Fed Tried to Cover-up Its Involvement in Bank of America-Merrill Deal
Reuters
June 24, 2009
Federal Reserve sought to hide its extensive involvement and concerns about Bank of America Corp’s (BAC.N) acquisition of Merrill Lynch amid the latter’s worsening financial condition, a top Republican congressman said on Wednesday.
“The committee has already learned that Ben Bernanke and the Federal Reserve made inappropriate threats to fire Bank of America management unless they went ahead with the ’shotgun wedding’ that was the Merrill Lynch acquisition,” Rep. Darrell Issa of the House Oversight and Government Reform Committee said in a statement released to Reuters.
Reuters
June 24, 2009
Federal Reserve sought to hide its extensive involvement and concerns about Bank of America Corp’s (BAC.N) acquisition of Merrill Lynch amid the latter’s worsening financial condition, a top Republican congressman said on Wednesday.
“The committee has already learned that Ben Bernanke and the Federal Reserve made inappropriate threats to fire Bank of America management unless they went ahead with the ’shotgun wedding’ that was the Merrill Lynch acquisition,” Rep. Darrell Issa of the House Oversight and Government Reform Committee said in a statement released to Reuters.
