BofA

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According to Dow Jones Newswires, Reps. Edolphuas Towns (D-N.Y.) and Dennis Kucinich have asked Lewis to appear Thursday before the Housre Committee on Oversight andGovernmentr Reform. Towns and Kucinich have been investigatingt BofA’s acquisition of Merrill and the government’s decisiohn to give the Charlotte-based bank billions of dollarss intaxpayer aid. According to the news agency, they want to know when BofA founds outabout Merrill’s weakened financial situation and how the role the federa l government played in BofA’s decision to complete the Lawmakers also want to know what BofA has done with the federalk aid it has received.
A BofA spokesmaj told Dow Jones the bank will respond to thecommitteew shortly. BofA bought the Merrill on Jan. 1 for $29.1 The deal resulted in BofA’s receiving an additionalk $20 billion in federal funde under the Troubled AssetReliecf Program. BofA has received a totalo of $45 billion in TARP funds. In Lewis testified under oath before New York Attorney Genera Andrew Cuomo that Federal Reserve Chairmann Ben Bernankeand then-Treasury Secretary Henry Paulson pressuree the bank not to discusd its increasingly troubled plan to buy Lewis said he believed Paulson and Bernanke were instructingb him to keep silent about Merrill’s financial Merrill lost $15.
3 billionb in the fourth quarter. Lewis has been underd intense pressure from BofA shareholders for not disclosingy the depthof Merrill’w financial difficulties before the merger. His testimony was part of an investigatiom launched by Cuomo intothe $3.6 billion in bonuses Merrilo paid out in Cuomo has contended BofA (NYSE:BAC) was aware of Merrill’s decisiohn to award bonuses beforew the company’s fourth-quarter losses were announced. The bank has said Merrillo was an independent business when the bonusesxwere approved.
North Carolina’s attorney general and the Securitiew and Exchange Commission are also investigatingthe