Investigators say Fed threatened bank CEO

Associated Press via Yahoo ^ | 6/10/09 | Anne Flaherty

[Carling]

WASHINGTON (AP) -- The Federal Reserve threatened to force the ouster of Bank of America CEO Kenneth Lewis if he didn't follow through with plans to buy Merrill Lynch & Co., Republicans said Wednesday after reviewing internal documents.

Republicans also said there was evidence that the government tried to restrict information related to the merger from being publicly released.

However, none of the documents showed that the government explicitly instructed Bank of America to hide Merrill Lynch's losses from shareholders, they said.

[taildragger]

You are so right, but Chicago politics will not work long term in DC. This administration has only been in power 6 months and they are already dangerously close to hanging themselves with corruption tactics and abuse of power charges. Someone is going to get impeached or shot if they don’t “get it” pretty fast that this stuff isn’t going to sit with the American heartland.

You make a great point.

Look what happened in Detroit. The stench got even too foul for them. 1st the Newspapers turned on Kawame and then it took one courageous prosecutor.

The question is, who will be our Kim Worthy?

[Cicero]

This happened under Bush, but I don’t think he had a clue what was going on. Paulson was basically working for Obama and the Dems.

[SJackson]

Imagine...if Pres. Bush — nah!

Nah?

December, 2008, the President was a man named Bush.

[SJackson]

What did people think they were getting when they elected this Chicago thug?

Uhh, GWB did this.

[SJackson]

Actually, this happened under the Bush administration, didn’t it?

Yes, keep it quiet.

[King Moonracer]

The Federal Reserve threatened to force the ouster of Bank of America CEO Kenneth Lewis if he didn't follow through with plans to buy Merrill Lynch & Co., Republicans said Wednesday after reviewing internal documents.

But Ole Kenny showed them. He took his $165 million in compensation over the last 6+ years and despite the stockholders, he bought Merrill. Thats what $165 million was for Kenny, tough decisions to protect the stockholders.

[SJackson]

You are so right, but Chicago politics will not work long term in DC

Well, I agree, but this was Texas politics

[SJackson]

This is about accusations against the previous WH and the Fed.

shhhhhhhhhhhhhhhhh

[Boiling Pots]

Take the Kings shilling, play the Kings tune.

I noticed in the 90’s/early 2000’s a huge push by BoA to get illegals into banking and mortgages.

How’d that work out for you, Obama-supporting former CEO Hugh McColl?

[cranked]

Chicago Politics as Usual Ping!

[editor-surveyor]

"Actually, this happened under the Bush administration, didn’t it?"

The "Fed" is not under any administration. - They are an arm of the big banks, not the government.

[org.whodat]

"Imagine...if Pres. Bush — nah!"

Why he and Paulson were the ones that wrote tarp!!!

[668 - Neighbor of the Beast]

Some people just miss the point like it's written in white.

[kcvl]

We have a ‘hood’ in the WH.

You aren't just kidding!

[Paladin2]

W was just destroying capitalism in order to save it.

[org.whodat]

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

Where does it state that the fed was acting by it's self!!!

[SJackson]

Yes, they do.

[editor-surveyor]

Paulson, who is a banker himself, had no power over the Fed. - He could urge all he wants, but the Fed is autonomous.

You do know that, don’t you?

[org.whodat]

Paulson was sectary of the treasury at the time, what planet have you been on.

[editor-surveyor]

Paulson was T-sec because he was there to control Bush.

The bankers are beholden to no 0ne.