Former Treasury Sec. Paulson on Merrill Lynch Merger

Former Treasury Secretary Henry Paulson testified about federal assistance to Bank of America and Merrill Lynch. Members often asked… read more

Former Treasury Secretary Henry Paulson testified about federal assistance to Bank of America and Merrill Lynch. Members often asked pointed questions and demonstrated frustration with Mr. Paulson, calling on him to account for misleading Congress to gain approval of the $700 billion financial market rescue program, investing in banks on overly generous terms, failing to help homeowners facing foreclosure, and allowing the nation to fall into economic crisis. Mr. Paulson responded that the government had to intervene in the financial system to prevent an even deeper economic crisis and that the actions he took were appropriate and helpful. 

The hearing was convened as part of an investigation into the government’s efforts to secure the acquisition of Merrill Lynch by Bank of America. The companies struck a deal the previous September to merge without government aid, but only completed the deal in January after the Treasury agreed to invest $20 billion and to help limit Bank of America’s losses. close

*The transcript for this program was compiled from uncorrected Closed Captioning.

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Former Treasury Sec. Paulson on Merrill Lynch Merger

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Program ID:
287770-1
Category:
House Committee
Format:
House Committee
Location:
Washington, District of Columbia, United States
First Aired:
Jul 17, 2009
Last Aired:
Jul 23, 2009

Airing Details

  • Jul 17, 2009 | 2:35am EDT | C-SPAN 1
  • Jul 19, 2009 | 1:31pm EDT | C-SPAN 1
  • Jul 22, 2009 | 10:05pm EDT | C-SPAN 3
  • Jul 22, 2009 | 11:59pm EDT | C-SPAN 3
  • Jul 23, 2009 | 4:00am EDT | C-SPAN 3
  • Jul 23, 2009 | 5:59am EDT | C-SPAN 3
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