The U.S. Federal Reserve was ordered to hand over e-mails and documents pertaining to Bank of America's purchase of Merrill Lynch in January 2009, according to a press release. The House Oversight and Government Reform Committee, who is currently investigating the bank deal, had requested the information last week, but the Fed refused to provide it. The Central Bank is accused of forcing the "shotgun wedding" of Merrill and BOA.
Press release from the office of Rep. Dennis Kucinich (D-OH);
Washington D.C. (June 8, 2009) -- House Oversight and Government Reform Committee Chairman Edolphus Towns (D-NY) and Ranking Member Darrell Issa (R-CA) today served a subpoena on the Federal Reserve (the Fed) to compel it to turn over documents related to Bank of America's acquisition of Merrill Lynch.
The full committee and Domestic Policy Subcommittee, under the leadership of Chairman Dennis Kucinich (D-OH), have been investigating the circumstances surrounding the federal government's bailout of the Bank of America-Merrill Lynch transaction. Specific documents subpoenaed include emails, notes of conversations and other documents.
The nearly $30 billion purchase of Merrill Lynch, also made Bank of America eligible for an extra $20 billion in bailout dough.
The Federal Reserve --a "privately owned" bank -- is seen by many as a criminal organization. Rep. Kucinich (D), and Rep. Ron Paul (R), have long battled for congressional oversight of the never-been-audited Central bank, and both representatives have introduced legislation to gain access to the Fed's "secret" books.