Bernanke pushes back on BofA, Merrill deal charges

Reuters
Thursday, 25th June, 2009

Federal Reserve Chairman Ben Bernanke on Thursday pushed back hard against accusations the Fed threatened Bank of America (BAC.N) executives if they halted a merger with Merrill Lynch or pressured them to withhold bad news about the troubled investment bank.

“Neither I nor any member of the Federal Reserve ever directed, instructed, or advised Bank of America to withhold from public disclosure any information relating to Merrill Lynch,” Bernanke told the House of Representatives Oversight and Government Reform Committee.

The top Republican on the panel, Representative Darrell Issa, on Wednesday charged the Fed had covered up its involvement in the merger and “deliberately hid” important details from other federal regulators.

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