Merrill Lynch & Co. on Wednesday terminated two high-level executives, including the vice chairman, for allegedly refusing to testify to federal officials about financial services agreements the company completed with Enron Corp., according to the Wall Street Journal.

The Journal reported that Vice Chairman Thomas W. Davis was terminated for refusing to testify in an Enron investigation into several financial transactions completed by the financial services firm in 1999. Investment banker Schuyler Tilney, who headed the Houston office for Merrill Lynch, also was terminated for refusing to testify.

Merrill Lynch reportedly did not uncover any wrongdoing by Davis, who was scheduled to retire from the company in November, or by Tilney. Tilney was placed on administrative leave in July for refusing to testify before Congress. The company said in a press release that “while it regretted the action, it was enforcing its policy requiring employees to fully cooperate with regulatory and law enforcement investigations”

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