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Back to the capital-raising drawing board for beleaguered Bank of America as Sheila Bair puts the kabash on the previously agreed-upon settlement for Countrywide's fraudulently packaged mortgage bonds.
The final decision, due in November, is up to the courts, but the FDIC's opposition is not good news, and could end up costing BofA more than the expected $8.5 billion, as you will read inside, further cementing Ken Lewis' $5 billion purchase of Countrywide, as the worst corporate takeover in U.S. history.
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