Bank of America CEO says gov’t pressured him to buy Merrill Lynch despite concerns about deal

WASHINGTON — House lawmakers on Thursday accused federal regulators of a gross misuse of power in orchestrating a “shotgun wedding” between Bank of America Corp. and Merrill Lynch & Co. that cost U.S. taxpayers $20 billion.

House chairman: Fed e-mails raise questions about merits of $20B Bank of America bailout

WASHINGTON — The top Democrat on a House investigative committee says internal e-mails by Federal Reserve employees raise serious questions about $20 billion in government aid provided to Bank of America to buy Merrill Lynch.