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Fed Covered-Up BofA Merrill Deal: Rep. Darrell Issa

First Posted: 07/25/09 06:12 AM ET Updated: 05/25/11 02:30 PM ET

Bank Of America

WASHINGTON, June 24 (Reuters) - The 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.

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Read the whole story: Reuters


Filed by Ryan McCarthy  |