One of Bank of America’s leading directors described the acquisition of Merrill Lynch as a “bad mistake” that the bank was “pressured” into completing by the government, according to an email turned over to a congressional committee. The e-mail, from Chad Gifford to his children in January, emerged on Tuesday at a hearing by the House committee on oversight and government reform into the circumstances surrounding an emergency $20bn capital infusion to BofA earlier this year.

