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Bernanke, Paulson Asked To Testify On Merrill Deal

Jun 11, 2009 | Reprints | Unlock Link | Print

Federal Reserve Chairman Ben Bernanke and former Treasury Secretary Henry Paulson will be asked to testify on their role in Bank of America Corp.’s acquisition of Merrill Lynch, the Democratic chairman of the House Oversight and Government Reform Committee said Thursday.

Bank of America Chief Executive Ken Lewis is scheduled to testify on Thursday at a panel hearing on whether the U.S. government pressured the bank into completing the Merrill deal.

Rep. Edolphus Towns, chairman of the committee, said in a statement he will ask Bernanke and Paulson to testify at a future date on allegations by Lewis that regulators coerced him to make the acquisition despite worries about Merrill’s financial state. (Reuters)

Banking & Lending