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Brian Moynihan, Other Current And Former Bank Of America Execs Subpoenaed By NY Attorney General

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Fri, 07/01/2011 - 20:00 | 1420501 Lord Welligton
Lord Welligton's picture

Which is to say it is the Central Banks that are the problem.

All the rest is nonsense.

Unless you're on the inside. 


Fri, 07/01/2011 - 21:22 | 1420629 Lord Welligton
Lord Welligton's picture

OK. Own up.

Who junked me.

Fri, 07/01/2011 - 22:52 | 1420735 Widowmaker
Widowmaker's picture

I did, but only for your second trash comment.

Sat, 07/02/2011 - 00:30 | 1420809 Quixotic_Not
Quixotic_Not's picture

Moral hazard my ass!

Lick up the toxic waste 'MeriKans, it's your patriotic duty!   LOL

Just ask Karl Dickinger...

Sat, 07/02/2011 - 03:52 | 1420909 Lord Welligton
Lord Welligton's picture

I second that.



Fri, 07/01/2011 - 23:45 | 1420785 iDealMeat
iDealMeat's picture

I junked you too..  Because:

Who junked me.


Is a question, not a sentence..

I'm the grammar police and demand perfection.

Sat, 07/02/2011 - 01:38 | 1420843 snowball777
snowball777's picture

It's a perfectly valid sentence. 'Who' may be a proper name. You, grammar cop, suffer from an acute failure of imagination.

Sat, 07/02/2011 - 16:21 | 1421520 unununium
unununium's picture

Hu could possibly benefit from this.

Pining for the old CR...

Fri, 07/01/2011 - 23:44 | 1420789 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

I enjoyed your post. But when you whined about being junked, I junked you.

Do you really think a junk has meaning?

Other then ZH junk is in your trunk talk.

Sat, 07/02/2011 - 09:07 | 1421109 dcb
dcb's picture


there are so many trolls around the site lately it makes me sick. any mention of central bankers being the cause of problems lately gets multi junked. It's gotten to be a bit of a joke.


there is a real factor not covered in the article or comments of the author. I am sorry I can't find the source documents but it was all reported on bloombergand I for sure sent those articles to Cuomo and got replies. Lewis stated he knew the portfolio and the value of it from prior work. He sent one of his own to merrill who valued the portfolio very low. the merril people didn't sign off on this valuation and resigned. He then went to the government and blackmailed it with the new data (his cooked data) saying he would bail on the deal. I believe he then got 20 billion or so (not sure of the exact number) to go through with the deal. I would imagine it was one of the reasons he had to pay the bonus money, because otherwise management at merrill could rat him out for the crooked accounting. It just all fits together a bit too well. What other reson could there be for paying all that bonus money?  


Now, another aspect is that perhaps the government doesn't want to show how it got suckered. Knowing the facts above one can see a real reason the government could force lewis to resign, but not prosecute him at the federal level because he can also let it be known how he suckered the fed. It's reather clear with freedom of information requests, etc. the fed doesn't like to show how it has been suckered (or giving hand outs to it's prefered people).

There is ample enough data from the data given out that the fed doesn't have an issue overpaying for crap if you are one of those connected in the system.

Sat, 07/02/2011 - 11:14 | 1421181 Lord Welligton
Sat, 07/02/2011 - 13:02 | 1421208 Pegasus Muse
Pegasus Muse's picture

Excellent piece.  Gives a good feel for the forces at play beneath the surface the banksters use to manipulate markets. Thanks.

Fri, 07/01/2011 - 19:57 | 1420502 XRAYD
XRAYD's picture



I like it.

Fri, 07/01/2011 - 20:19 | 1420539 ebworthen
ebworthen's picture


I wonder how much money has changed hands in the DSK, Sarkozy, Guinea, Wall Street scandal?

It boggles the mind.

$8.5 billion and no jail time is a steal if you ask me.


Sat, 07/02/2011 - 00:37 | 1420813 SloMoe
SloMoe's picture

Especially when you can buy your "get out of jail card" using taxpayer money. Always remember, "...of the people, by the people, for the executives."

Sat, 07/02/2011 - 06:34 | 1421043 onthesquare
onthesquare's picture

I have begun to wonder what the difference is between telling the truth and taking an oath to tell

the truth

the whole truth

and nothing but the truth

clarification between the two is required.

Fri, 07/01/2011 - 20:48 | 1420515 Zero Govt
Zero Govt's picture

it's dog-eat-dog crunch-time on Wall Street and judging by the numbers of poison pills coming down the establishment medias shit-stir-tubes it'll be BoA next, clearly not top ranking and fully paid-up members of the NY Parasite Club

Meanwhile the wheels of the NY protection racket, sorry Justice system, only turn to shut-up and silence, discredit and/or shut down competition. Which heading does Mr Lewis, agitated by the Wank Paulson-Merrill deal, fall under I wonder? Some secrets Hank 'Toxic Bank' Paulson doesn't want outed maybe?!!

