Bank of America (BAC) will hand over reams of legal information related to its purchase of Merrill Lynch to investigators, reversing its previous stance that such information was protected. The board has apparently voted to waive the attorney-client privilege that it so passionately invoked earlier. This is something of a surprise.

My guess is that the information has been thoroughly vetted, and that the board has decided that there is nothing that would prove harmful to the bank. That is, they don't think a smoking gun lurks in any of the documents. We'll have to see what Andrew Cuomo's office turns up, as it reviews the documents. The suspense is mounting, as his investigation heats up and as the SEC prepares to take the bank to court.

For more:
- here's a Washington Post article

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