Welcome to Margaret Foolery. It's Monday June 4th. I'm

Kristall joining me in studio today from Motley Fool's stock

advisor Jason Moser from Motley Fool Special Ops, Mike Olson,

and from Motley Fool Inside Value, Joe Mager.

Gentlemen, it is such a beautiful day. Don't you wish we could have the

podcast outside today? That would be nice instead of this tiny black box with pattern

on the wall. You know if we had the idea factory

still up and running I would submit that to the idea factory after this. Work on

that. We've got Chesapeake Energy General Motors and Facebook in the news

but we are going to start on Wall Street and

I will just read verbatim from the New York Times this story about Bank of America

days before Bank of America shareholders approved the bank's $50 billion purchase of

Merrill Lynch in December 2008, top bank executives were advised that losses in the investment

firm would most likely hammer the combined company's earnings in the years

to come.

But shareholders were not told about the looming losses, which would prompt a second taxpayer bailout of 20 billion, leaving them instead to rely on rosier projections

from the bank that the deal would make money relatively soon after it was completed.

Jason, I'll start with you.

This is all coming to light because of court documents filed in a shareholder lawsuit.

What do you make of this?

Are you surprised by this?

It doesn't seem terribly surprising it rains, it pours.

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