Bernanke Defends His Record on Merrill Lynch Decision

by Benjamin Domenech on 11:07 am June 25, 2009

June 25 (Bloomberg) — Federal Reserve Chairman Ben S. Bernanke said the central bank acted with the “highest integrity” in talks on Bank of America Corp.’s takeover of Merrill Lynch & Co., defending his record against some lawmakers who have alleged officials’ actions were inappropriate.

“The Federal Reserve acted with the highest integrity throughout its discussions,” Bernanke said today in testimony to the House Oversight Committee. He said that “in retrospect,” the Fed’s actions have strengthened Bank of America, Merrill and the financial system and protected taxpayer interests.

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