Update: Bernanke gets Grilled on the Hill…

Update: Ben doing very very well in his testimony, Markets are ecstatic about it, Dow up 148…

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Fed Chairman Bernanke under subpoena before Issa and Towns’ House Oversight and Government Reform Panel on BofA/Merrill merger

CNBC Live Stream Here

Ben’s prepared statement:

…Bernanke, in prepared testimony to a House committee investigating the matter, said 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.

“Neither I nor any member of the Federal Reserve ever directed, instructed or advised Bank of America to withhold from public disclosure any information relating to Merrill Lynch, including its losses, compensation packages or bonuses or any other related matter,” the Fed chief said.It marked Bernanke’s first public comments since the House committee launched an investigation earlier this year into whether he or other government officials bullied Bank of America to stick with its plan to combine the two financial powers after Lewis found out about Merrill’s financial woes….

FD-MiM are shareholders…a list of our previous posts here

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June 25, 2009. Tags: , , , , , , , , , , , , , . Economy, Finance, Wall St. Comments off.

Market Mover Thursday: Oil over 72 now and Ken Lewis on the Hill-Grill….

Yeah Oil over 72 people, feel the burn!!!

RIDICULOUS market sinking BS on the Hill, they are giving Ken Lewis the Inquisition

Just like Bush on waterboarding, they are looking back now and questioning the decisions made in crisis, when they did NOTHING to stop it at the time even though they KNEW…. Remember walkin hand in haaaand

These Congress Critters KNEW DAMN WELL Paulson was twisting arms and let it slide, now they want to make a spectacle and ‘remind; Americans the bad bad CEOs made this mess

I call Bullshit

This is opening a can of worms and lawsuits

We are BofA shareholders and we DO NOT WANT Congress’ ‘help’ deposing Mr Lewis

way to kill the conomic recovery jackaxxex….

tune to CNBC or CSPAN if you want to see it

This is to take down Bernanke, IMO the worst thing they could do as we try to climb out of the hole..

Political Grandstanding and a Kangaroo Court…

June 11, 2009. Tags: , , , , , , , . Economy, Finance, Obama Administration, Politics, TARP, Uncategorized, Wall St. Comments off.

Making Their Move against the Fed: Bernanke under fire on BofA/Merrill: Email trail…

Okay Ben is under attack, and like it or not, with him the independence of the Federal Reserve. These emails were  leaked to CNBC by Congressional Investigators.

Our previous posts on Thain/Lewis here and here and here

Vodpod videos no longer available.

Insight on the emails leading up to the Bank of America-Merrill deal, with CNBC’s Scott Cohn; Joe diGenova, diGenova & Toensing; and CNBC’s Rick Santelli, Charlie Gasparino & Larry Kudlow.

Team TOTUS would like nothing better than to get Larry Summers in there in 2010, and Congress is lending a helping hand, issuing subpoenas and scheduling hearings, taking testimony from Ken Lewis. AG Cuomo was all over this commensurate with his role as NY AG in training to be Governor…this is going nowhere good…

Happier Days

Happier Days

(more…)

June 10, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, TARP, Wall St. Comments off.

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