Tuesday, September 15, 2009

Kucinich Grills Lewis on Fed Emails

Bank of America CEO Ken Lewis took a pounding Thursday from the House Committee on Oversight and Government Reform. One of the most damning exchanges occurred between Lewis and Dennis Kucinich (D-Ohio), when Kucinich exposed Lewis' request for government cover from shareholder lawsuits stemming from BofA's troubled merger with Merrill Lynch

Prior to the merger, according to Kucinich, Lewis requested a letter from New York Fed chairman Ben Bernanke and then-Treasury Secretary Hank Paulson declaring that the government had ordered him to acquire Merrill's losses. Kucinich presented e-mails from Bernanke and his general counsel contradicting Lewis' own claim that his lawyers didn't think disclosure of Merrill losses to his shareholders before the merger

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