Opinion Pieces
Merrill Lynch deal anything but transparentby U.S. Rep. Patrick McHenry
Hickory Daily Record,
June 23, 2009
Late last year, Bank of America, a financial institution with roots in Western North Carolina, acquired another financial giant, Merrill Lynch. The result has negatively affected our region. Jobs have been lost and retirement accounts have been decimated.
Late last year, Bank of America, a financial institution with roots in Western North Carolina, acquired another financial giant, Merrill Lynch. The result has negatively affected our region. Jobs have been lost and retirement accounts have been decimated. Merrill Lynch was a sinking ship that the federal government believed was "too big to fail." I can appreciate that the Treasury Department and Federal Reserve perceived Merrill's failure as a systemic risk to our economy. However, I have two primary concerns with the deal. |