FBI Said To Be Investigating Merrill Lynch Acquisition
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The newspaper's source has advised that the criminal investigation has been underway for around 6 months.
In the meantime, The New York Times reports that the US House of Representatives' Committee on Oversight and Government Reform has upped the pressure on BofA to reveal details of hitherto secret legal conversations its executives had about the takeover. Committee Chairman Edolphus Towns is said to have written to the bank again, pointing out that BofA cannot hide behind attorney-client privilege when dealing with Congress, and seeking additional information by noon today.
In the meantime, The Independent-on-Sunday reports that executives at Cazenove and JPMorgan have been in discussions about firming up the full takeover of the UK broker by the US bank. JPMorgan retains the option to fully acquire Cazenove in February, and it now seems just a matter of agreeing on the price.
Finally, The Financial Times reports that Royal Bank of Scotland is considering a stock issue in order to avoid the UK government increasing its stake in the bank to over 80%. The bank is thought to be looking to raise up to $8bn, all of which would be immediately handed to the government.
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