Issa cites Washington’s shortcomings on BofA-Merrill buyout

Rep. Darrell Issa (R-Calif.) said that officials in Washington behaved like “Monday-morning quarterbacks” on the financial crisis during a high-profile hearing today.

He tweeted:

speaking at Paulson hrng, “In Washington, we are Monday-morning quarterbacks who can ask what we should do on the gridiron next Sunday.”

The House Oversight and Government Reform Committee, of which Issa is ranking member, is examining the controversial merger of Bank of America and Merrill Lynch during the height of the financial crisis at a hearing today.

Embattled former Treasury Secretary Henry Paulson is testifying at the hearing. Issa said that Paulson will be received “rather cruelly” at the hearing due to allegations that the former Goldman Sachs CEO is accused of pressuring executives from Bank of America into buying out Merrill Lynch in December 2008.

Paulson is currently answering questions from members of the committee.