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IPFS News Link • Federal Reserve

Lawmaker accuses Fed of "cover-up" in BofA deal

06-25-2009 • Reuters

The Federal Reserve sought to hide its involvement in Bank of America Corp's acquisition of Merrill Lynch as Merrill's financial condition worsened, the top Republican on the House Oversight and Government Reform Committee said. The Fed "engaged in a cover-up and deliberately hid concerns and pertinent details regarding the merger from other federal regulatory agencies," Representative Darrell Issa said.

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Reported By Powell Gammill

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