House committee chairman troubled by federal dollars in Bank of America-Merrill Lynch dealJuly 16th, 2009 Scrutiny for Bank of American-Merrill Lynch dealWASHINGTON — A lawmaker is accusing Bank of America's chief executive of manipulating the government into paying $20 billion so the bank could buy troubled Merrill Lynch. The deal is drawing scrutiny at a hearing Thursday of the House Oversight and Government Reform Committee.
House lawmakers accuse former Treasury secretary Paulson of bending to bank, Paulson defiantJuly 16th, 2009 Lawmakers accuse Paulson of bending to bank CEOWASHINGTON — House lawmakers on Thursday accused former Treasury Secretary Henry Paulson of bending to the demands of a major bank and keeping negotiations of a hefty bailout secret in his rush to stabilize the financial markets last year. Paulson, testifying for the first time since leaving office in January after putting in place a $700 billion bank bailout program, was defiant in his response and admitted no wrongdoing.
House lawmakers say Paulson bent to bank CEO; Paulson defiantJuly 16th, 2009 Lawmakers say Paulson kept bailout details secretWASHINGTON — Lawmakers accused former Treasury Secretary Henry Paulson on Thursday of bending to the demands of a major bank and keeping negotiations of a hefty bailout secret in his rush to stabilize financial markets last year. Paulson, testifying for the first time since leaving office in January after putting in place a $700 billion bank bailout program, was defiant in his response and admitted no wrongdoing.
Former Treasury secretary says he was justified in threatening bank chief executive's jobJuly 16th, 2009 Paulson says he threatened bank chief executiveWASHINGTON — Former Treasury Secretary Henry Paulson says he was justified last year in suggesting that Bank of America Corp.'s chief executive could lose his job if the bank backed out on plans to buy troubled Merrill Lynch. His admission, included in written testimony for a House hearing Thursday, comes as Congress debates the government's role in managing financial firms that accept billions of dollars in aid.
Former Treasury secretary Paulson says he was justified in threatening bank CEO's jobJuly 16th, 2009 Paulson says he pressured Bank of America CEOWASHINGTON — Former Treasury Secretary Henry Paulson testified on Thursday that he pressured Bank of America Corp. last year to go through with its plans to buy Merrill Lynch but didn't tell the bank's chief to hide potential losses from shareholders.
Former Treasury Secretary Paulson defends response to financial crisis as probe beginsJuly 15th, 2009 Paulson defends his response to economic crisisWASHINGTON — Defending the government's handling of the economic crisis last year, former Treasury Secretary Henry Paulson said Wednesday that the Bush administration's responses were not perfect but "saved this nation from great peril."
"Many more Americans would be without their homes, their jobs, their businesses, their savings and their way of life," he said in written testimony prepared for a hearing Thursday. While losses have been staggering, "that suffering would have been far more profound and disturbing" had the government not intervened, he will tell the House Oversight and Government Reform Committee.
Paulson to testify July 16 before House panel probing Bank of America's acquisition of MerrillJune 29th, 2009 Paulson to testify July 16 about BofA-Merrill dealWASHINGTON — Former Treasury Secretary Henry Paulson will testify next month before a House committee that's investigating whether he and other government officials pressured Bank of America Corp. to acquire Merrill Lynch in a deal that cost taxpayers $20 billion.
Bernanke to face hostile questioning by lawmakers on Bank of America, Merrill Lynch dealJune 25th, 2009 Bernanke to face hostile questioning on BofA dealWASHINGTON — Federal Reserve Chairman Ben Bernanke likely will face hostile questions from a House committee investigating whether he and other government officials pressured Bank of America Corp. into a "shotgun wedding" with Merrill Lynch that cost taxpayers $20 billion.
Fed chairman Bernanke faces House committee over Bank of America-Merrill Lynch dealJune 25th, 2009 Fed chairman Bernanke faces House committee todayWASHINGTON — Federal Reserve Chairman Ben Bernanke likely will face hostile questions from a House committee investigating whether he and other government officials pressured Bank of America Corp. into a "shotgun wedding" with Merrill Lynch that cost taxpayers $20 billion.
House subpoenas documents that could shed new light on Fed's role in Bank of America mergerJune 19th, 2009 House targets Fed in Bank of America investigationWASHINGTON — A House panel has subpoenaed documents that lawmakers say could shed new light on Federal Reserve Chairman Ben Bernanke's role in Bank of America's acquisition of Merrill Lynch. The subpoena comes ahead of a hearing next week in which Bernanke is scheduled to testify.
Congressional investigators say documents prove the Fed threatened to oust bank CEOJune 11th, 2009 Investigators say Fed threatened bank CEOWASHINGTON — 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.
Bank of America CEO says gov't pressured him to buy Merrill Lynch despite concerns about dealJune 11th, 2009 CEO: Government pushed bank to buy Merrill LynchWASHINGTON — House lawmakers on Thursday accused federal regulators of a gross misuse of power in orchestrating a "shotgun wedding" between Bank of America Corp. and Merrill Lynch & Co.
House chairman: Fed e-mails raise questions about merits of $20B Bank of America bailoutJune 11th, 2009 House chairman questions Bank of America bailoutWASHINGTON — 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.
Congress subpoenas Fed over Bank of America acquisition of Merrill LynchJune 9th, 2009 Congress subpoenas the Fed over BOA-Merrill LynchWASHINGTON — House lawmakers on Tuesday said they have subpoenaed the Federal Reserve to hand over e-mails, notes and other documents related to its role in Bank of America Corp.'s acquisition of Merrill Lynch & Co. The lawmakers' subpoena comes after claims that top government officials pressured Bank of America Corp.
WSJ: BofA CEO Lewis testifies to NY AG that Bernanke, Paulson wanted Merrill losses kept quietApril 23rd, 2009 WSJ: BofA CEO says was told to be quiet on MerrillNEW YORK — Bank of America Chief Executive Kenneth Lewis told the New York attorney general he believed former Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke wanted him to keep quiet about the worsening terms of the bank's acquisition of Merrill Lynch, according to testimony reviewed by The Wall Street Journal. The New York AG's office plans to release the testimony on Thursday to federal regulators and overseers of bailout funds and banks, the newspaper reported after reviewing a transcript.
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