Current Events Economics - General

“Say it ain’t so, Ben”

  • Bank of America shareholders approved the purchase of Merrill Lynch on December 5, 2008.  
  • Last year in the fourth quarter,  Merrill Lynch lost $15.84 billion.  
  • Bank of America President Ken Lewis knew that Merrill was at risk of huge 4th quarter losses.
  • Ken Lewis did not tell shareholders about Merrill’s impending large losses.  Why?

Under oath, Ken Lewis testified that “he believed Messrs. Paulson and Bernanke were instructing him to keep silent about deepening financial difficulties at Merrill, the struggling brokerage giant.”   

According to Lynn Turner, former chief accountant at the SEC, “If these allegations are proven true, both Bernanke and Paulson should be prosecuted by the SEC to the fullest extent of the law.

Economists coercing business leaders to hide vital economic information…Say it ain’t so, Ben!

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