Reuters – The Federal Reserve sought to hide its involvement in Bank of America Corp‘s (BAC.N) acquisition of Merrill Lynch as Merrill’s financial condition worsened, the top Republican on the House Oversight and Government Reform Committee said on Wednesday.

The Fed "engaged in a cover-up and deliberately hid concerns and pertinent details regarding the merger from other federal regulatory agencies," Representative Darrell Issa said in a statement released to Reuters.

Read Complete Article

Tags: acquisition, bac, bank of america, bank of america corp, darrell issa, federal regulatory agencies, federal-reserve, government-reform-committee, house oversight and government reform committee, merger, merrill-lynch, oversight, pertinent details, republican, reuters

CNNMoney.com – ACF Industries and Bank of America Corp. (BAC) are suing hedge fund Steel Partners, accusing the fund of fraud by failing to tell investors of plans to go public, Reuters reported Wednesday.

Reuters says ACF, which court documents say is affiliated with Carl Icahn, invested $15 million with Steel Partners Offshore Fund Ltd, which became Steel Partners II (Offshore) Ltd. In the suit, Bank of America, acting as trustee for ACF’s employee pension fund, accuses Steel Partners of failing to give proper notice of plans to become a publicly traded partnership.

Read Complete Article

Tags: bac, bank of america, bank of america corp, carl-icahn, court documents, employee pension, fraud, investors, offshore ltd, offshore-fund, partnership, pension-fund, reuters, steel partners, trustee