BRIEF: House panel plans hearing on Merrill deal

Thu. May 07, 2009; Posted: 09:46 PM

May 07, 2009 (The Charlotte Observer - McClatchy-Tribune Information Services via COMTEX) -- MER | Quote | Chart | News | PowerRating -- A U.S. House committee plans to hold a hearing in early June on whether the government pressured the Charlotte bank into completing its Jan. 1 acquisition of Merrill Lynch & Co., according to congressional staff.

The House Committee on Government Oversight and Reform plans to ask Bank of America chief executive Ken Lewis and top federal officials to testify. The panel is chaired by Rep. Edolphus Towns, D-N.Y.

Last month, New York Attorney General Andrew Cuomo released testimony given by Lewis in which he said then Treasury secretary Henry Paulson threatened to oust management and the board if it backed out of the Merrill deal at a critical time for the U.S. financial system. Lewis also said that he kept silent on Merrill's rising losses because Paulson didn't want any public disclosure.

The testimony came out of Cuomo's investigation of bonuses paid to Merrill executives before the deal closed. Bank of America's lack of disclosure about Merrill's troubles until Jan. 16 has spurred lawsuits by shareholders.

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