Federal Reserve officials harshly criticised Bank of America and its chief executive in emails after the bank tried to pull out of its deal to buy Merrill Lynch, according to documents obtained by congressional investigators, reports the WSJ. The documents provide a rare insight into the thinking of top Fed officials during the crisis, and highlight the key role played by Fed chairman Ben Bernanke in the BofA saga. The FT adds more detail about Lewis’ attempt to invoke a “material adverse change” clause.

This entry was posted by Gwen Robinson on Thursday, June 11th, 2009 at 5:00 and is filed under Capital markets, M&A, People. Tagged with BofA, merrill lynch. Edit this entry.