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User Info CORRUPTION: Is The Lid About To Come Off? in forum [Ticker]
Genesis
Posts: 83026
Incept: 2007-06-26
Admin A True American Patriot!
Chief Bottle Washer
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"The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
Tristan
Posts: 205
Incept: 2009-04-08
Silver
Cleveland
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I was just wondering this morning what ever happened to the allegations that Lewis was coerced into acquiring Merrill...glad it isn't forgotten yet.
Snowman
Posts: 1116
Incept: 2009-03-09
Green
avoiding yellow snow
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I am very, very happy to see SOMEONE in Congress remembers client-attorney doesn't count in Congressional testimony. Something Clinton had to learn.
http://www.digenovatoensing.com/No_Clien....

Maybe, just maybe, a small piece of the truth will come out. Not holding my breath, but a sliver of hope.
Kidhorn
Posts: 91
Incept: 2009-08-11

Rockville, MD
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Nothing will come of this. So not everyone crossed their T's and dotted their I's. It was an emergency and there wasn't time to do everything by the books. Unless some has a big grudge against BernankeGeithnerPaulsonLewis, this is all for show.
Themortgagedude
Posts: 4803
Incept: 2007-12-17
Green
saint louis
Online
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Just audit the Fed already guys. The TRUTH will set you free.

And perp walk a few bankers in orange jumpsuits too.

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I'm learning real skills that I can apply throughout the rest of my life ... Procrastinating and rationalizing.

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Snowman
Posts: 1116
Incept: 2009-03-09
Green
avoiding yellow snow
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That someone wants to get re-elected....mid terms next year! Edolphus Towns will of course win by a landslide, and he is one of the few (and he's from NYC!!) who hasn't taken money from the banks (he is "friends" with healthcare but wtf).
Hihoherewego
Posts: 683
Incept: 2009-02-25

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Quote:
Just audit the Fed already guys. The TRUTH will set you free.




Well this is absolutely shocking news but the Fed just gave Timbo a pseudo-finger. Timbo no doubt then gave them back a secret 'High-Five'.

http://www.bloomberg.com/apps/news?pid=2....

...................

As WalMart goes so goes the rest of the nation.

Blues
Posts: 17
Incept: 2008-09-27
Green
California
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ya, but as stated before, I think Ken is just going to take the heat and go to jail... I don't think they going to let FED/Paulson fall... this really sux...
Mo
Posts: 6400
Incept: 2007-06-26
Gold
Florida
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Quote:
That someone wants to get re-elected....mid terms next year! Edolphus Towns will of course win by a landslide, and he is one of the few (and he's from NYC!!) who hasn't taken money from the banks (he is "friends" with healthcare but wtf).


But he voted to keep giving money to ACORN.

What does this tell you about his district?

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"The World has been cancelled. It doesn't even look like the world. There is one island that is maintained and is said to be owned by the Sheikh and the rest looks like a pile of muck."
Sunriser1
Posts: 2384
Incept: 2007-10-30
Silver A True American Patriot!
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Did they ever finish the investigation on Kellerman?

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"CHAPTER 9"
Steelhead23
Posts: 666
Incept: 2008-09-09

Portland OR
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Ah ye of little faith... This BOA/Merrill merger story is not going to go away. Rakoff made sure of that. Yes, there is a question of how expansive the prosecutions will be (the judge suggested indicting the lawyers who advised the board to keep mum about compensation to Merrill's execs - a very broad net), but the prosecutions have begun. Trying to stop this now is going to be like trying to stop the Watergate investigations. Once a certain threshold is crossed in an investigation, nobody wants to be left on the wrong side. What will happen is that miscreants with fairly low level of criminal exposure will start ratting out their buds. Its maddeningly slow - but it is unfolding before our eyes. I am convinced that some folks will likely go to jail and certainly some fortunes will be lost. Pass the popcorn. This is what we have been waiting for. After the two other branches of our government have failed us, we must have faith in the third - judiciary - or its hopeless.

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short em all - let God sort em out!
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Andrew123
Posts: 119
Incept: 2009-07-05

California
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Gen, any chance you will still be making appearances on CNBC?
Sangell
Posts: 155
Incept: 2009-08-16

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Having powerful government officials tell a private company, even a regulated one, to commit to a course of action that violates the managers responsibility to their shareholders is a frightening thing.