When fraud, deceipt and selling sugar coated financial turds is standard business practice in NY it helps to cut the low hanging fruit cakes like Bernie Madoff once in a while in publicity mushroom clouds to deflect public attention from the fact the toxic NY Judicial system allowed 99% of NY's financial criminals to walk free

Fri, 07/01/2011 - 20:20 | 1420535 ebworthen
ebworthen's picture


Do some state A.G.'s and law enforcement folks need to borrow some fine hempen rope?

I mean, I have plenty, what with maintaining the rigging of my pirate barque in tip-top shape; hard to compete with Wall Street and Washington with inferior equipment.

Fine strong rope, thick, will support at least 500 lbs even in the snap load of a falling fat pig bankster.


Fri, 07/01/2011 - 20:25 | 1420543 monopoly
monopoly's picture

We can dream that justice will be served, we can dream.

Fri, 07/01/2011 - 21:50 | 1420649 Jack Napier
Jack Napier's picture

I have a dream that a man will be judged not by the size of his bank account, but by his ability to create molotov cocktails and moonshine.

Sat, 07/02/2011 - 00:36 | 1420811 Quixotic_Not
Quixotic_Not's picture

I have a dream that a man will be judged by the cumulative length and girth of his penis...

I win, bitches!

Fri, 07/01/2011 - 20:28 | 1420549 taca
taca's picture

All of our handbags are priced between wholesale fashion jewelry with a money back guarantee if you are not 100% satisfied with your purchase. We also offer you FREE UPS Ground shipping on all orders over

Fri, 07/01/2011 - 20:28 | 1420553 TraderTimm
TraderTimm's picture

I suggest we get into alternatives, especially ones that will take away the banks profit margins. (When it comes to 'interest' and transfer fees.) I've been making a few small videos to promote bitcoin. Take a look, if you would.


The world deserves a currency that is rid of central banks and free from political whims.


Fri, 07/01/2011 - 20:31 | 1420566 buzzsaw99
buzzsaw99's picture

kleptocracy been veddy veddy good to stutterin' hank.

Fri, 07/01/2011 - 20:43 | 1420591 VK
VK's picture

More wrist slapping action coming up. That will teach those bad, mean banksters. Lol.

Fri, 07/01/2011 - 20:39 | 1420592 Seasmoke
Seasmoke's picture

did Ken Lewis really think he was going to walk off into the sunset

Fri, 07/01/2011 - 20:43 | 1420594 buzzsaw99
buzzsaw99's picture

hank paulson paid no taxes on $750M. Class warfare bitchez!

Fri, 07/01/2011 - 20:45 | 1420595 buzzsaw99
buzzsaw99's picture

tax evaders as head of treasury:

hank paulson

turbo timmy

j. dimon?

Fri, 07/01/2011 - 20:57 | 1420608 nmewn
nmewn's picture

"Of course, at the bottom of the whole BofA-Merrill fiasco is none other than Hank Paulson who pressured Ken Lewis to take the deal or else. But not even we are that naive to hope that Paulson will ever go to court for any other reason."

Exactly right.

In Vito-Land it would have been phrased something along the lines of...Ken, what I'm asking you to do is disregard your fiduciary duty to shareholders in the present...by doing so, you open yourself up to charges in the future, by not doing so, you are at risk of arrest right now.

Gee Paulie, now that you put it that way, where do I sign?

Fri, 07/01/2011 - 21:05 | 1420609 Bartanist
Bartanist's picture

My original thought on this is that the NY syndicate banks in a conspiracy with the Fed and Paulson forced the "poison" Merril bomb on BAC.

Lewis was apparently told to take it. He did, but because it was not a good deal, he was forced to lie to his employees and shareholders about the terms of the deal, including the undisclosed loss and the bonuses.

It seems likely that the NY syndicate banks were trying to take down BAC too, but it did not go according to plan. BAC, the Charlotte bank, did not just role over and die like it was supposed to.

So BAC became the target of insider lawsuits, shareholder lawsuits and the poster child for mortgage fraud. Why BAC and not JPM? Most likely because BAC is a Charlotte bank and JPM is part of the NY syndicate. A large number of NY syndicate types left BAC shortly after the shotgun wedding.

Fri, 07/01/2011 - 21:04 | 1420611 f16hoser
f16hoser's picture

Cuomo the HOMO didn't do anything. Should we expect Schneiderman to be any different???? More political grandstanding from the Grandstand state of NY.

Fri, 07/01/2011 - 21:47 | 1420647 bullwinkle
bullwinkle's picture

Who knows, maybe Julian decided to share some info.  If so, this could be fun.

