Ben Barnake told BOA if they backed out of the Merrill deal, the Treasury would fire CEO Ken Lewis, replace the Board of Directors and BOA would nto get any help from Washington.
I'm not a BOA fan, but you can't charge BOA execs for doing what the US Treasury forced them to do.