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Key Democrat Questions Bank of America Bailout

Renae

Renae

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The top Democrat on a House investigative committee says internal e-mails by Federal Reserve employees raise serious questions about $20 billion in government aid provided to Bank of America to buy Merrill Lynch.

Rep. Edolphus Towns of New York calls the money a "dowry for a shotgun wedding." The chairman of the House Oversight and Investigative Reform Committee said Thursday that questions remain about what happened exactly and "who was holding the shotgun."

The panel is investigating claims that top government officials, including then-Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke, urged Bank of America to go through with the acquisition and not to disclose to shareholders the details of Merrill Lynch's deteriorating financial state.

Bank of America Chief Executive Officer Kenneth Lewis says his bank decided to buy Merrill Lynch partly because it was pressured to do so by the Federal Reserve.
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Bank of America CEO: Feds Pressured Bank to Buy Merrill Lynch - Political News - FOXNews.com

Oh look, another case of "administration" suggesting...

Fascism at work folks. But remember, it was "just a suggestion"
 
MrVicchio said:
Bank of America CEO: Feds Pressured Bank to Buy Merrill Lynch - Political News - FOXNews.com

Oh look, another case of "administration" suggesting...

Fascism at work folks. But remember, it was "just a suggestion"
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I'd love to see some hard evidence come to light on this and other similiar issues. Don't get me wrong, it wouldn't surprise me in the least, but I'm hoping these emails aren't just subject to interpretation as the article suggests...hard evidence is needed in cases like this.
 
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MrVicchio said:
Bank of America CEO: Feds Pressured Bank to Buy Merrill Lynch - Political News - FOXNews.com

Oh look, another case of "administration" suggesting...

Fascism at work folks. But remember, it was "just a suggestion"
Click to expand...

Here is a great follow up to this story:

E-mails show the Fed pressured BofA to complete Merrill deal - Jun. 10, 2009

E-mail shows Fed strong-armed BofA
A day before Bank of America CEO Ken Lewis is due on Capitol Hill, e-mails detail the pressure the Fed put on BofA to complete its merger with Merrill Lynch.

WASHINGTON (CNNMoney.com) -- Bank of America CEO Ken Lewis heads to Capitol Hill on Thursday, and he's likely to be grilled by lawmakers about the government's role in ensuring that the bank complete its controversial merger with Merrill Lynch.

According to e-mails released Wednesday that pull back the curtain on heated negotiations, Federal Reserve Chairman Ben Bernanke had suggested to another Fed official that "management is gone," if BofA managers tried to flee the deal and later on needed further government assistance....continued at link provided
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Of course those who support government running everything wont bat an eye at this. Or they will simply say "This happened under Bush", which to them somehow OK's it happening under Obama. Both are wrong, both should not have done what they did and what they are doing.
 
TheHat said:
Here is a great follow up to this story:

E-mails show the Fed pressured BofA to complete Merrill deal - Jun. 10, 2009



Of course those who support government running everything wont bat an eye at this. Or they will simply say "This happened under Bush", which to them somehow OK's it happening under Obama. Both are wrong, both should not have done what they did and what they are doing.
Click to expand...

Wow. Maybe a "Lynching" is in order! (sorry, I couldn't help myself)

Seriously, though, I'm starting to agree with a sentiment I read in another thread about gutting the entire administration and starting fresh. Crooks and thugs in political office piss me off.

So much for "transparency", though I'm glad these crooks are being called to account.
 
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