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Bank of America leaders could face charges

The top dogs could face civil charges for failing to disclose details Merrill's mounting losses, and extravagant executive bonuses.

It means we could see them reaching into their own pockets to pay damages.

We could also see them lose their jobs...even barred from the industry.

And what that means for all of us - for the thousands that work at BofA and the city that depends on it - right now this billion dollar corporation is being led by people who are seriously preoccupied.

"That is by far the biggest danger to Bank of America as a corporation right now, says Anthony Sabato, a professor of business and law at St. John's University. "It's top people would be very much distracted from the normal course of business and that's troubling in any situation, but given the state of the economy, they can not take their eye off the ball for a moment."

And Ken Lewis and his team have more to worry about than their personal wealth and careers. Besides facing charges from New York Attorney General Andrew Cuomo, they found out this week a federal judge will make the SEC mount a case against Bank of America too.