To me, Ken Lewis, was a victim here of government abuse of power. If the head of the largest bank in America can be threatened with the loss of his job if he does not obey a ukase from the Fed chairman who amongst us is safe?
Snowman
Posts: 1116
Incept: 2009-03-09
Green
avoiding yellow snow
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Sangell..Lewis a victim of government abuse of power?
It takes two to tango.
He knows how the game is played and he has played with the biggest and baddest. We don't know what card they played on him. Pictures? Video? Obviously he didn't have as good ammo as the other side.
He is just as much as ******* as the govvie guys.
Sqmo
Posts: 525
Incept: 2009-09-14

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Regardless of how it happened, the 20 billion was not enough to cover the losses due to Merrill. Originally Ken thought he was getting a great deal and I don't think it took too long for him to realize he was screwed. BofA probably accounted for any "Bank" shenanigans, but they failed to account for how much the "Investment" shennanigans cost. So BoA payed $50 billion for Merrill and a $20B guarantee wasn't enough. Those are some serious losses.

I don't think the original corruption here is going to be the problem so much as DESPITE what they have concocted thus far, BofA will still need help. Many banks that took TARP funds are going to find that they weren't enough and that will be part of TSHTF.
Dontezuma
Posts: 4
Incept: 2009-09-10

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"[T]he truth must be forced into the open, irrespective of whether the government or private parties want this to happen or not!"

Good luck with that. There's no way this gets beyond blogospherian hyperbole. I wish that weren't true, but it's a very tight-night circle you're hoping to unravel. I don't see anyone zealous enough in a prosecutorial role to bring anything about. The SEC is eager to bury it, the FBI won't come away with anything, and even if they do, gag-ordered pleas will be the most visible result.

The bottom line is that the administration cannot allow something big like this to bubble up (pun intended) and ruin the illusion of recovery. They've bet the farm on the bailouts, and no racketeering charge is going to get in the way.
Bagbalm
Posts: 1694
Incept: 2009-03-19
Silver
Just North of Detroit
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I would not be surprised if Obama calls a halt to any action by proclaiming the same thing Hitler did after the night of the long knives - I did it to save the country and make no apologies.
Who in Congress or the judiciary is going to gainsay him? He owns them.
Throxxofvron
Posts: 5105
Incept: 2009-02-17
Gold
Running Unleashed in the Street with Kanellos
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Whether it is merely deemed an appropriate time and circumstance for TPTB to trot out a Sacrificial Lamb or these are real Legal Pursuit of Criminals underway by the Judiciary/State AG remains to be seen...

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DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides

“During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
Raingod
Posts: 1205
Incept: 2008-08-29
Green
Tastes Like Chicken
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Prediction: Nothingburger.

They ain't gonna allow any beef.

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I have even intermittenter access than I did over the summer. No idea when I can check in.
Wearedoomed
Posts: 1430
Incept: 2009-01-14
Silver
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BoA missed a deadline today to deliver documents to the House committee investigating the ML takeover. Oh, and BoA apparently had a well-funded partnership with ACORN to commit mortgage fraud and launder campaign contributions bring the dream of homeownership to low- and middle-income neighborhoods. It just gets better and better! smiley

(Links to both stories are in Breaking.)

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True freedom consists of two things:
1) The ability to do whatever/whenever you want - just don't keep others from doing so.
2) The responsibility to take immediate action if someone is keeping someone else from doing whatever/whenever they want.
What kind of government allows these?
Moonoverseattle
Posts: 3097
Incept: 2008-02-02
Gold
MOTEL 6
Online
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the fed will not be audited the have a can of lighter fluid back there and the are burning as fast as they can

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Ladies and gentlemen, boys and girls, diein' time's here
Gibbie
Posts: 988
Incept: 2009-01-18
Silver
Amerika
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Quote:
Having powerful government officials tell a private company, even a regulated one, to commit to a course of action that violates the managers responsibility to their shareholders is a frightening thing.


It's called fascism.

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No amount of destruction others have done to us can rival what we have done to ourselves.
Aaron
Posts: 808
Incept: 2007-11-27

Los Angeles
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There's no attorney client privilege between communications with third parties. If BAC sent an email to MER, there's no attorney client privilege. If BAC's attorney sent an email to MER, there's no attorney client privilege. The privilege only applies if the communication was between BAC and their own lawyer, and even then, there are so many ways to destroy the privilege...

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Now with 32-percent more trash-talk.
Josecitomadera
Posts: 391
Incept: 2009-03-20

Miami
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JM-I guess the LAW regarding the Fed, Treasury, the Gov't in financial matters is not the same as criminal law.

There is a more flexible open approach to laws in financial matters when it comes to gov't entities and "Fed-like" entities.

Tdaly
Posts: 383
Incept: 2009-03-02
Silver A True American Patriot!
Lake Wylie SC
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You got it- Gibbie It is called Fascism.
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