Update: Bernanke gets Grilled on the Hill…

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

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….

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June 25, 2009. Tags: Bank of America Merrill merger, Ben Bernanke, BofA, BofA merger, Congressional Hearing, Congressional Leadership, Darrell Issa, Economy, FDIC, FEDERAL RESERVE, Hank Paulson, John Thain, Ken Lewis, TARP. Economy, Finance, Wall St. Comments off.