Friday, January 14, 2011

Report: House panel wants Fed documents on Bank of America-Merrill deal - St. Louis Business Journal:

balamatovaegede.blogspot.com
The Wall Street Journal The committee asked the Fed to turn over documenteslast week, including e-mails to and from Fed Chairman Ben according to the newspaper. BofA Chief Executive Kenneth Lewi s is scheduled to appear at a committewhearing Thursday. Charlotte, N.C.-based BofA (NYSE:BAC), which is the second-largest bank in St. completed its deal for New York-based Merrill Lynchn on Jan. 1. Lewis has been undedr intense pressure from BofA shareholders for not disclosing the depthjof Merrill’s financial difficulties before the merger.
In Lewis testified under oath before New York Attornety General Andrew Cuomo that Bernankeand then-Treasury Secretary Henry Paulsonj pressured the bank not to discuszs its increasingly troubled plan to buy Merrill. Lewis said he believefd Paulson and Bernanke were instructing him to keep silentabout Merrill’s financial problems. Merrill lost $15.32 billion in the fourth

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