Fed chairman Bernanke faces House committee today
By Daniel at 25 June, 2009, 3:50 pm
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Why is Ben even being interviewed?
No, it’s not that. We can read the article and see why they are interviewing him but that’s not the real “why”.
The real “why” is that it’s his word against Lewis. Which again, sort of asks the question…. why? If it’s simple a he-said-he-said someone is lying and no one is going to tell the truth so why waste the time.
The real “why” is that the Fed has no accountability. Neither do most of our congress or government bureaucracies, etc. There’s no video taped meetings, there’s no recorded transcripts, no nothing. No one is accountable.
So why bother?
Write to your congressmen and tell them to support Ron Paul’s bill to audit the Federal Reserve.
WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke told Congress Thursday he didn’t pressure Bank of America into acquiring Merrill Lynch in a deal that ultimately cost taxpayers $20 billion.
Bernanke told a House committee investigating the matter that he did not threaten action against Bank of America’s CEO Kenneth Lewis or the bank’s board members if they decided to abandon the takeover.
“I did not tell Bank of America’s management that the Federal Reserve would take action against the board or management” if they decided to invoke a clause in the acquisition contract in an attempt to stop the deal, Bernanke told the House Oversight and Government Reform Committee.
“Moreover, I did not instruct anyone to indicate to Bank of America that the Federal Reserve would take any particular action under those circumstances,” he added.
Earlier this month, Lewis testified that his job was threatened after he expressed second thoughts about the deal. Lewis said then-Treasury Secretary Henry Paulson and federal regulators made clear that if Charlotte-North Carolina-based Bank of America Corp. reneged on its promise, that he and the bank’s board members would be ousted.
http://finance.yahoo.com/news/Bernanke-says-he-didnt-bully-apf-822331088.html?x=0&.v=9
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