http://finance.yahoo.com/news/Emails-show-Fed-pressed-BofA-rb-15500303.html?sec=topStories&pos=2&asset=&ccode=
The POWER of the FED and the abuse of that ISSUE
WASHINGTON (Reuters) - Emails from Federal Reserve officials appear to back assertions by Bank of America (BAC - News) Chief Executive Kenneth Lewis that he was under pressure, to the point of losing his job, to complete the purchase of Merrill Lynch, despite worries about its financial condition.
Republican lawmakers on Wednesday released excerpts of documents, including an email from Richmond Fed President Jeffrey Lacker that cites Fed Chairman Ben Bernanke on Lewis' intent to exercise a "material adverse change" (MAC) clause to exit the Merrill deal.
"Just had a long talk with Ben ... Says they think the MAC threat is irrelevant because it's not credible. Also intends to make it even more clear that if they play that card and they need assistance, management is gone."
A congressional hearing on Thursday will
