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WASHINGTON (AP) -- Congressional investigators say they have seen internal documents that prove the Federal Reserve threatened to force the ouster of Bank of America CEO Kenneth Lewis if he didn't follow through with plans to buy Merrill Lynch & Co.
WASHINGTON (AP) -- House lawmakers on Thursday accused federal regulators of a gross misuse of power in orchestrating a "shotgun wedding" between Bank of America Corp. and Merrill Lynch & Co. that cost U.S. taxpayers $20 billion.
The House Oversight and Government Reform Committee is investigating claims that the then Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke put pressure on Mr Lewis to close the deal, despite Merrill's financial difficulties.