So much for transparency.
Bank of America chief testifies that government officials pressured him to stay mum on losses tied to the ailing brokerage.
NEW YORK (Reuters) -- Bank of America Corp CEO Kenneth Lewis testified under oath that Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Henry Paulson pressured him to keep quiet about losses at Merrill Lynch & Co, which the bank was buying, the Wall Street Journal reported.
Testifying before New York Attorney General Andrew Cuomo in February, Lewis said "it wasn't up to me" to reveal Merrill's fourth-quarter losses as they were becoming apparent in December, the newspaper said, citing a deposition transcript.
Shareholders of Merrill and Bank of America voted to approve the merger on Dec. 5, and the transaction closed on Jan. 1. Bank of America subsequently reported that Merrill lost $15.84 billion in the fourth quarter.
At Bank of America's April 29 annual meeting, shareholders will vote on whether to force Lewis to step down as chairman of the largest U.S. bank or leave its board, because of Merrill and a falling share price.
Many critics also want Lewis to give up the chief executive job, which he has held since 2001.
The Journal said Lewis testified that Bernanke and Paulson told him the merger needed to go through and that any failure would "impose a big risk to the financial system" of the United States.
