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Tuesday
Jan102012

Ken Lewis Paid 'Crazy Price' for Merrill Lynch, Buffett Says

Bloomberg

Bank of America overpaid for Merrill Lynch in a deal struck the same day Lehman Brothers filed for bankruptcy in 2008, billionaire Warren Buffett said.

"Ken Lewis paid a crazy price, in my view," Buffett said in remarks released by the Crisis Inquiry Commission.  "He could have bought them the next day for nothing because Merrill was going to go when Lehman went."

 

Kucinich grills Lewis over Fed emails:

Kucinich annihilates Ken Lewis.

Text below is from the Youtube page.

Video - Former Bank of America CEO, Ken Lewis, testified June 11, 2009 to congress about BOA's merger with Merrill Lynch.  During the hearing Rep. Dennis Kucinich, D-Ohio, challenged Lewis to be more forthcoming about his dealings with the Federal Reserve during the merger.  Specifically Kucinich cited emails from Fed officials saying Lewis had asked government officials to provide a letter saying that they had in fact ordered Lewis to merge with the struggling financial firm, Merrill Lynch, because Lewis feared lawsuits from company shareholders if the merger led to company losses.  Lewis said he did not recall asking for such a letter.  After the hearing Kucinich told reporters that Lewis' testimony could put the former CEO in legal jeopardy.

 

 

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