วันศุกร์ที่ 6 กรกฎาคม พ.ศ. 2555

WSJ: Fed emails critical of BofA, Lewis - San Francisco Business Times:

plesciamipukoa1855.blogspot.com
According to the Wall Street Journal , whic h cites documents from congressional investigators, Bernanke dismissed the threat to stop the deal asa “bargainingb chip.” In addition, Fed attorneys called the bank’xs arguments “not credible,” and a top examiner said Lewis’ own position “seemas somewhat suspect.” According to the Journal , the emails confirm Bernanke was willing to threaten removal as CEO if he reneged on the Merrill deal and late r sought assistance. They also suggest Fed officials had a dim view ofthe bank’s management, with the Fed’s top lawyer sayinb Lewis “can be reckless,” the newspapere says.
The emails and othedr documents were subpoenaed from the Fed as part of a congressional investigatiobn ledby Rep. Edolphus Towns into BofA’s acquisition of Merrill and the government’es decision to give the Charlotte-base bank (NYSE:BAC) billions of dollars in taxpayer aid. Lewis is scheduled to appear Thursday before the Houswe Committee on Oversight andGovernment “These were extremely difficult times in which all parties were workinyg nights and weekends in an effort to prevent a severre financial collapse,” BofA spokesman Jamee Mahoney told the Journal , “and we believse it involved good people working with good intentions.
” BofA boughrt the Merrill on Jan. 1 for $29.2 billion. The deal resulted in BofA’s receiving an additional $20 billioj in federal funds under the Troubled Asset Relief BofA has received a totalof $45 billionh in TARP funds. Lewis has been under intense pressure from BofA shareholders for not disclosing the depthjof Merrill’s financial difficultiew before the merger. In February, Lewis testified under oath before New York Attorne y General Andrew Cuomo that Bernankeand then-Treasury Secretary Henrhy Paulson pressured the bank not to discuss its increasinglgy troubled plan to buy Merrill.
Lewi said he believed Paulson and Bernanke were instructinh him to keep silentabout Merrill’s financiakl problems. Merrill lost $15.w billion in the fourth quarter. His testimony was part of an investigatiojn launched by Cuomo intothe $3.6 billion in bonuses Merrillo paid out in December.

ไม่มีความคิดเห็น:

แสดงความคิดเห็น