House committee to investigate BofA Merrill deal

This presumably would include investigating Bernanke and Paulson too.

WSJ money quote:

The person familiar with the investigation said the review of documents, notes from phone conversations involving Federal Reserve officials and other information suggest “there’s fire there.”

This could be huge. Look, I mean, what was BofA CEO Kenneth Lewis supposed to do when the Fed and Paulson made him an offer he couldn’t refuse?

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