Bank of America's acquisition of Merrill Lynch was already stinking to high heaven with the Bank of America being forced to pay $33 million to the Securities and Exchange Commission for misleading shareholders about the billions of dollars of bonuses paid to executives at the failed financial services firm Merrill Lynch which lost almost $16 billion in the fourth quarter.

But that was just skating on the surface. New York Attorney General Andrew Cuomo has accused BoFA of trying to sabotage his investigations into these cozy deals. BoFA says it won't be providing him with that information, hiding behind the claims that it's commercial in confidence.

And now we have reports that the FBI is now investigating the deal. This means we not only have civil proceedings under way but potential criminal action too into a deal that could have only been sealed with billions of dollars in aid from US taxpayers.