Fri, 07/01/2011 - 21:41 | 1420648 Tunga
Tunga's picture

Google that giggle. 

So the bank of Rome goes for the jugular? 

 They killed the CIA! Bastards!!

Fri, 07/01/2011 - 21:52 | 1420652 Tunga
Tunga's picture

Indiana Jones: Who?


Government Agent: Top - People.

Fri, 07/01/2011 - 23:41 | 1420786 Bansters-in-my-...
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New York's top law-enforcement official this year, doesn't intend to drop the civil-fraud investigation of Bank of America begun more than a year ago

......So wake me up when there is CRIMINAL charges.....and some CONvitions,with hard time.....

Other wise....Yawn...Yawn..!

Fri, 07/01/2011 - 23:46 | 1420788 Bansters-in-my-...
Bansters-in-my- feces's picture


Sat, 07/02/2011 - 01:55 | 1420853 Elmer Fudd
Elmer Fudd's picture

So far all an "AG" means to me is its a job held by a person who has much higher political aspirations.  He/she is easily directed by those that really matter.

Sat, 07/02/2011 - 06:26 | 1421039 Marty Rothbard
Marty Rothbard's picture

As a resident of metropolitan Charlotte, I keep an eye on our scummiest corporate citizen, BOA.  I was floored, when the purchase of Countrywide was announced.  I was floored when the aquisition of Merrill Lynch (bullcrap on America) was announced.  I asked myself, why are these fools trying to destroy the company they work for?  Surely they are privy to better information than I am, and to me it seems that, by inspection, the value of these firms is less than zero, when their liabilities are taken into account.  Well, its nice to be proved right.  Maybe the CEO of BOA should talk to me before making any more aquisitions.

Sun, 07/03/2011 - 02:25 | 1422218 pebblewriter
pebblewriter's picture

I worked for BofA years ago.  The one thing that always stunned me was the aquisitions. We've all heard of the "not invented here" syndrome.  At BofA, it was meant to imply an improvement over the stagnant, inferior practices BofA already employed.  Saw it with Continental, Robbie Stephens, Shaw, etc.  The new guys were always assumed to be smarter.  I left when the Charlotte gang came along -- just couldn't stand the thought of going through it all over again.  So, I don't know if the aquisition mindset has changed.  But, in looking at the Countrywide and Merrill acquisitions, seems there was probably some of that institutional inferiority complex still at work.

Sat, 07/02/2011 - 08:03 | 1421078 Franken_Stein
Sat, 07/02/2011 - 13:41 | 1421300 dogbreath
dogbreath's picture

Maybe WB can paste those eyes on the treminator.  cold cold.

Does anyone ever take a face like the one frankey posted and only look at  one half at a time with a piece of paper blocking the other half.  Many public figures have truely scarey eyes/mouth lines when viewed this way.  movie stars often show two very different sides.  Paulson surprisingly doesn't show a huge difference.    

Sat, 07/02/2011 - 08:11 | 1421080 Fix It Again Timmy
Fix It Again Timmy's picture

You can take THIS to the bank...



Sat, 07/02/2011 - 08:28 | 1421087 Tater Salad
Tater Salad's picture

Wonder if the new Jew on the block has any prostitute friends?  I would think so as they can't be complete without one.

Sat, 07/02/2011 - 09:12 | 1421115 dcb
dcb's picture

So true, I only feel complete with my Ho. At least I can afford my high rent fuck and am not some white trash complaining because he can't cut it with the big boys. It's so easy to blame others for your own failures isn't it.

Sat, 07/02/2011 - 09:47 | 1421131 snowball777
snowball777's picture

There are no high-rent fucks, only high-desperation Johns.

Sat, 07/02/2011 - 14:38 | 1421364 Orly
Orly's picture

If they do bring in Lewis, I hope he squeals like a five-year old on the playground.

If I am not mistaken, it seemed that Lewis knew his goose was cooked one way or the other, thanks in large part to "daBazooka" and that skiing weasel John Thain.  It was a damned-if-I-do-damned-if-I-don't situation for Kenny.  It was easy to see the mark in his eyes those last few weeks.

I am thinking that if they do go after him, it could be the can-opener we have all been waiting for...

Sat, 07/02/2011 - 14:55 | 1421382 PulauHantu29
PulauHantu29's picture

Why are "they" picking on BAC?

GS wants less competition and has given them the Death Wish.

Sun, 07/03/2011 - 02:13 | 1422214 pebblewriter
pebblewriter's picture

For those watching the financial stocks, last week's runup should be quickly undone -- not only on the BofA news, but a number of technical and harmonic indicators.  My recent post:  http://pebblewriter.blogspot.com/2011/07/update-on-financials-evil-dead....

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