Normally Bank of America promotes media interview opportunities with its savvy economist, Lynn Reaser. But these aren't normal days at BofA.
The big bank stands accused of illegally allowing a hedge fund to trade in its mutual funds after the stock market's close, earning profits at the expense of other investors. Three employees have been fired and one faces criminal charges as the investigation continues.
It's not likely that Reaser or her economic forecasts had anything to do with any of this. Not only is she an economist, she is based in St. Louis, about 1,000 miles from New York, where the inquiry is under way. But part of Bank of America's response has been to muzzle Reaser. She's not even allowed to talk to the press about job growth.
"Right now, we are just not granting media interviews in light of our focus on these other mutual fund investigations," said Donya Hengehold, a member of the bank's media relations team. "As soon as it's back to a business-as-usual atmosphere, I'll get back to you."
As media strategies go this one could backfire: With no one allowed to talk about anything else, the focus seems certain to remain on accusations of wrongdoing.
