>Sponsored Link: <!–var d = new Date();r = escape(d.getTime()*Math.random());document.writeln('’);//–>How to protect your cash from the “Bailout Bombshell” right around the corner…
By Jason Simpkins
Bank of America Corp. (BAC) Chairman and Chief Executive Kenneth Lewis said in testimony before New York’s attorney general that Federal Reserve Chairman Ben S. Bernanke and former Treasury Secretary Henry M. Paulson pressured him not only to move ahead with a merger with Merrill Lynch despite reservations, but also to stay quiet about the mounting losses at the crumbling investment bank, The Wall Street Journal reported.
Transparency has long been a cornerstone of both democracy and the free market, but Lewis’s testimony that implies the CEO of one of America’s largest financial institutions – an institution that received more than $20 billion in taxpayer money – neglected to alert investors and potential shareholders to the full scope of Merrill’s losses prior to his company’s acquisition. It also implicates two prominent government officials in that decision.