Criminal or Responsible Act?

" Welcome back former Treasury Secretary Hank Paulson now in mixed. Telling Bank of America's CEO that the Federal Reserve could dump the bank's board. If -- backed out of that proposed merger with Merrill Lynch later this morning."

" Paulson has a chance to defend himself before the house oversight committee."

" Also who's basically a day trader from Goldman Sachs is gonna tell us. About legal judgment mergers acquisitions and Bernanke was an economist. Is backing him up. What you have is get a group of people words we're judge jury and -- man on every decision."

" That you've got a congressman who accuse them of a shotgun. Marriage but twist -- Merrill Lynch and Bank of America's so is that. Four criminal is -- a big problem. Fox News legal analyst Peter Johnson junior joins us live boy did I all right so it sounds like gun these guys the government said to the bank. All right if you don't go ahead and merge. Oh we might destroy the entire board out of business because we got."

" Power yes indeed they did say and they may be criminal of some always complaining about noticed complain about it the night."

" I think America says no we went along and we did this on our own it had nothing to do with secretary Paulson is threats when the Fed's threats against his. But let me tell you I think the American people are beginning to understand this."

" This goes back to October 2008. And October 2008."

" The banking industry the top eight -- nine banks in America sold their soul to the American government and took the 125 million dollars. And the banks were effectively nationalized."

" So once the banks were effectively nationalized. When the secretary of the treasury comes to you and says listen."

" Boys you made this deal if you back out of this we're gonna crush yeah."

" And they said to reliable I guess we -- you took the money --"

" Ken Lewis from Bank of America did apparently put up a fight when he saw that Merrill Lynch that he was supposed to be behind. And recently lost twelve billion dollars and he apparently went to Paulson and said I don't want to this deal anymore and he had a new book in the contract to get out of that you."

" Right you talked about that earlier and material."

" Change in conditions are absolutely the case is about now what Paulson sent to him then well what Paulson said to him and then I think it's a greed is the regulators believe."

" But you'll destroy our financial system."

" And the regulators believe that if you Acton and prudent way we will take your board out we will take your management -- When you're going to be out yeah but that's basically what -- been said in October a few months before so so these folks chosen easier roof. Keep their jobs and nationalize the banks as the car and they gotta shut up and take it because they were effectively okay. I didn't do it and mr. Lewis and make America that complaining about this it may be it criminal act you know -- in the let me tell you this talk about transparent."

" Nancy what happened there was."

" There was a side deal and it's come out now and didn't come out until months later. BankAmerica yet another twenty million dollars if they kept her mouth shut. And that the federal government would take care. The 118. Billion dollars of Merrill Lynch's toxic assets lot of that nationalization butterfly where the other deals going on in the auto industry as well which are yet to be unveiled its incredible thank you Peter Johnson junior good to see both great."