Heh heh Paulson: Yeah, I threatened Ken Lewis...But I didn't tell him to lie :)

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Submitted by flu on July 16, 2009 - 8:22am

Lol..

http://finance.yahoo.com/news/Paulson-sa...

Paulson says he pressured Bank of America CEO

WASHINGTON (AP) -- Former Treasury Secretary Henry Paulson says he pressured Bank of America last year to go through with its plans to buy Merrill Lynch but didn't tell the bank's chief to hide losses from shareholders.

In testimony Thursday before the House Oversight and Government Reform Committee, Paulson said he told Bank of America Corp. CEO Kenneth Lewis that the Federal Reserve could fire him if he backed out on the deal.

Paulson said that had the deal collapsed, it would have hurt the bank's stockholders as well as the broader financial system. The government ultimately gave $20 billion to the bank to blunt losses tied to the acquisition.

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