No WAY is Bank of America CEO Ken Lewis going to be the only one to answer for the acquisition of crappy Merrill Lynch and its crappy bonuses, "a person close to Lewis's defense team" (who may or may not be Ken Lewis himself) tells Charlie Gasparino today on the Daily Beast. NO WAY will he be a scapegoat, alone, for the people who twisted his arm to go through with the Merrill deal by telling him he would be fired if he didn't. "If this thing goes to trial you can expect both Paulson and Bernanke to be on the witness list." If he's going down, he's bringing them down, too. Bringing them down to Chinatown. Order in the court!
(02-07-2010 12:01 PM)marsbennett Wrote: [ -> ]Good thing we got Bernanke confirmed so he can keep saving America's economy.
Indeed, International Activities(with Foreign Banks,Governments and Private Institutions), Buddy Bailouts,Discount Windows,etc.
Nothing to see here folks!
(02-07-2010 12:01 PM)marsbennett Wrote: [ -> ]Good thing we got Bernanke confirmed so he can keep saving America's economy.
Indeed, International Activities(with Foreign Banks,Governments and Private Institutions), Buddy Bailouts,Discount Windows,etc.
Nothing to see here folks!
(02-07-2010 12:01 PM)marsbennett Wrote: [ -> ]Good thing we got Bernanke confirmed so he can keep saving America's economy.
Indeed, International Activities(with Foreign Banks,Governments and Private Institutions), Buddy Bailouts,Discount Windows,etc.
Nothing to see here folks!
last night I watched a Charlie Rose show I had recorded this past week with an hour with Hank Paulson. I am convinced that Paulson and Bernanke did what they had to in order to save us from another depression.
what would you two have preffered? more major financial institutions to ahev gone under? do you think the US and global economies would have withstood that? no qualified, copetent analyst that I have heard thinks that could have happened.
if you have a source (not jws) that says we could have done nothing and survived I'd be pleased to read it
if you want to see in depth, reasoned discussions with probing questions and answers instead of the diatribes yoy listen to, I'd recommend you keep you eye on Rose. there have been numerous hours with people at the eye of the storm
(02-07-2010 12:01 PM)marsbennett Wrote: [ -> ]Good thing we got Bernanke confirmed so he can keep saving America's economy.
Indeed, International Activities(with Foreign Banks,Governments and Private Institutions), Buddy Bailouts,Discount Windows,etc.
Nothing to see here folks!
last night I watched a Charlie Rose show I had recorded this past week with an hour with Hank Paulson. I am convinced that Paulson and Bernanke did what they had to in order to save us from another depression.
what would you two have preffered? more major financial institutions to ahev gone under? do you think the US and global economies would have withstood that? no qualified, copetent analyst that I have heard thinks that could have happened.
if you have a source (not jws) that says we could have done nothing and survived I'd be pleased to read it
if you want to see in depth, reasoned discussions with probing questions and answers instead of the diatribes yoy listen to, I'd recommend you keep you eye on Rose. there have been numerous hours with people at the eye of the storm
I believe that as well, but I also believe that they strong armed Lewis into making the Merrill Lynch deal and told him the government would back BOA irt losses incurred.
I completely despise b of a. Long story but let's just say the bought my hometown's bank, which at the time was the 5th largest in NC location wise but was 2nd-3rd (back and forth)money wise, and killed about 200+ careers in banking by shutting down - with in 1 year - what they promised to never close.
That and b of a policies are left to the discretion of the branch manager. You can not cash a b of a check at the Carrboro branch unless you are a b of a customer or have a DL/State ID AND a freaking passport!!!! Chapel Hill branch just asks for your DL/StateID and smiles as they check the account and when they hand you your money.
(02-07-2010 09:33 PM)tigerdeaconmom Wrote: [ -> ]I completely despise b of a. Long story but let's just say the bought my hometown's bank, which at the time was the 5th largest in NC location wise but was 2nd-3rd (back and forth)money wise, and killed about 200+ careers in banking by shutting down - with in 1 year - what they promised to never close.
That and b of a policies are left to the discretion of the branch manager. You can not cash a b of a check at the Carrboro branch unless you are a b of a customer or have a DL/State ID AND a freaking passport!!!! Chapel Hill branch just asks for your DL/StateID and smiles as they check the account and when they hand you your money.
b of a sux azzzz!
I have to say that BOA buying your hometown bank is more the fault of your hometown bank. More often than not, these takeovers are not hostile or forced, the bank being bought allows it to either increase shareholder value or to rescue them from a bad situation.
I do wish the OCC would stop being such a rubber stamp for bank mergers. It might make some of these guys think twice if the OCC or SEC took a harder look at some of these mergers.
^ it seems to be the nature of the industry. I had one project with one loan that lasted three years and I had to buy three new checkbooks for over the three years because the original bank was sold twice in that time.
Typical defense attorney tactic, leaking out disinformation to throw off the bad news from their client. The Chairman of B of A had stockholder responsibilities and failed to fulfill his fiduciary role, and then there is Sarbanes Oxley.
And if there is wrong doing by Paulson and Bernanke, let them go down, along with all the other manipulators in the tentacles of this terrible decision.
![[Image: 20100204_kenlewis_250x375.jpg]](http://images.nymag.com/images/2/daily/2010/02/20100204_kenlewis_250x375.jpg)
