Home › Forums › Financial Markets/Economics › The plot thickens….Confirmed.. Fed Reserve Strongarmed BofA …
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June 10, 2009 at 4:24 PM #15861June 10, 2009 at 4:28 PM #413320
UCGal
ParticipantI wonder how Hank, Timmy, and Ben sleep at night.
June 10, 2009 at 4:28 PM #413552ParticipantI wonder how Hank, Timmy, and Ben sleep at night.
June 10, 2009 at 4:28 PM #413803ParticipantI wonder how Hank, Timmy, and Ben sleep at night.
June 10, 2009 at 4:28 PM #413873ParticipantI wonder how Hank, Timmy, and Ben sleep at night.
June 10, 2009 at 4:28 PM #414023ParticipantI wonder how Hank, Timmy, and Ben sleep at night.
June 10, 2009 at 4:46 PM #413338
CoronitaParticipantMore info… Holy snickers…..The Fed’s arm is going for the hail mary reach.
….and to think our government has drummed up all this public outrage against Big Banks……
Note to self.. If you go to a meeting with the government, wear a wire….
WASHINGTON, June 10 (Reuters) – Emails from Federal Reserve Chairman Ben Bernanke and others indicate pressure on Bank of America to withhold information from the public about the bank’s worries about Merrill’s financial condition, according to a document written by U.S. House Republicans.
The documents, which were subpoenaed by the U.S. House Oversight and Government Reform Committee, were cited in a staff memo for Republicans ahead of a hearing Thursday where Bank of America (BAC.N) chief executive Ken Lewis will testify.
One email shows pressure from the Fed on Lewis to stay the course on the deal, or have management removed.
In an email from Jeffrey Lacker, the president of the Richmond Federal Reserve, speaking about Lewis’ intent to exercise a “material adverse change” (MAC) clause to get out of the Merrill deal, Lacker said:
“Just had a long talk with Ben … Says they think the MAC threat is irrelevant because it’s not credible. Also intends to make it even more clear that if they play that card and they need assistance, management is gone.”
June 10, 2009 at 4:46 PM #413572CoronitaParticipantMore info… Holy snickers…..The Fed’s arm is going for the hail mary reach.
….and to think our government has drummed up all this public outrage against Big Banks……
Note to self.. If you go to a meeting with the government, wear a wire….
WASHINGTON, June 10 (Reuters) – Emails from Federal Reserve Chairman Ben Bernanke and others indicate pressure on Bank of America to withhold information from the public about the bank’s worries about Merrill’s financial condition, according to a document written by U.S. House Republicans.
The documents, which were subpoenaed by the U.S. House Oversight and Government Reform Committee, were cited in a staff memo for Republicans ahead of a hearing Thursday where Bank of America (BAC.N) chief executive Ken Lewis will testify.
One email shows pressure from the Fed on Lewis to stay the course on the deal, or have management removed.
In an email from Jeffrey Lacker, the president of the Richmond Federal Reserve, speaking about Lewis’ intent to exercise a “material adverse change” (MAC) clause to get out of the Merrill deal, Lacker said:
“Just had a long talk with Ben … Says they think the MAC threat is irrelevant because it’s not credible. Also intends to make it even more clear that if they play that card and they need assistance, management is gone.”
June 10, 2009 at 4:46 PM #413823CoronitaParticipantMore info… Holy snickers…..The Fed’s arm is going for the hail mary reach.
….and to think our government has drummed up all this public outrage against Big Banks……
Note to self.. If you go to a meeting with the government, wear a wire….
WASHINGTON, June 10 (Reuters) – Emails from Federal Reserve Chairman Ben Bernanke and others indicate pressure on Bank of America to withhold information from the public about the bank’s worries about Merrill’s financial condition, according to a document written by U.S. House Republicans.
The documents, which were subpoenaed by the U.S. House Oversight and Government Reform Committee, were cited in a staff memo for Republicans ahead of a hearing Thursday where Bank of America (BAC.N) chief executive Ken Lewis will testify.
One email shows pressure from the Fed on Lewis to stay the course on the deal, or have management removed.
In an email from Jeffrey Lacker, the president of the Richmond Federal Reserve, speaking about Lewis’ intent to exercise a “material adverse change” (MAC) clause to get out of the Merrill deal, Lacker said:
“Just had a long talk with Ben … Says they think the MAC threat is irrelevant because it’s not credible. Also intends to make it even more clear that if they play that card and they need assistance, management is gone.”
