The NYT today reports on newly disclosed emails between members of the Bank of America Board of Directors that reveal deep doubts about the wisdom of the banks ill-fated merger with Merrill Lynch. The same story reports that Rep. Edolphus Towns (D - New York), chair of the house oversight panel, is promising to subpoena individual board members in the ongoing congressional inquiry. New York Attorney General Andrew Cuomo has already broadened his investigation to include the board members.

Emails between board members reflecting sentiments such as "Unfortunately, it's screw the shareholders!" will only add fuel to this spreading investigative fire. But was this a board-driven snafu, or was Bank of America's hand forced by an overreaching Treasury and Fed? I argue the latter in an article titled "Banking on a Scapegoat" over at NRO.