Cleary's Revised Letter To The Attorney General

The tone change in Mr. Lewis Liman's missives seems to correlate 0.999 with BofA/ML's desire to (not) cooperate with however many investigations the firm is mired in at any given moment.

"Because Bank of America has decided to reconsider its position with respect to your investigation, it will also produce privileged information to federal regulators and to the Congress... We are proceeding as quickly as possible so that we can waive the privilege in connection with your investigation and also promptly be in a position to produce privileged information to the others who have requested it. We presently hope and expect to be able to effect the waiver, both with respect to your Office and others, no later than Friday, October 16, 2009. While we regret the brief delay, the need for a fair and orderly process in connection with the waiver of the privilege with respect to multiple parties in unavoidable."

Contrast that with this.

Comments

[Anonymous]

I am at a loss to your point.

[Careless Whisper]

Mr. Liman's letter is quite clear with regard to the scope of BofA waiving the attorney-client privilege as enumerated in items 1-5.

That scope quite clearly does NOT include communications with the Fed, Treasury, or anyone, regarding threats, blackmail, etc., if BofA does not complete the merger.

The scope of material regarding communications with the Fed and Treasury is limited to the topic of "federal assistance" regarding the merger.

This so called waiver of attorney-client privilege is very limited in scope and I don't think is broad enough to include all relevant information.

[Cognitive Dissonance]

Pretend and extend has now been extended (pun intended) to B of A and their attorney/client privilege.

I don't know for sure but IMHO I suspect the "boys" need a few extra days to bring in some "commercial mobile shredding services" to finish the job.

http://www.papershredderr.com/

[Unscarred]

BofAspeak translation:

"After dismissing our sitting CEO, we welcome the opportunity to reconsider our position with respect to your investigation.  We hope that you are satisfied with the freshness of the kill that we are awarding you with (read- Kenneth Lewis), such that you will not be seeking additional retribution on remaining board members, executive officers, et al.  Further, we are in the midst of Q3 earnings season, so any favorable discourse from your office would be appreciated given the pounding you have offered to us in the media during recent months.  In closing, several of our employees did in fact vote for Obama, and have celebrated his Nobel Prize enthusiastically and accordingly."

-With love, BofA