Bank of America (BAC) just missed its deadline
On Friday, U.S. Rep. Edolphus Towns sent a sternly worded letter instructing the bank to reveal by noon today when it became aware of the gigantic losses at Merrill Lynch.
That apparently didn’t happen.
DealBook/NYT: Bank of America did not meet a noon deadline on Monday to submit documents and other possible evidence in the Congressional investigation of the bank’s takeover of Merrill Lynch, according to a person close to the Congressional committee who was not authorised to discuss the situation on the record.
The committee’s chairman, Edolphus Towns, is deciding whether to issue a subpoena to force compliance, but first he plans to meet with the bank’s chief strategy and marketing officer, Anne Finucane, on Tuesday. He plans to tell her that the bank must comply with the request, and if it does not, a subpoena may be forthcoming, the person close to the committee said.
As we noted this morning, BofA shouldn’t have to disclose legal advice, but it still has some explaining to do.