BofA assures Congress on handling of Merrill purchase

10/19/2009 | Bloomberg

Bank of America has assured a congressional oversight committee that the handling of the acquisition of Merrill Lynch was conducted correctly, explaining that further disclosures could not have been made at the time. "A voluntary announcement that the bank was considering renegotiating or walking away form the deal could have led to the collapse of Merrill Lynch and made the ongoing financial crisis much, much worse -- for the country and for Bank of America's and Merrill Lynch's shareholders," Bank of America officials wrote in a letter sent Oct. 16 to the House Oversight Committee. Bank of America also provided more than 1,000 pages of documents to the committee Friday.

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