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June 18, 2009
Former Bank of America CEO, Ken Lewis, testified June 11, 2009 to congress about the BOA’s merger with Merrill Lynch. During the hearing Rep. Dennis Kucinich, D-Ohio, challenged Lewis to be more forthcoming about his dealings with the Federal Reserve during the merger.
Specifically Kucinich cited emails from Fed officials saying Lewis had asked government officials to provide a letter saying that they had in fact ordered Lewis to merge with the struggling financial firm, Merrill Lynch, because Lewis feared lawsuits from company shareholders if the merger led to company losses. Lewis said he did not recall asking for such a letter. After the hearing Kucinich told reporters that Lewis testimony could put the former CEO in legal jeopardy.
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