secrets being kept from shareholders (buy, company, property, financial)
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On Thursday former Bank of America CEO Ken Lewis revealed a concerted effort on the part of Fed Chairman Ben Bernanke and former Treasury Secretary Henry Paulson to pressure Lewis into hiding relevant financial information regarding Merrill Lynch losses from B of A shareholders. Recently released e-mails make it clear that the government threatened to remove corporate leaders if they failed to go through with the merger and keep quiet about the losses.
Again, the justification for the interference seemed to be the “greater economic good” the merger would serve. The right of B of A shareholders to be informed that their company was about to buy a financial black hole was clearly considered to be an acceptable sacrifice.
More importantly, the fact that two of the highest-ranking government officials can conspire to violate both securities laws and private property rights is abhorrent to everything America supposedly stands for.
More importantly, the fact that two of the highest-ranking government officials can conspire to violate both securities laws and private property rights is abhorrent to everything America supposedly stands for.
" ... Things that can't go on forever, don't ... "
The spirit of 1776, and the social contract among men that arose from it, is one of those things.
History shows time and again that sovereignty and freedom do not come from men, but from another source.
And Obama wants to hand even more power over to the Fed. Does that mean they can now bypass Congress when they decided something is for the "good of the economy"?
I hope that Congress does something about this and not just sweep it under the carpet.
What's scary about these "Patriots" stepping in to do their duty is the vision that motivated them to act " above the law"
Truth , Justice, and the American way.
A lot of ambiguity and double entendres in those words right now.
And Obama wants to hand even more power over to the Fed. Does that mean they can now bypass Congress when they decided something is for the "good of the economy"?
I hope that Congress does something about this and not just sweep it under the carpet.
What did Obama have to do with the BofA and Merrill Lynch merger? That all happened when Bush was in office.
nobody mentioned obama on the BoA merger, although the fact is that we transitioned from one goldman sachs treasury director to another.
the follow up comment was about and the fact that obama wants to hand over more power to the fed, which he does. i would suggest that this was the same thing that bush did and one part of the reason why our country is in so much trouble now.
That is not true at all. The actions of Paulson and Bernanke were supported by Obama and Geithner, even though they were not yet in office. That's not to say they took part in the actual threats or fraudulant activity, but they WERE advised of what was going on.
The fact that the threat of removing managment and the board of directors at Bank Of America is not illegal in an of itself. The Fed, as the ultimate bank regulator, has the right to remove management of a failing bank. What is troublesome is, as Ken Lewis put it in his congressional testimony, is that they "made the threat against a bank in good standing", and THAT is a clear abuse of power. Paulson and Bernakne should be held accountable and at the very least be fired, if not charged, along with anyone else found to have been involved. IMHO, of course.
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