B of A's Lewis: Feds threatened ouster over Merrill deal


Bank of America (BAC) CEO Ken Lewis told Congress that government officials threatened him with removal if he pulled out of a $50 billion deal to buy Merrill Lynch last year.

Appearing before the House Oversight Committee, Lewis also faced pointed questioning from Rep. Dennis Kucinich (D-Ohio) and others over when he learned about losses at Merrill Lynch, which mounted rapidly last November and December. They asked whether Bank of America explored scuttling the acquisition in order to pressure the government to provide more assistance for the deal.