BofA got suckered into a really bad deal when they rescued Merrill.
Hmmmm, Obama's henchmen at their very best.
Flanked by a coterie of lawyers and lobbyists, Kenneth D. Lewis, Bank of AmericaÂ’s embattled chief executive, walked into yet another Congressional hearing room on Thursday as the sole witness in a merger drama that has shadowed his banking empire for months.
But this time, lawmakers turned the spotlight on personalities who were not seated in the chamber:
the federal officials who had pushed him to complete a troubled merger with Merrill Lynch late last year, despite knowing that huge losses riddled the once-mighty Wall Street firm.
On Thursday, Mr. Lewis maintained that federal officials pressured him to keep the merger alive, and acknowledged that his job had been at risk if he did not. But he resisted lawmakersÂ’ efforts to characterize the situation as a threat
Bank of AmericaÂ’s Lewis Tells of Pressure to Buy Merrill Lynch - NYTimes.com
