Bank of America chief 'told to buy Merrill or face sack'
source: http://www.guardian.co.uk/business/2009/apr/23/us-government-threatened-bank-board-on-merrill
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The US government threatened to eject the entire board of Bank of America if the firm pulled out of a $50bn (£34bn) take over of troubled Merrill Lynch in December, according to new documents set to inflame a bitter shareholder dispute at America's wealthiest bank.
In potentially explosive testimony to regulators, Bank of America's chief executive, Ken Lewis, has claimed the US treasury ordered him to press ahead with a buyout of Merrill and to keep quiet about the Wall Street brokerage's mounting losses.
In potentially explosive testimony to regulators, Bank of America's chief executive, Ken Lewis, has claimed the US treasury ordered him to press ahead with a buyout of Merrill and to keep quiet about the Wall Street brokerage's mounting losses.
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