Congress demands details on Bank of America's deal for Merrill Lynch


Everyone wants to weigh in on the Bank of America (BAC) acquisition of Merrill Lynch and the subsequent disclosures about the deal. The SEC filed a case against the bank that was supposed to be settled, but a federal judge rejected the settlement. N.Y. Attorney General Andrew Cuomo has subpoenaed five B of A board members. And, for reasons that are hard to fathom, even the FBI and Justice Department want to review details of the transaction.

Add to that long list the House Committee on Oversight and Government Reform, which has told the bank that it cannot rely on attorney-client privilege to withhold details of its plans to distribute bonuses to Merrill employees or its knowledge of huge Q4 2008 losses at the brokerage firm.