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Rates on rise again

Maybe you aren’t familiar with Mr. Bernanke. A little history. Within the financial crisis, an acute controversy is building over the Federal Reserve and the Treasury Department’s role in the 2008 merger of two giant banks — Bank of America, led by CEO Ken Lewis, and Merrill Lynch, then led by John Thain. In September 2008 Bank of America paid $50 billion deal to acquire Merrill Lynch, which was facing huge losses. In December, BofA CEO Lewis, sensing that the losses were too much for his company to stand, went to Washington, DC, to meet with Fed Chairman Ben Bernanke and former Treasury Secretary Hank Paulson to explain he wanted to back out of the deal. So, Bernanke is the Chairman of the Board of Governors of the United States Federal Reserve and is ranked 4th most powerful person in the world in an annual ranking by Newsweek. He is also the gentleman responsible for raising interest rates (to battle inflation, of course).

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