By Silla Brush - 10/21/09 12:14 AM EDT
House lawmakers postponed a hearing slated for Thursday into a controversial deal struck between Bank of America and Merrill Lynch at the height of the crisis, a congressional aide said late Tuesday.
The House Committee on Oversight and Government Reform is in the process of reviewing a large set of internal documents about the deal that are being released as part of an agreement between Bank of America and the Securities and Exchange Commission (SEC).
Bank of America was considering pulling out of the deal last December because of mounting losses at Merrill Lynch. The deal was completed in January 2009, but there have been a range of investigations since.
The House panel on Thursday was slated to hold its fourth hearing about the deal and was scheduled to hear testimony from the SEC, Federal Deposit Insurance Corporation (FDIC), former SEC Chairman Chris Cox and executives at Bank of America.
Some of the internal documents, obtained by The Hill on Monday, indicate that Bank of America officials believed that now-Treasury Secretary Timothy Geithner and President Barack ObamaBarack ObamaObamas welcome Olympians to White House Overnight Finance: Lawmakers float criminal charges for Wells Fargo chief | Scrutiny on Trump's Cuba dealings | Ryan warns of recession if no tax reform Obama pushes to end solitary confinement; states led the way. MORE's top economic advisor, Lawrence Summers, agreed to the deal. One of the documents, a set of talking points for the bank's CEO, cautioned that the information was a characterization and reflected a "gist" of a conversation.
Bank of America has received $45 billion in assistance from the government.