The Associated Press Updated 11:51 AM Thursday, June 11, 2009
WASHINGTON — House lawmakers on Thursday accused the federal government of orchestrating a "shotgun wedding" between Bank of America Corp. and Merrill Lynch that cost taxpayers $20 billion, as a top bank executive said publicly for the first time that he was pressured into going through with the deal.
Bank of America Chief Executive Officer Kenneth Lewis testified that the federal government threatened to remove board members at his bank if it reneged on a promise to acquire Merrill Lynch, despite Merrill Lynch's crumbling financial state.
No comments:
Post a Comment