"Stepping back, though, it is important to remember the circumstances in which these discussions were taking place: a crisis in financial markets and in the economy generally." Lawrence Di Rita said. "Serious people were working hard to make decisions to stabilize and improve the situation. In hindsight, it's interesting to look at all of that, but we're looking forward."
From CNNMoney: Emails show fed strong armed BofA
Bank of America CEO Ken Lewis heads to Capitol Hill on Thursday, and he's likely to be grilled by lawmakers about the government's role in ensuring that the bank complete its controversial merger with Merrill Lynch.
According to emails released Wednesday that pull back the curtain on heated negotiations, Federal Reserve Chairman Ben Bernanke had suggested that "management is gone," BofA managers tried to flee the deal and later on needed further government assistance.
The revelations come thanks to Congressional subpoenas demanding that the Fed disclose emails related to bank of America's purchase of Merrill. CNNMoney.com acquired copies of some of the emails circulated among House republicans late Wednesday.
This concerns me quite a bit that our government can make companies purchase other ailing companies and potentially cause the buyer to go under as well. Does our government have to much control and is their a lot more going on than we are made aware? What do you think?
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