US Representative Edolphus Towns, Chairman of the Committee on Oversight & Government Reform, wrote to Bank of America CEO Ken Lewis last week, as he steps up his bid to try and find out exactly what went on as Bank of America acquired Merrill Lynch - ultimately with billions in support from the US taxpayer.

Towns has said: 'The further we go into this investigation, the more troubling it becomes. As I have said from the beginning, the taxpayers have a right to know how they ended up on the hook for billions and how we fix this going forward. The only way to do this is to follow the facts wherever they lead us. We need to know exactly what Ken Lewis knew and when he knew it'.

Here's the letter:

'Dear Mr. Lewis:

Thank you for testifying before the Committee on Oversight and Government Reform on June 11,2009. We appreciate your willingness to assist the Committee in its investigation of the events surrounding Bank of America's acquisition of Merrill Lynch and the role the Federal government played in that transaction.

To aid in our investigation, we are writing to request copies of all records in your or Bank of America's custody, possession, or control that are described below:

1. Records created between September 1, 2008 and January 16, 2009 that relate to financial losses at Merrill Lynch or to Bank of America's receipt of financial assistance from the United States Government;

2. Records, including legal advice, that relate in any way to the Material Adverse Change clause of the Bank of America-Merrill Lynch merger agreement;

3. Records of legal advice that was provided to you or any Bank of America employee between September 1, 2008 and January 16, 2009 that related to disclosure of the financial condition of Merrill Lynch or to the disclosure of any U.S. government financial assistance to Bank of America;

Please deliver the requested records to the Committee on Oversight and Government Reform, room 2157 Rayburn House Office Building, no later than 12:00 noon on Friday, August 14, 2009. To facilitate delivery and review, we prefer that the records be delivered in electronic format. In responding to this request, please be advised that the terms 'records and 'relating to' are defined in the attachment to this letter.

Should you have any questions regarding this request, please contact John Arlington or Christopher Staszak of the Committee staff at 202-225-5051

Sincerely,
Edolphus Towns
Chairman'

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