Old Project Avalon Forum (ARCHIVE) - View Single Post - HR 1207 Cosponsor Dan Burton Questions Bernanke on the B.of A./Merrill Lynch Merger

peaceandlove · 06-26-2009, 01:21 AM

It appears that Bernanke is going to loose his seat in this next round of Musical Chairs!

If not Bernanke, there will be someone who is made an example of who is close to the Fed.

Pull up a seat and watch the show!

Lawmaker accuses Fed of "Cover-Up" in Bank of America Deal

Thu Jun 25, 2009 1:13am EDT

By Kim Dixon

WASHINGTON (Reuters) - The Federal Reserve sought to hide its involvement in Bank of America Corp's acquisition of Merrill Lynch as Merrill's financial condition worsened, the top Republican on the House Oversight and Government Reform Committee said on Wednesday.

The Fed "engaged in a cover-up and deliberately hid concerns and pertinent details regarding the merger from other federal regulatory agencies," Representative Darrell Issa said in a statement released to Reuters.

Bernanke has in the past denied any inappropriate pressure on Bank of America. Fed spokeswoman Michelle Smith on Wednesday referred to a letter Bernanke sent Representative Dennis Kucinich on April 30 and later testimony in which he offered an "unconditional assertion" that he did not ask Bank of America CEO Ken Lewis to withhold information regarding Merrill.

"The Federal Reserve acted with the highest integrity throughout its discussions with Bank of America," Bernanke wrote to the Ohio Democrat, who chairs a subcommittee on the Oversight panel.

The Democrat who heads the committee, Edolphus Towns of New York, has called Bernanke to testify on Thursday. "I am not going to prejudge these issues. We are not even close to finishing the Bank of America-Merrill Lynch investigation at this point," Towns said in a statement.

Continues: http://www.campaignforliberty.com/wire.php?view=6078

06-26-2009, 01:21 AM	#3
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Re: HR 1207 Cosponsor Dan Burton Questions Bernanke on the B.of A./Merrill Lynch Merg It appears that Bernanke is going to loose his seat in this next round of Musical Chairs! If not Bernanke, there will be someone who is made an example of who is close to the Fed. Pull up a seat and watch the show! Lawmaker accuses Fed of "Cover-Up" in Bank of America Deal Thu Jun 25, 2009 1:13am EDT By Kim Dixon WASHINGTON (Reuters) - The Federal Reserve sought to hide its involvement in Bank of America Corp's acquisition of Merrill Lynch as Merrill's financial condition worsened, the top Republican on the House Oversight and Government Reform Committee said on Wednesday. The Fed "engaged in a cover-up and deliberately hid concerns and pertinent details regarding the merger from other federal regulatory agencies," Representative Darrell Issa said in a statement released to Reuters. Bernanke has in the past denied any inappropriate pressure on Bank of America. Fed spokeswoman Michelle Smith on Wednesday referred to a letter Bernanke sent Representative Dennis Kucinich on April 30 and later testimony in which he offered an "unconditional assertion" that he did not ask Bank of America CEO Ken Lewis to withhold information regarding Merrill. "The Federal Reserve acted with the highest integrity throughout its discussions with Bank of America," Bernanke wrote to the Ohio Democrat, who chairs a subcommittee on the Oversight panel. The Democrat who heads the committee, Edolphus Towns of New York, has called Bernanke to testify on Thursday. "I am not going to prejudge these issues. We are not even close to finishing the Bank of America-Merrill Lynch investigation at this point," Towns said in a statement. Continues: http://www.campaignforliberty.com/wire.php?view=6078 Last edited by peaceandlove; 06-26-2009 at 01:24 AM.