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Those arrogant pricks over at The Fed thought they could ignore a Congressional request for information on the BAC/Merrill merger.
Note that they didn't say "nuts", they apparently ignored the request.
Well, there is now a subpoena floating over toward Bernanke's office.
More as I get updates - check this post frequently, as it WILL be updated later.
(I will pay real money to see Bernanke bent over the table with a Congressional Contempt citation, shortly followed by a bill to revoke The Federal Reserve Act. I doubt Congress has the 'nads for it, but they damn well should
Originally posted by eNumbra
Is it weird that the possibility of justice and an audit of the fed has me a little aroused?
I doubt, assuming this is true that anything would come of it. But here's to hoping for the best; lord knows it's a long time coming.
June 9 (Bloomberg) -- The House Oversight and Government Reform Committee said it had a subpoena served on the Federal Reserve to compel it to turn over documents related to Bank of America Corp.’s acquisition of Merrill Lynch & Co.
The information was sent today in an e-mailed statement to Bloomberg.
A Congressional committee said on Tuesday it would issue the Federal Reserve with a subpoena, ordering the central bank to hand over documents related to Bank of America’s acquisition of Merrill Lynch.
The House oversight and government reform committee said it would “have a subpoena served on the Federal Reserve” as it tries to discover whether undue pressure was placed on Ken Lewis, chief executive of Bank of America, to complete an agreed deal to buy Merrill Lynch last year.
Andrew Cuomo, New York attorney general, said in April that Mr Lewis had accused Henry Paulson, then Treasury secretary, and other federal officials of instructing him to proceed with the deal even as he considered pulling out because of Merrill’s growing losses.
Ben Bernanke, chairman of the Fed, said last month that he had offered “full access to all papers, documents, notes related to those meetings and to the Bank of America-Merrill Lynch transaction”.
However, the House oversight committee, chaired by Democrat Edolphus Towns, said the opportunity to review documents at the Fed’s office was insufficient and he wanted copies to pursue an investigation.
In a Congressional hearing last month, Mr Bernanke denied acting inappropriately and said the presence of legal staff, including the Fed’s general counsel, at meeting with Mr Lewis ensured that “everything... met all the necessary legal requirements.
Here's the Bloomie Article:
June 9 (Bloomberg) -- The Federal Reserve was subpoenaed by the House Oversight Committee for e-mails and documents related to Bank of America Corp.’s purchase of Merrill Lynch & Co. after the panel was unable to obtain them through a request last week.
The committee served the subpoena today, Jenny Rosenberg, a spokeswoman for the panel, said in a telephone interview. The panel is seeking the internal Fed documents for a hearing scheduled for June 11, and Bank of America Chief Executive Officer Kenneth Lewis has agreed to testify, she said.
CNBS is reporting that The Fed has said they will "respond", which may or may not mean "comply".
We shall see.