By now, you would think that people would have learned that their private email thoughts could easily become public — and printed on the front page of the New York Times. Well, that is exactly what happened today. The news is that these emails had to do with the deepest secrets at the heart of the financial crisis.
A series of emails released today detail the pressure that the Federal Reserve put on Bank of America to merge with Merrill Lynch. It isn't pretty. The results came because the U.S. House of Representatives Committee on Oversight and Government Reform has forced the release of emails by means of a subpoena. Since then, copies have leaked in the media and across the Internet.
"Just had a long talk with (Federal Reserve Chairman) Ben Bernanke," said Richmond Fed President Jeffrey
Lacker. "(He) says they (will) to make it even
more clear that if they play that card (to get out of the deal) and they need assistance, management
Management is gone. It is hard to be more direct than that. And, it is hard to see that that is how our government works.