Latest In

Breaking News

Paulson to Testify on Bank of America-Merrill Lynch Deal

Just a few days after Federal Reserve Chairman Ben Bernanke testified before House lawmakers about his role in Bank of America’s controversial buyout of Merrill

Jul 31, 2020
2.4K Shares
2.4M Views
Just a few days after Federal Reserve Chairman Ben Bernanke testified before House lawmakers about his role in Bank of America’s controversial buyout of Merrill Lynch, House Oversight and Government Reform Chairman Edolphus Towns (D-N.Y.) announced that former Treasury Secretary Henry Paulson will be the next official to take the hot seat.
Bank of America purchased Merrill Lynch in December, even after then-BoA CEO Ken Lewis voiced reservations that the buyout would be a bad move for BoA shareholders due to the bad financial shape of Merrill.
Lewis later told New York’s attorney general that federal officials, notably Bernanke and Paulson, had pressured him to go through with the sale. To sweeten the pot, the White House eventually put up $20 billion of Wall Street bailout dollars to catalyze the deal.
Appearing before Towns’ panel last week, Bernanke defended his role in the saga. Paulson will have his chance July 16.
Camilo Wood

Camilo Wood

Reviewer
Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
Latest Articles
Popular Articles