So, in testimony before the House Oversight Committee, he claims that the Federal Reserve acted with the “highest integrity” with regard to the BoA Merrill deal:

The Fed chairman said neither he nor any member of the Fed “instructed, or advised Bank of America to withhold from public disclosure any information relating to Merrill Lynch, including its losses, compensation packages or bonuses, or any other related matter.”

The disclosures “belong squarely with the company, and the Federal Reserve did not interfere in the company’s disclosure decisions,” he said.

Translation: I didn’t tell him to lie, but I said that if disclosures queer the deal, you are toast.

He testified against legislation allowing for audits of the Federal Reserve:

When asked about legislation that would allow for broad audits of the Fed by the Government Accountability Office, Bernanke said such powers would compromise the central bank’s independence and be “highly destructive to the stability of the financial system, the dollar and our national economic situation.” Maintaining independence on monetary policy is “critical,” he said.

I may not be one of those financial whiz kids, but when someone says, “No audits,” I think, “Serious waste, fraud, and abuse.”