Did Bank of America really know what it was buying? There's plenty of anger in the executive suite as executives try to makes sense of the staggering Merrill Lynch trading losses--one trader lost $120 million all by himself on currency bets--that did not come to light fully until after Merrill paid billions in bonuses and after shareholders approved the deal, reports the New York Times.

These undisclosed losses certainly pushed Bank of America into the arms of Uncle Sam. The man in the middle is Merrill's markets operation head Thomas Montag. Bank of America seems to be aggressively mounting a campaign to figure out what went wrong. We will likely see heads roll. Regulators are also taking a look. All in all, this is yet another strike against CEO Ken Lewis.

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