Bank of America CEO Says He Was Forced Into Merril Lynch Merger

According to USA Today, Ken Lewis has admitted that he and BofA were forced into the Merril Lynch merger by the government. According to a letter New York Attorney General Andrew Cuomo sent to lawmakers and transcripts of the testimony, Lewis said Treasury Secretary Henry Paulson told him "we would remove the board and management," if BofA decided to get out of an agreement to acquire Merrill. Also, he had to keep the shareholders in the dark: In his testimony, Lewis says he was instructed by Fed Chairman Ben Bernanke and Paulson not to inform shareholders. "I was instructed that 'We do not want a public disclosure,' " Lewis testified.