Topic: The Banksters
The Zombie Bank Dance: Bank of America, Merrill Lynch, the FED, and Treasury Do a Jig
"They are dead, but they just don't know it!"
by Jake Towne, the Champion of the Constitution
(libertarian)
Friday, April 24, 2009
Listen to this 1 minute YouTube ditty as you read. You may need the laugh.
Former Secretary of Treasury and Goldman Sachs CEO Henry Paulson admitted to New York Attorney General Andrew Cuomo that he threatened to remove Bank of America's "board and management" if Bank of America's CEO Kenneth Lewis backed away from the signed Merrill Lynch contract via a legal escape hatch, as Merrill's reported losses for the fourth quarter turned out to increase from $9 billion to over $15 billion from the time the deal was signed. (photo courtesy Grant Neufeld)
Per ABC, Cuomo indicated Paulson admitted to (my phrasing) blackmailing Lewis at FED Chairman Bernanke's request. Today Paulson confirmed he threatened Lewis but denied the FED's involvement. Shareholders will likely elect to sue their CEO and the government for fraud. That is, if BoA maintains its solvency and net assets. Lewis will likely regret not keeping his dignity and resigning. BoA's stock was up 7% for the day.
In a scene reminiscent of a cigar smoke-filled room from Ayn Rand's looter government in Atlas Shrugged, Lewis said (from the full letter here):
"[Paulson] said, "I'm going to be very blunt, we're very supportive on Bank of America and we want to be of help, but" - as I recall him saying "the government," but that may or may not have been the case - "does not feel it's in your best interest for you to call a MAC, and that we feel so strongly," I can't recall if he said "we would remove the board and management if you called it" or if he said "we would do it if you intended to." I don't remember which one it was, before or after."
So... is YOUR money in a Zombie Bank?
Readers interested in the truth are welcome to read and comment on my latest "Off a Cliff with No Airbags: The FED Banking System Quivers in Fright" on the US banking system.
Jake, the Champion of the Constitution
[Reach the Author Here!] www.CampaignForLiberty.com (Banner courtesy Mike Burke)
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We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.
As always, unlike the NFL, the author grants full permission to allow any accounts of, rebroadcasts, retransmissions, repostings in part or full of this article to your blog or anywhere else in order to promote the Restoration of our Republic.
Veritas numquam perit. Veritas odit moras. Veritas vincit. Truth never perishes. Truth hates delay. Truth conquers.
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Published: Friday, April 24, 2009
Last modified: Friday, April 24, 2009
The views expressed in this article are those of Jake Towne, the Champion of the Constitution only and do not represent the views of Nolan Chart, LLC or its affiliates. Jake Towne, the Champion of the Constitution is solely responsible for the contents of this article and is not an employee or otherwise affiliated with Nolan Chart, LLC in his/her role as a columnist.
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Reader Comments:
Posted By: gene
Date: 2009-04-24 08:43:28
Hi Jake, I heard that story and also that Paulson denied telling Lewis to hide the info from the shareholders, which is the issue of the lawsuit, I believe. BofA stocks dumped once the merger occured and the finances were made known. Either way, someone hid the info, which was billions off! It was also mentioned that the loss had occurred over three days, which is suspicious in itself!
It's ironic to find some consolation in a company like GM, at least we can say "well, they aren't making a product that people want to buy, so they are failing", what exactly is the product of all these financial firms and what [or who] determines when they are failing?