And so, in December, Lewis tried to back out of the deal. He tried to claim that Merrill’s rapidly accruing losses were unforeseen, and that there had been a material change in Merrill’s financial situation. The government wasn’t buying it. According to the Wall Street Journal, on Dec. 19, Federal Reserve Bank Chief Ben Bernanke and assorted Fed officials told Lewis that B of A could not pull out of the deal -- that if the Merrill deal fell through, B of A could expect no help from the government at any time in the future. Not only that, if the deal fell through, government “would consider ousting executives and directors.”

The government offered Lewis a way out: The government would fork over $20 billion to B of A to help counterbalance the losses. B of A would have to limit executive compensation, including bonuses.

On Jan. 16, Bank of America revealed to its shareholders that it had incurred $1.79 billion in quarterly losses. Lewis’ comment: “We did think we were doing the right thing for the country.”

Now Bank of America stands on the brink of annihilation. The government owns 6 percent of B of A, making it the bank’s largest shareholder.

And the government isn’t afraid to throw its weight around. As it has done with Fannie Mae and Freddie Mac, the government will use its newfound power. The New York Times reported on March 2 that the government nationalization of Fannie Mae and Freddie Mac was likely permanent -- and that members of Congress were pushing the massive mortgage institution to give more affordable housing loans, the same sort of loans that brought about the current crisis.

Left to its own devices, Bank of America did business the right way. Once Bank of America began relying on the government for help, however, it was only a matter of time before B of A became a tool of the federal government rather than a beneficiary of government benevolence. Americans, many of whom are all too eager to take government cash, should take note. Once you play ball with the government, it’s only a matter of time before you strike out.