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Thursday, June 11, 2009

Government Takeover of Banking Sector

There's really no other way to describe the federal government's actions. President Obama demands the resignations of CEO's and now the Fed Chairman threatens management of a private bank if it doesn't follow his instructions:

According to emails released Wednesday that pull back the curtain on heated negotiations, Federal Reserve Chairman Ben Bernanke had suggested to another Fed official that "management is gone," if BofA managers tried to flee the deal and later on needed further government assistance.

The revelations come thanks to Congressional subpoenas demanding that the Fed disclose emails related to Bank of America's purchase of Merrill. CNNMoney.com acquired copies of some of the emails circulated among House Republicans late Wednesday.

Bank of American CEO Ken Lewis heads to Capitol Hill todaym hopefully to stand up for capitalism rather to get further orders.

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