Ken Lewis apparently isn’t finished testifying about his decision not to tell Bank of America (BAC) shareholders about Merrill Lynch’s “devastating” losses. Congress is getting ready to drag him into televised hearings, along with–from the sound of it–Bernanke, Paulson, and the whole Fed and Treasury crew.
The WSJ: Kenneth Lewis and top federal officials will be asked to testify under oath by a U.S. House panel next month, as congressional investigators probe claims that the bank was pressured by the government into completing its deal with Merrill Lynch & Co., a person familiar with the investigation said Wednesday.
The decision to hold a hearing before members of the House Committee on Oversight and Government Reform comes after investigators spent the last week reviewing documents at the Federal Reserve. The person familiar with the investigation said the review of documents, notes from phone conversations involving Federal Reserve officials, and other information suggest “there’s fire there.”