Bernanke Says He Didn't Bully BofA To Buy Merrill

Federal Reserve Chairman Ben Bernanke is telling Congress he didn't pressure Bank of America to stick with its acquisition of Merrill Lynch that ultimately cost taxpayers $20 billion.

In prepared testimony to a House committee investigating the matter, the Fed chief says he did not threaten action against Bank of America CEO Kenneth Lewis or the bank's board members if they decided to abandon the takeover after financial problems at Merrill were discovered.

Bernanke also says neither he nor any other member of the Fed ever urged Bank of America to keep quiet about Merrill Lynch's financial problems. Not divulging that information would have violated Lewis' fiduciary duty to the bank's shareholders.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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  • by Dwayne Location: Greenville on Jun 26, 2009 at 08:02 AM
    Sure. Exactly. That's what every taxpayer was thinking. Carry on.
  • by Bill Location: Jamesville on Jun 25, 2009 at 06:51 PM
    You know the old saying "If his lips are moving, he's l____!"
  • by ace Location: plymouth on Jun 25, 2009 at 06:47 PM
    If you believe this I have some desert land to sell in Florida.
  • by Sam on Jun 25, 2009 at 11:00 AM
    Oh Really or is he just saying that like all politicians say?
  • by Dwayne Location: Greenville on Jun 25, 2009 at 08:54 AM
    Sure, we believe him. He's from the government. He wouldn't do anything that would hurt the taxpayers.....right?

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