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Tyler, I just hope the Judge is reading this (or you are otherwise presenting your analysis).
The recession does not end until the American public gets vengene so to speak, Lewis is not enough. Paulson on the other hand?
Greta, on Fox News, actually covered this story tonight. Maybe some traction is growing here. To all you kool-aid drinkers, listening to Obama speech, you should read Thomas Sowell's article in Front Page called "Listening to a Liar."
Paulson got a "get out of jail free" card before he starting acting like an atomic turd. He was allowed to be a fucking asshole, and there were ZERO consequences for him. Who was the giant punchbowl turd? Paulson. I am thinking "bowl cut" Bernanke has a similar card excusing him from destroying the United States.
Dear _______ please excuse Ben Bernanke from destroying the United States.
The President of the United States
Never crap where you eat. Tax payers to easy to herd so why would Chinmerica care for all the formality's of law and contract. Since when did Washington wind up there moral compass to there citizens? They will just vote as lemmings do. The only power they have is the cash in there serfs pocket to do what shut the beast down. Kool aid the drinks for kids top to bottom.
The antidote for poison Kool-Aid is Zero Hedge, Calculated Risk, and Mish's Global Economic Trend Alalysis.
I really don't know what perspective this Bloomberg article is trying to steer us in but all I know is, Cap and Trade and carbon trading will be dead soon.
CO2 Auction Prices Set to Fall Amid Senate Delays (Update4)
Take no chances. Please email your Senators to kill this GS enriching carbon bullshit.
As will the myth of anthropogenic global warming.
Men of low degree are only vanity and men of rank are a lie; In the balances they go up; They are together lighter than breath. Do not trust in oppression. And do not vainly hope in robbery; If riches increase, do not set your heart upon them. Psalm 62:9-10
Crap Your Tax is dead. As messed up as everything is maybe this is the spark to clean this sheet up.
That law firm needs to be charged with something based on their ridiculous letterhead.
B of A attorney Liman (real name) said in his letter "...no law required the Bank to publicly report the contents of its private conversations with its regulators or its contemplation of the termination of the merger."
In my fairly long career as a business lawyer, I have developed my own, simple system for detecting bullshit, or a "tell", that ZH readers (as truth seekers) will appreciate: the longer the letter, the more worried the lawyer is about his client's position, and by extension, his own predicament in terms of malpractice exposure. If your position is correct, justification can be provided swiftly and succinctly, as in "section blank says this, so thank you very much." If, on the other hand, you must engage in marshalling all sorts of minimally persuasive "peripheral" supporting positions, so as to impress by the sheer collective weight, you have a loser on your hands. This works every time. I 'd always allow for an exception, but haven't seen one yet.
It's like paying for something with pennies, when a dollar would have worked - you ask, "where's the dollar? Me thinks he does not have one in his wallet." The negotiation balloons deflate rather rapidly once you understand this, and figure out who has the leverage.
This one is a loser. Game over. Judge, where do we throw ourselves at your mercy?
Ned...though not an attorney, my exposure to the field is heavy and your summary above is one of the best and most succinct I have seen. I have heard the same position as yours from other (bright) attorneys.
This statement of yours hits the nail squarely: "If your position is correct, justification can be provided swiftly and succinctly, as in "section blank says this, so thank you very much."
Excellent post and one that should be read by those not familiar with law/legal profession.
As an attorney, I believe this philosophy goes way beyond the boundaries of the law...
Although, the other issue is $. Lawyers also "get paid by the pound," and although I'm sure these lawyers aren't hurting for cash, I see blatant time sheet gouging routinely. A big letter might mean there is a flimsy case... it might also mean the attornies are trying to get some more hours. I'd bet on the former in this case.
Also, this is absolutely what we're going to have to do to uncover anything. If you pit all the parties "in the know" against one another, you'll find the truth through finger pointing. Put the lawyers on the chopping block and they'll come clean about the facts of the case (although it will take a court order forcing them to disclose or a perceived leather strap holding their head to the chopping block before they'll do so, they'll eventually capitulate). We're on the right track. If you want to talk about green shoots, this is a good start.
Good system Ned...
By the way is or isn't waterboarding still a legal enhanced interogation method?
Crack one nut and you won't be able to shut the others up...
TD said: "Lot of verbiage for basically what was non-disclosure of a material fact securities violation."
This sums most of the matter as far as I am concerned. The other part has to do with Paulson to wit, I don't know if he violated any laws but there sure is something rotten in denmark when a treasury sec'y threatens a ceo in the manner in which has been reported.
The lawyers are under the bus, feel uncomfortable there, and wish the real players would join them. Get out of jail cards for everyone? Perhaps not. Go judge!
Debt per US citizen and counting: http://www.usdebtclock.org/
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