'Secret' agreements for running Citigroup and Bank of America

Most investors in Citigroup (C) and Bank of America (BAC) probably assume that the relationships between the banks and regulators are fully disclosed. Well, think again.

Separate reports say that both financial firms have or will have confidential agreements with the government about how they can operate. The Wall Street Journal reports that "Bank of America Corp. is operating under a secret regulatory sanction that requires it to overhaul its board and address perceived problems with risk and liquidity management."