Rep. Edward J. Markey on Tuesday questioned how the Office of the Comptroller of the Currency supervised Bank of America's controversial $1.4 billion loan to the investment fund D.E. Shaw.
The Massachusetts Democrat asked acting Comptroller of the Currency Julie L. Williams when her agency learned that the D.E. Shaw credit went sour and how much it knew about terms of the loan.
Mr. Markey's inquiry follows press reports that the OCC had approved the D.E. Shaw loan and was aware of the loss before NationsBank Corp.'s September acquisition of BankAmerica. The bank did not report the loss until October.
Mr. Markey first raised concerns about OCC's handling of the D.E. Shaw loan in a letter last month to Securities and Exchange Commissioner Arthur Levitt. Mr. Levitt responded Nov. 18 that the SEC does not know when the OCC learned of the losses.