Ohio AG takes lead role in securities lawsuit alleging concealment by Bank of AmericaSeptember 30th, 2009 Ohio AG takes lead role in Bank of America lawsuitCOLUMBUS, Ohio — Ohio has taken the lead role in an aggressive securities lawsuit alleging that Bank of America Corp. concealed billions of dollars in losses and bonuses paid during the bank's merger with Merrill Lynch.
US marshal who served Nixon with subpoenas at Calif. home dead at 81September 30th, 2009 Marshal who served Nixon with subpoenas dead at 81TARZANA, Calif. — A U.S. marshal who served former President Richard Nixon with two Watergate-related subpoenas at his California home has died.
Bank of America to hand over more documents in probe over Merrill deal, panel chair saysSeptember 22nd, 2009 Bank of America will give Congress more documentsWASHINGTON — Bank of America Corp. will hand over more documents to a congressional committee probing its hastily arranged acquisition of troubled brokerage house Merrill Lynch.
AP Source: Cuomo subpoenas 5 Bank of America board members over Merrill Lynch dealSeptember 16th, 2009 AP Source: NY AG subpoenas 5 BofA board membersNEW YORK — The New York Attorney General's office subpoenaed five members of Bank of America Corp.'s board Wednesday as part of an investigation into its acquisition of troubled investment bank Merrill Lynch & Co., according to a person familiar with the investigation. The directors are expected to be questioned about what they knew regarding the mounting losses and bonus payments at Merrill before the deal closed on Jan.
Bank of America pays $33-mn fine for misleading bonusesAugust 3rd, 2009 WASHINGTON - The Bank of America agreed to pay US regulators a $33-million fine for misleading its investors about billions of dollars in bonuses paid to Merrill Lynch executives when it acquired the investment bank. While seeking stockholder approval of the deal to acquire Merrill Lynch, the Bank of America said that Merrill would not pay year-end bonuses to its executives, the Securities and Exchange Commission said.
House lawmakers accuse former Treasury secretary Paulson of bending to bank, Paulson defiantJuly 16th, 2009 Lawmakers accuse Paulson of bending to bank CEOWASHINGTON — House lawmakers on Thursday accused former Treasury Secretary Henry Paulson of bending to the demands of a major bank and keeping negotiations of a hefty bailout secret in his rush to stabilize the financial markets last year. Paulson, testifying for the first time since leaving office in January after putting in place a $700 billion bank bailout program, was defiant in his response and admitted no wrongdoing.
House lawmakers say Paulson bent to bank CEO; Paulson defiantJuly 16th, 2009 Lawmakers say Paulson kept bailout details secretWASHINGTON — Lawmakers accused former Treasury Secretary Henry Paulson on Thursday of bending to the demands of a major bank and keeping negotiations of a hefty bailout secret in his rush to stabilize financial markets last year. Paulson, testifying for the first time since leaving office in January after putting in place a $700 billion bank bailout program, was defiant in his response and admitted no wrongdoing.
Former Treasury secretary says he was justified in threatening bank chief executive's jobJuly 16th, 2009 Paulson says he threatened bank chief executiveWASHINGTON — Former Treasury Secretary Henry Paulson says he was justified last year in suggesting that Bank of America Corp.'s chief executive could lose his job if the bank backed out on plans to buy troubled Merrill Lynch. His admission, included in written testimony for a House hearing Thursday, comes as Congress debates the government's role in managing financial firms that accept billions of dollars in aid.
Former Treasury Secretary Paulson defends his response to finance crisis, Bank of America dealJuly 15th, 2009 Paulson defends work as treasury secretaryWASHINGTON — Former Treasury Secretary Henry Paulson has said in written testimony that the Bush administration's response to the financial crisis late last year was "not perfect" but "saved this nation from great peril."
Paulson also defended his role in Bank of America Corp.'s decision to acquire Merrill Lynch, despite Merrill's troubled financial state. Paulson said the merger was in the best interest of the nation and the two firms and that remarks he made during discussions of the deal were "appropriate."
Some House lawmakers have accused Paulson and Federal Reserve Chairman Ben Bernanke of pressuring Bank of America officials to proceed with the merger despite mounting losses at Merrill Lynch that ultimately hurt Bank of America stockholders.
Fed chairman Bernanke faces House committee over Bank of America-Merrill Lynch dealJune 25th, 2009 Fed chairman Bernanke faces House committee todayWASHINGTON — Federal Reserve Chairman Ben Bernanke likely will face hostile questions from a House committee investigating whether he and other government officials pressured Bank of America Corp. into a "shotgun wedding" with Merrill Lynch that cost taxpayers $20 billion.
Bernanke to face hostile questioning by lawmakers on Bank of America, Merrill Lynch dealJune 25th, 2009 Bernanke to face hostile questioning on BofA dealWASHINGTON — Federal Reserve Chairman Ben Bernanke likely will face hostile questions from a House committee investigating whether he and other government officials pressured Bank of America Corp. into a "shotgun wedding" with Merrill Lynch that cost taxpayers $20 billion.
House chairman: Fed e-mails raise questions about merits of $20B Bank of America bailoutJune 11th, 2009 House chairman questions Bank of America bailoutWASHINGTON — The top Democrat on a House investigative committee says internal e-mails by Federal Reserve employees raise serious questions about $20 billion in government aid provided to Bank of America to buy Merrill Lynch. Rep. Edolphus Towns of New York calls the money a "dowry for a shotgun wedding." The chairman of the House Oversight and Investigative Reform Committee said Thursday that questions remain about what happened exactly and "who was holding the shotgun."
The panel is investigating claims that top government officials, including then-Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke, urged Bank of America to go through with the acquisition and not to disclose to shareholders the details of Merrill Lynch's deteriorating financial state.
Congressional investigators say documents prove the Fed threatened to oust bank CEOJune 11th, 2009 Investigators say Fed threatened bank CEOWASHINGTON — The Federal Reserve threatened to force the ouster of Bank of America CEO Kenneth Lewis if he didn't follow through with plans to buy Merrill Lynch & Co., Republicans said Wednesday after reviewing internal documents. Republicans also said there was evidence that the government tried to restrict information related to the merger from being publicly released.
Bank of America CEO says gov't pressured him to buy Merrill Lynch despite concerns about dealJune 11th, 2009 CEO: Government pushed bank to buy Merrill LynchWASHINGTON — House lawmakers on Thursday accused federal regulators of a gross misuse of power in orchestrating a "shotgun wedding" between Bank of America Corp. and Merrill Lynch & Co.
Congress subpoenas Fed over Bank of America acquisition of Merrill LynchJune 9th, 2009 Congress subpoenas the Fed over BOA-Merrill LynchWASHINGTON — House lawmakers on Tuesday said they have subpoenaed the Federal Reserve to hand over e-mails, notes and other documents related to its role in Bank of America Corp.'s acquisition of Merrill Lynch & Co. The lawmakers' subpoena comes after claims that top government officials pressured Bank of America Corp.
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