{"id":191778,"date":"2009-06-25T17:33:00","date_gmt":"2009-06-25T22:33:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/06\/25\/non-denial-denial-from-bernanke\/"},"modified":"2009-06-25T17:33:00","modified_gmt":"2009-06-25T22:33:00","slug":"non-denial-denial-from-bernanke","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/06\/25\/non-denial-denial-from-bernanke\/","title":{"rendered":"Non Denial Denial from Bernanke"},"content":{"rendered":"<p>So, in testimony before the House Oversight Committee, he claims that <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=newsarchive&amp;sid=aR7ByZh3.xyU\">the Federal Reserve acted with the &#8220;highest integrity&#8221; with regard to the BoA Merrill deal<\/a>:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>The Fed chairman said neither he nor any member of the Fed \u201cinstructed, or advised Bank of America to withhold from public disclosure any information relating to Merrill Lynch, including its losses, compensation packages or bonuses, or any other related matter.\u201d<\/p>\n<p>The disclosures \u201cbelong squarely with the company, and the Federal Reserve did not interfere in the company\u2019s disclosure decisions,\u201d he said.<\/p><\/blockquote>\n<p>Translation:  I didn&#8217;t tell him to lie, but I said that if disclosures queer the deal, you are toast.<\/p>\n<p>He testified against legislation allowing for audits of the Federal Reserve:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>When asked about legislation that would allow for broad audits of the Fed by the Government Accountability Office, Bernanke said such powers would compromise the central bank\u2019s independence and be \u201chighly destructive to the stability of the financial system, the dollar and our national economic situation.\u201d Maintaining independence on monetary policy is \u201ccritical,\u201d he said. <\/p><\/blockquote>\n<p>I may not be one of those financial whiz kids, but when someone says, &#8220;No audits,&#8221; I think, &#8220;Serious waste, fraud, and abuse.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>So, in testimony before the House Oversight Committee, he claims that the Federal Reserve acted with the &#8220;highest integrity&#8221; with regard to the BoA Merrill deal: The Fed chairman said neither he nor any member of the Fed \u201cinstructed, or advised Bank of America to withhold from public disclosure any information relating to Merrill Lynch, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,985],"tags":[],"class_list":["post-191778","post","type-post","status-publish","format-standard","hentry","category-finance","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/191778"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=191778"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/191778\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=191778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=191778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=191778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}