June 24 (Bloomberg) -- U.S. Congressman Darrell Issa said the Federal Reserve “engaged in a cover-up” about details of Bank of America Corp.’s takeover of Merrill Lynch & Co. The Fed “deliberately hid concerns and pertinent details” of the merger from other government agencies, Issa, a Republican from California, said in an e-mailed statement.
Please allow the time for me to get plastic surgery to display my shock and disbelief, as I cannot muster those emotions and corresponding facial expressions on my own.
Can I borrow your towel? My car just hit a water buffalo.
Breaking News: Tim Geithner, Treasury Secretary, supposedly emailed telling BofA that they couldn't back out of acquiring Merrill Lynch, according to CNBC.
An email by Geithner telling BofA to close the deal would be a proverbial smoking gun, since BofA honcho Ken Lewis has said he was forced into buying the bank and not publicly revealing the poor financial shape that Merill Lynch was in, in the wake of pressure from the government.