BofA (BAC) CEO Lewis Subpoenaed On Merrill, Reassures Management On Nationalization Fears
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Bank of America (NYSE: BAC) Chairman and CEO Kenneth Lewis was issued a subpoena by New York State Attorney General Andrew Cuomo related to an investigation into whether the company misled investors on its purchase of Merrill Lynch.
Yesterday, former Merrill Lynch CEO John Thain testified about the nature of the $4 billion in bonuses paid to employees before the merger, according to the Wall Street Journal.
The Journal also noted that Ken Lewis addressed nationalization speculation during a senior leadership meeting Thursday. Mr. Lewis told them policy officials in Washington have assured him that such an option isn't on the table. He also said he has urged the government to say this publicly.
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