One more thing. Every taxpayer should thank Bank of America for buying Countrywide and Merrill Lynch. Bank of America was a well capitalized bank before making those ill fated acquisitions, having completely escaped the subprime debacle. Since then they have used up a lot of their built up equity and have raised over an additional $50 billion in capital in order to fund losses from those purchases. Had the government had to bail out Countrywide and Merrill the losses would have been in the hundreds of billions of dollars. Not to mention the TARP gains the government saw from Bank of America.
The government encouraged Bank of America to merge with these insolvent entities. They should not be suing them for the sins of Countrywide and Merrill Lynch. This is almost as ridiculous as the government suing Ally, which is owned by the government. So its the government suing themselves. Is this a stimulus plan for out of work lawyers?