June 10, 2009 at 4:46 PM #413892CoronitaParticipantMore info… Holy snickers…..The Fed’s arm is going for the hail mary reach.
….and to think our government has drummed up all this public outrage against Big Banks……
Note to self.. If you go to a meeting with the government, wear a wire….
WASHINGTON, June 10 (Reuters) – Emails from Federal Reserve Chairman Ben Bernanke and others indicate pressure on Bank of America to withhold information from the public about the bank’s worries about Merrill’s financial condition, according to a document written by U.S. House Republicans.
The documents, which were subpoenaed by the U.S. House Oversight and Government Reform Committee, were cited in a staff memo for Republicans ahead of a hearing Thursday where Bank of America (BAC.N) chief executive Ken Lewis will testify.
One email shows pressure from the Fed on Lewis to stay the course on the deal, or have management removed.
In an email from Jeffrey Lacker, the president of the Richmond Federal Reserve, speaking about Lewis’ intent to exercise a “material adverse change” (MAC) clause to get out of the Merrill deal, Lacker said:
“Just had a long talk with Ben … Says they think the MAC threat is irrelevant because it’s not credible. Also intends to make it even more clear that if they play that card and they need assistance, management is gone.”
June 10, 2009 at 4:46 PM #414043CoronitaParticipantMore info… Holy snickers…..The Fed’s arm is going for the hail mary reach.
….and to think our government has drummed up all this public outrage against Big Banks……
Note to self.. If you go to a meeting with the government, wear a wire….
WASHINGTON, June 10 (Reuters) – Emails from Federal Reserve Chairman Ben Bernanke and others indicate pressure on Bank of America to withhold information from the public about the bank’s worries about Merrill’s financial condition, according to a document written by U.S. House Republicans.
The documents, which were subpoenaed by the U.S. House Oversight and Government Reform Committee, were cited in a staff memo for Republicans ahead of a hearing Thursday where Bank of America (BAC.N) chief executive Ken Lewis will testify.
One email shows pressure from the Fed on Lewis to stay the course on the deal, or have management removed.
In an email from Jeffrey Lacker, the president of the Richmond Federal Reserve, speaking about Lewis’ intent to exercise a “material adverse change” (MAC) clause to get out of the Merrill deal, Lacker said:
“Just had a long talk with Ben … Says they think the MAC threat is irrelevant because it’s not credible. Also intends to make it even more clear that if they play that card and they need assistance, management is gone.”
June 10, 2009 at 5:18 PM #413357Allan from Fallbrook
ParticipantFLU: Forgetting for one second how the Obama administration is going to spin this mess, focus on the fact that the FED is NOT a governmental agency, nor are they supposed to have this sort of power (punitively speaking) over a publicly held, commercial bank.
I mean, WTF? And, why is the MSM not all over this? I mean they damn near lynched Clinton for suborning perjury in the Lewinsky case, but they’re mum on what amounts to unlawful coercion, usurpation of corporate power, undue influence and nearly extortion.
June 10, 2009 at 5:18 PM #413592ParticipantFLU: Forgetting for one second how the Obama administration is going to spin this mess, focus on the fact that the FED is NOT a governmental agency, nor are they supposed to have this sort of power (punitively speaking) over a publicly held, commercial bank.
I mean, WTF? And, why is the MSM not all over this? I mean they damn near lynched Clinton for suborning perjury in the Lewinsky case, but they’re mum on what amounts to unlawful coercion, usurpation of corporate power, undue influence and nearly extortion.
June 10, 2009 at 5:18 PM #413843ParticipantFLU: Forgetting for one second how the Obama administration is going to spin this mess, focus on the fact that the FED is NOT a governmental agency, nor are they supposed to have this sort of power (punitively speaking) over a publicly held, commercial bank.
I mean, WTF? And, why is the MSM not all over this? I mean they damn near lynched Clinton for suborning perjury in the Lewinsky case, but they’re mum on what amounts to unlawful coercion, usurpation of corporate power, undue influence and nearly extortion.
June 10, 2009 at 5:18 PM #413912ParticipantFLU: Forgetting for one second how the Obama administration is going to spin this mess, focus on the fact that the FED is NOT a governmental agency, nor are they supposed to have this sort of power (punitively speaking) over a publicly held, commercial bank.
I mean, WTF? And, why is the MSM not all over this? I mean they damn near lynched Clinton for suborning perjury in the Lewinsky case, but they’re mum on what amounts to unlawful coercion, usurpation of corporate power, undue influence and nearly extortion.
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