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Bank of America CEO Tells of Fed Threats to Buy Merrill Lynch
By Patricia Murphy - Politics DailyTestifying before the House Oversight Committee today, the CEO of Bank of America, Ken Lewis, said that federal regulators threatened to fire him and the bank's board of directors if the bank failed to complete a planned acquisition of then-teetering investment bank, Merrill Lynch. Lewis testified that during Bank of America's purchase of Merrill in December 2008, a last-minute report of massive losses at the investment bank raised enough red flags for the bank's leadership that it began a legal process to back out of the purchase, but federal officials objected. "If we went through with the ...
Bernanke Demands Bank Exec Lie to His Shareholders
By Dave - Politics DailyFrom the Wall Street Journal, this morning, a shocking revelation. At least this is shocking to me, something I thought would be impossible. The setup is this, Bank of America as part of something called a "Material Adverse Clause" needed to tell their shareholders that merging with Merrill Lynch would damage Bank of America and cause a loss. Anyway this is from testimony from Bank of America CEO Ken Lewis before the New York Attorney General as part of an investigation: Mr. Lewis: I remember, for some reason, we wanted to follow up and see if any progress -- as I recall, we actually, had not ...
Fundamentally McCain
By David Knowles - Politics DailyAs the stock market continues its plunge over the failure of Merrill Lynch, Lehman Brothers, and AIG, "Hardball" reminds us that, until yesterday afternoon, John McCain believed that the "fundamentals of our economy" were strong. Though the writing has been on the wall for months, if not years, McCain clung to his old positions as if they were "fundamental" truths. Now that McCain has changed his tune, and has offered the vague promise to "clean up Wall Street," it's worth remembering that over the past twenty years, almost no one has advocated policies of deregulation more than McCain. And it ...
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