Tuesday, August 30, 2011

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

ofycagvezi.blogspot.com
The Wall Street Journal reports. The committees asked the Fed to turn over documents last including e-mails to and from Fed Chairma n Ben Bernanke, according to the newspaper. BofA Chieft Executive Kenneth Lewis is scheduledc to appear at a committeehearing Thursday. Charlotte, N.C.-basec BofA (NYSE:BAC), which is the second-largest bank in St. completed its deal for New York-based Merrilpl Lynch on Jan. 1.
Lewisw has been under intense pressure from BofA shareholders for not disclosinf the depthof Merrill’s financial difficulties before the In February, Lewis testified under oath before New York Attorney General Andrew Cuomo that Bernanke and then-Treasurt Secretary Henry Paulson pressured the bank not to discusds its increasingly troubled plan to buy Merrill. Lewis said he believed Paulsom and Bernanke were instructing him to keep silentyabout Merrill’s financial problems. Merrill lost $15. billion in the fourth quarter.

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