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What do you think of Henry Paulson's testimony?

Former Treasury Secretary Henry Paulson testified on Thursday that he pressured Bank of America Corp. last year to go through with its plans to buy Merrill Lynch but didn't tell the bank's chief to hide potential losses from shareholders.

Paulson acknowledged that he warned the bank's CEO, Kenneth Lewis, that Lewis could lose his job if he dropped the deal. Paulson also said he pledged government aid to the bank but declined to put that promise in writing because the details would have been vague and would have to be disclosed publicly by the Treasury Department.

Did he do anything illegal?
http://news.yahoo.com/s/ap/20090716/ap_on_go_co/us_paulson_bank_of_america
Is this going to expand the feds. reach?

Answer Question
 
sweet-a-kins

Asked by sweet-a-kins at 11:51 AM on Jul. 16, 2009 in Politics & Current Events

Level 34 (67,502 Credits)
Answers (7)
  • Not shocked by it. The banks were strong armed into giving loans to people with bad credit why wouldn't they be strong armed to by failing institutions. This is the government that many want to control their energy, health care, kids education and many other things. We are so screwed.
    Anonymous

    Answer by Anonymous at 12:00 PM on Jul. 16, 2009

  • I agree with anon 9:00.

    We know the government has been strong arming companies by their own admission! IMO, the whole admistration is nothing but a bunch of crooks, backstabbers and backscratechers. Oops, I left out the brown nosers.

    We have let the fox in the henhouse and now we are boohooing because there is no fried chicken on Sunday. Folks, it is only going to get worse from here.
    yourspecialkid

    Answer by yourspecialkid at 12:22 PM on Jul. 16, 2009

  • We know the government has been strong arming companies by their own admission! IMO, the whole admistration is nothing but a bunch of crooks, backstabbers and backscratechers. Oops, I left out the brown nosers.

    Which administration?
    sweet-a-kins

    Answer by sweet-a-kins at 12:23 PM on Jul. 16, 2009

  • For God's sake sweet! This administration. Don't you watch the news? They told 2 car companies what to do, they have forced the resignation of more than 1 civil employee. They forced people to return compensation they were contractually entitled to?

    If you want to talk about previous administrations fine, you won't be talking to me. I am only worried about the present and the future.
    yourspecialkid

    Answer by yourspecialkid at 12:31 PM on Jul. 16, 2009

  • If you want to talk about previous administrations fine, you won't be talking to me. I am only worried about the present and the future.


    Then why did you answer a thread about Paulson, he is testifying to what he did last year?????

    sweet-a-kins

    Answer by sweet-a-kins at 12:44 PM on Jul. 16, 2009

  • Then why did you answer a thread about Paulson, he is testifying to what he did last year?????

    Because it has everything to do with what is going on right now!
    yourspecialkid

    Answer by yourspecialkid at 1:44 PM on Jul. 16, 2009

  • Then why did you answer a thread about Paulson, he is testifying to what he did last year?????

    Because it has everything to do with what is going on right now!

    No it doesn't. It has everything to do with what HE did LAST YEAR
    sweet-a-kins

    Answer by sweet-a-kins at 2:01 PM on Jul. 16, 2009

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