Few would have guessed this: Bank of America, JC Flowers & Co. and China Investment Company (the Chinese sovereign wealth fund) are considering a possible joint bid for Lehman Brothers, reports the Financial Times. Bank of America seemed intent on exiting investment banking as its earnings suffered, but CEO Ken Lewis has apparently changed his mind. You've got to wonder if the bank can handle yet another integration effort. The real news may be that the feds are not going to be super-involved in such a deal. There will be no government money involved. But some rules regarding private equity and financial firms may be relaxed a bit. It seems like an odd arrangement. Would Bank of America integrate the firm under its own brand and share the upside with JC Flowers, who manages $3.2 billion of CIC money? Would they allow Lehman to exist under it own brand? Lots of questions.

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