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The idea that Federal Reserve Chairman Ben Bernanke forced a merger between Bank of America and Merrill Lynch, and hid his actions in the process, is “absolutely ridiculous” and “outrageous,” Cramer said during Stop Trading!.
Rep. Darrell Issa of the House Oversight and Government Reform Committee, pointing to internal e-mails and other documents, claimed on Wednesday that Bernanke and the Fed made “inappropriate threats to fire Bank of America [BAC
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] management” if they didn’t acquire Merrill. Issa also said that Bernanke was part of a “cover-up” to keep other regulatory agencies in the dark about the merger. Cramer vehemently disagreed.
“It is just so wrong to attack Bernanke,” he said, calling the charges “completely baseless.”
“There are a lot of ways to criticize the Fed, but you cannot criticize their integrity,” he said. “They have been completely above board.”
Cramer said that Bernanke has done “a remarkable job” as Fed chair, stewarding the US through tough economic times.
In other Fed news, the central bank left interest rates unchanged, citing an easing in the recession. Cramer said he found no reason for concern in the announcement.
“There wasn’t anything here that’ll make you want to sell the market down,” he said.
“Other than the fact that we just had someone say the Fed chairman should basically resign,” Cramer added.
Cramer's charitable trust owns Bank of America.
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