Now that Cuomo is on the verge of actually charging someone with criminal misdeeds, the only question remains who: will it be Bank Of America, with the likely fall guy being big man Lewis himself (and what more fitting end to the debacle than Ken going to jail, after being threatened by Paulson and Bernanke with eternal damnation, and deciding not to invoke the Mac clause), OR, will it be Wachtell Lipton's main lawyer, Ed Herlihy, who, as we discussed previously, was instrumental in the arrangement of the ML-BAC transaction.
Bank Of America now has four business days in which to decide, based on its disclosures, who is going to be charged and with what crime.

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