video: http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=287770-1
Former Treasury Secretary Henry Paulson testified about federal assistance to Bank of America and Merrill Lynch. Members often asked pointed questions and demonstrated frustration with Mr. Paulson, calling on him to account for misleading Congress to gain approval of the $700 billion financial market rescue program, investing in banks on overly generous terms, failing to help homeowners facing foreclosure, and allowing the nation to fall into economic crisis. Mr. Paulson responded that the government had to intervene in the financial system to prevent an even deeper economic crisis and that the actions he took were appropriate and helpful. The hearing was convened as part of an investigation into the government's efforts to secure the acquisition of Merrill Lynch by Bank of America. The companies struck a deal the previous September to merge without government aid, but only completed the deal in January after the Treasury agreed to invest $20 billion and to help limit Bank of America's losses. Former Treasury Sec. Paulson on Merrill Lynch Merger ID: 287770-1 House Committee 07/16/2009 3 hours, 25 minutes ###### video: http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=286965-1 Kenneth Lewis, CEO of Bank of America, testified about the events surrounding Bank of America's acquisition of Merrill Lynch and its receipt of federal financial assistance. In his testimony he said that federal regulators had pressured the bank into moving forward with the merger. In sometimes contentious exchanges, committee members expressed concern about the pressure applied, but also questioned if Mr. Lewis may have used the threat of backing out of the acquisition as a "bargaining chip" for more government assistance. See program id # 286965-4 to view the continuation of the hearing. Bank of America and Merrill Lynch Merger ID: 286965-1 House Committee 06/11/2009 - 2 hours, 1 minute --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "ShadowGovernment" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/ShadowGovernment -~----------~----~----~----~------~----~------~--~---
