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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: Paul Kern	3/27/2008 2:36:44 PM
	of 110194

Fed Plans Public Mtgs On Bank Of America Bid For Countrywide Last update: 3/27/2008 2:30:00 PM WASHINGTON (Dow Jones)--The U.S. Federal Reserve says it will hold public meetings next month on the bid by Bank of America Corp. (BAC) to acquire Countrywide Financial Corp. (CFC). The Fed on Thursday announced the scheduling of public meetings in Los Angeles and Chicago. The meetings will be held to collect information relating to factors the Fed is required to consider under the Bank Holding Company Act. Bank of America last month requested the Fed's approval under the law to acquire Countrywide. "These factors are whether the acquiring bank holding company's performance of the activities can reasonably be expected to produce benefits to the public (such as greater convenience, increased competition, and gains in efficiency) that outweigh possible adverse effects (such as undue concentration of resources, decreased or unfair competition, conflicts of interests, and unsound banking practices)," the central bank said in a news release. The Chicago meeting will be held April 22, starting at 8:30 a.m. CDT, at the Fed's Chicago district bank. Two meetings will be held at the Los Angeles branch of the Fed's San Francisco district bank. Those meetings are set to begin at 8:30 a.m. PDT April 28 and April 29. The Fed also announced the period for public comment on the proposal has been extended through April 29. -By Jeff Bater, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com (END) Dow Jones Newswires March 27, 2008 14:30 ET (18:30 GMT)

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