Another Bank of America bombshell

CHARLOTTE, NC (WBTV) - The federal government - ruling financial institutions with an iron fist - telling Charlotte's biggest bank: obey or else.

Bank of America is forced to abide by top secret government regulations. (Related story: BofA releases earnings)

This secret sanction is serious business uncovered by the Wall Street Journal.

It pulls back the curtain on the whole economic crisis, showing the power the government has over Bank of America.

That's why we've seen six board members leave since May.

And the bank faces a series of deadlines over the next two months, that will mean even more leadership and tactical changes.

If Bank of America doesn't meet those deadlines, insiders say there will be harsh penalties to pay.

BofA's spokesmen are saying they are not allowed, by law, to discuss any of this, though the WSJ is reporting executives are surprised by the strictness of the sanctions.

But they're not alone. The Wall Street Journal says Citi is in the same boat. It's been following secret federal orders since last year.