Bernanke says Fed acted with 'highest integrity' on Merrill deal

Federal Reserve Chairman Ben Bernanke took his turn today before a Congressional committee investigating last year's acquisition of Merill Lynch by Bank of America (BAC). He told lawmakers the central bank acted with "the highest integrity" in discussions about the deal.

"I did not play a role in arranging this transaction and no Federal Reserve assistance was promised or provided" to give either company an incentive to go through with it, he said.