Bank of America Married a Stranger With Secrets


Ever since Bank of America discovered Merrill Lynch's loss of $13.8 billion dollars in the fourth quarter, right before the two banks were united in unholy matrimony, BofA has been wondering who the hell this stranger was that it married, and where was the $13.8 billion? Now, the revelation that one of Merrill's traders, London-based Alexis Stenfors, gambled away $120 million on wayward currency bets near the end of the year has got Bank of America completely freaked out and rifling suspiciously through everyone's sock drawers:

The loss Mr. Stenfors is believed to have incurred so alarmed Bank of America that this week the bank examined the books of other traders who were on vacation.

Oh, dear. We saw a Lifetime movie with a similar plot trajectory once, we believe it was called Lethal Vows, and we're pretty sure the Bank of America character ends up finding some pretty damning evidence. Here's to hoping that in the end of this drama, the protagonist manages to stay alive.

Undisclosed Losses at Merrill Lynch Lead to a Trading Inquiry [NYT]