Lewis: Fed asked us to delay any Merrill break-up

Date: Thursday, June 11, 2009
Lewis: Fed asked us to delay any Merrill break-up

The chief executive of Bank of America tells lawmakers that government
officials pressed him to buy Merrill Lynch even after he became aware
of major losses at the investment bank.

TESTIMONY OF BANK OF AMERICA CEO KENNETH LEWIS

The text of the prepared testimony that Kenneth Lewis, chief executive
of Bank of America, delivered Thursday before a House Oversight and
Government Reform
subcommittee looking into the banking giant's controversial acquisition of
Merrill Lynch.

FED CRITICIZED B. OF A. OVER MERRILL DEAL: REPORT

U.S. Federal Reserve officials criticized Bank of America in email
comments after the banking giant attempted to withdraw from its effort
to buy Merrill
Lynch, congressional investigators find.

B. OF A. GETS UPGRADE ON CAPITAL RAISES, VALUATION

Bank of America Corp. and its chief executive, Ken Lewis, continue to
face heat over the controversial acquisition of Merrill Lynch, but one
Wall Street analyst says the banking giant's ability to raise capital
removes some uncertainty and makes the stock a buy.

MUNI BONDS EXPECTED TO CONTINUE HOT STREAK

Municipal bonds, generally considered a conservative asset, have had
their best six-month performance in 14 years as they recovered from
the turbulence of the financial crisis. What's more, investors believe
more outsized gains are in the cards.