Why did Fed write emails that bash the Bofa chief?
11 Jun 2009 … Fed Emails Bash BofA Chief in Tussle Over Merrill Deal …. Its management “did not instill a ton of confidence that they have got a comprehensive … Write to Michael R. Crittenden at michael.crittenden@dowjones.com … Sources: online.wsj.com/article/SB124466361157703247.
Federal Reserve officials harshly criticized Bank of America Corp. and its chief executive in emails after the bank tried to pull out of its deal to buy Merrill Lynch, according to documents unearthed by congressional investigators. During the December standoff between the big bank and top government officials, Federal Reserve Chairman Ben Bernanke dismissed the pullout threat as a “bargaining chip.” Fed attorneys called the bank’s arguments “not credible.” And a top examiner said Chief Executive Kenneth Lewis’s own claim that the bank was surprised by Merrill’s mounting losses “seems somewhat suspect.” Sources: http://online.wsj.com/article/SB124466361157703247.
