As of the current 10Q (September 2009) there was $8.4m in ARS and ongoing litigation with DB as to the information given to the BoD on the liquidity of ARS, as you are fully aware.

Just in case you missed it:

Both settlements made yesterday will include charges against the banks that they fraudulently employed ARS and misled customers. The banks will also pay a financial penalty once agreed obligations are met.

Since the ARS market collapsed in mid-February, many big name banks have settled charges against them, including Citi, Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley, Wachovia and UBS.

A spokesman at the SEC refused to comment on how many other banks have yet to reach a settlement on ARS issuance. According to New York state attorney general Andrew Cuomo, 12 institutions have now agreed to buybacks totalling $51 billion

http://www.risk.net/risk/news/1504471/bank-america-rbc-ars-settlement

Back to 20/20 hindsight argument again?

As to the Audit Committee, I have previously posted their remit and, excepting the fraudulent actions of others, they have met their obligations, in my very humble opinion.

Obviously, if you can show me any bad faith intent I will be more than happy to reconsider my position.

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Be well