PORTAL CFO Blog

Bank of America vs. WikiLeaks?

In another fascinating story gracing the news headlines, Bank of America is taking massive action in the face of a WikiLeaks’ threat to divulge information. It is impossible to know what information WikiLeaks has regarding Bank of America, but the Bank’s strategy sure is interesting. According to the article below, Bank of America has its Chief Risk Officer on the case as well as an internal team of 15-20 people scouring all types of internal bank documentation. In a sign of how serious Bank of America is taking the threat, it retained the consulting firm Booz Allen Hamilton to assist in the effort.

Booz Allen? That’s the “earth-shaker” for me. I understand that Bank of America is a massive financial institution. I also understand that Bank of America has enough money to maintain a top-shelf risk management system with a highly-paid and competent staff. But to retain Booz Allen? What on earth could Bank of America be so worried about? It doesn’t dictate foreign policy or conduct destabilizing operations against foreign countries. Does it? It’s just a bank!

For some reason, Bank of America’s actions don’t pass the “smell” test. A bank doesn’t fire up the cavalry and bring in outside help for just any old matter; much less WikiLeaks. There must be something out there that has Bank of America shaking in its boots. The question is “what?” Stay tuned as the next chapter in this saga unfolds.

This blog was inspired by this article in the New York Times covering the Bank of America and WikiLeaks conflict.

January 5, 2011 at 9:07 pm | Bank of America, Booz Allen, Financial, WikiLeaks