HFY, my darlings. HFY (hell fuck yeah). Ken Lewis has reportedly been asked by the House Oversight Committee to testify about the so-called "threat" he received from the government last year, which KL claimed prevented him from sharing with BAC shareholders that MER was set to report an imperial asston of losses for the fourth quarter, information that would've been more useful to them before the deal went through, rather than after.
Let's back the truck up for a sec: the Journalreported in April that during his February sit-down with Andrew Cuomo, Lewis told Andy he was "urged to keep quiet while the two sides negotiated government funding to help BofA absorb Merrill and its huge losses," and that later in his testimony, Lewis described a conversation with Paulson, in consultation with Bernanke, in which the Treasury secretary made it clear that Mr. Lewis's own job was at stake (which, hilariously, happened over the phone while Bald was out on a bike ride). Then Steve Liesman rode in to defend Bernanke's honor, saying a government official told him Bernanke never ever told Lewis not to disclose the losses prior to the deal going through. Later that day, Cuomo came out and was all "Paulson did the dirty work, but it was at the behest of Bernanke. And by the close of business, Paulson had issued a statement saying hell to the yes I threatened the guy, but Bernanke had nothing to do with it.
So all was seemingly good for Lewis (relatively speaking, of course), with Paulson having admitted that great bodily harm (and a shitcanning) would be visited on KL's house in the event he didn't keep his lips sealed. Oh, but then someone had a little too much Boone's before taking the mic at his bank's annual shareholder meeting less than a week later, and said this, probably not realizing reporters were present: "[The Merrill decision] was made independent of any government threat" and to the shareholder asking if Paulson really was the reason they weren't informed they were acquiring a slum house, "you have your facts wrong."
So, yeah, we're pretty psyched to sit back and see how he explains this one. (And also for Lewis's reunion with Maxine Waters, and exchanges like this one.)