| Emails Show Fed Strong-Armed Bank of America |
| News - Americas |
| Written by Jennifer Liberto, CNNMoney.com senior writer |
| Thursday, 11 June 2009 06:49 |
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WASHINGTON (CNNMoney.com) -- Bank of America CEO Ken Lewis heads to Capitol Hill on Thursday, and he's likely to be grilled by lawmakers about the government's role in ensuring that the bank complete its controversial merger with Merrill Lynch.
According to emails released Wednesday that pull back the curtain on heated negotiations, Federal Reserve Chairman Ben Bernanke had suggested to another Fed official that "management is gone," if BofA managers tried to flee the deal and later on needed further government assistance. The revelations come thanks to Congressional subpoenas demanding that the Fed disclose emails related to Bank of America's purchase of Merrill. CNNMoney.com acquired copies of some of the emails circulated among House Republicans late Wednesday. |