Fed Chairman Ben Bernanke testifying on Tuesday before the congressional Joint Economic Committee about the Fed’s role in BofA-Merrill deal said he never asked Kenneth Lewis, chief executive officer of Bank of America (BAC), to refrain from publicly discussing losses at Merrill Lynch & Co. before the merger.
From Bloomberg: “I absolutely did not in any way ask Mr. Lewis to obscure any disclosures or to fail to report information that he should be reporting,” Bernanke said.
Lewis in February told investigators for New York Attorney General Andrew Cuomo that he was pressured in December by Bernanke and former Treasury Secretary Henry Paulson to complete the Merrill acquisition amid mounting losses at the brokerage firm.
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