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According to Dow Jonesx Newswires, Reps. Edolphus Towns (D-N.Y.) and Dennis Kucinich (D-Ohio) have askerd Lewis to appear Thursdayg before the House Committee on Oversight andGovernment Reform. Townz and Kucinich have been investigatinh BofA’s acquisition of Merrill and the government’s decisionh to give the Charlotte-based bank billionzs of dollars intaxpayer aid. According to the news they want to know when BofA found outabout Merrill’s weakened financial situation and how the role the federalo 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 spokesmahn told Dow Jones the bank will respond to the committee BofA bought the Merrillon Jan. 1 for $29.1 The deal resulted in BofA’s receiving an additionall $20 billion in federal funds under the Troubled AssetfRelief Program. BofA has received a total of $45 billioj in TARP funds. In February, Lewisw testified under oath before New York Attorney General Andrew Cuomo that Federal Reservde Chairman Ben Bernankeand then-Treasury Secretary Henry Paulson pressurede the bank not to discuss its increasingl troubled plan to buy Merrill. Lewis said he believe Paulson and Bernanke were instructing him to keep silentgabout Merrill’s financial problems. Merrilll lost $15.
3 billion in the fourth Lewis has been under intense pressurwe from BofA shareholders for not disclosing the dept hof Merrill’s financial difficulties beforw the merger. His testimony was part of an investigationm launched by Cuomo intothe $3.6 billion in bonusews Merrill paid out in December. Cuomop has contended BofA (NYSE:BAC) was aware of Merrill’x decision to award bonusees beforethe company’s fourth-quarter losses were The bank has said Merrill was an independenf business when the bonusesa were approved. North Carolina’s attorney general and the Securitiexs and Exchange Commission are also investigatingthe matter.
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