And speaking of things your government doesn't want you to know...

(Via ProPublica)

The WSJ is reporting that Bank of America has been given a "memorandum of understanding" which:

[R]equires the bank to revamp its risk and liquidity management as well as overhaul its board to have a majority of new directors.

Here's the kicker - it was ordered to do this back in May.

Here's the WSJ:

Rarely disclosed publicly, the so-called memorandum of understanding gives banks a chance to work out their problems without the glare of outside attention. Financial institutions that fail to address deficiencies can be slapped with harsher penalties that include a publicly announced cease-and-desist order.

Whereas Madoff's punishment is a media free-for-all. BofA's scolding with be handled with the utmost discretion.

Adorable.