We've noted that Wall Street is eagerly anticipating the trial of Bank of America (BAC) before judge Jed Rakoff. It's scheduled to begin March 1. But you have to wonder how the bank's negotiations and perhaps even a settlement with Andrew Cuomo will affect the SEC's chances.

Bank of America is now in settlement talks with the New York AG's office to settle charges that it failed to adequately disclose the risks of the Merrill Lynch deal to shareholders. He's also looking into the bonus disclosure issue. This may not have a huge impact because the one thing the bank will avoid is individual culpability and an admission of guilt of any kind. The new CEO wants to put all this in the past but not if it means accepting guilt. So it looks like we'll get a trial, albeit a narrow one. 

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