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Is Ken Lewis About To Drag Down Bernanke And Paulson With Him?

Tyler Durden's picture




 

Charlie Gasparino over at the Daily Beast points out a new development in the neverending Ken Lewis saga, which if true, may mark the beginning of the end of the "pristine" image of Ben Bernanke and Hank Paulson:

In defending former Bank of America CEO Ken Lewis against charges that
he misled investors, his lawyers will call as witnesses former Treasury
Secretary Hank Paulson and the current Federal Reserve Chairman Ben
Bernanke, according to people close to the matter.
The defense team,
led by former US Attorney Mary Joe White, hopes to get Paulson and
Bernanke to reveal that Lewis did not mislead the government about
BofA's deteriorating financial condition in the aftermath of its
Merrill Lynch deal. Those losses prompted a massive government bailout.

As we noted in our earlier commentary, a full prosecution against Ken Lewis would have to certainly implicate Bernanke and Paulson for the complicity in pushing Lewis to go ahead with the Merrill transaction. In reality the former CEO is just a fall guy for interests of Goldman Sachs, as personified by Bernanke and Paulson, and specifically by their actions, which having been disclosed previously, make it all too clear that Lewis had no other option but to acquire Merrill.

It is unclear if either Bernanke or Paulson have already given testimony
to the state attorney general in preparation for bringing today's case,
which includes civil fraud charges against former Bank of America CFO
Joe Price. (A spokesman for Cuomo's office did not return a call for
comment; a spokesman for Bernanke had no comment and a spokeswoman for
Paulson didn't return an email request for comment. And a spokesman for
Lewis declined to comment on the matter.) So far, both men have given
testimony before Congressional committees on the controversial merger.
Paulson address [sic] the matter in On the Brink, his new book about his role
in the financial meltdown of late 2008.

Lewis's defense team, lead by Mary Joe White, had this to say:

...Lewis is being "public vilified by the
political search for accountability for the financial meltdown." White
also said that despite the initial problems with the merger-including
the mounting losses that led to the government bailout-the merger has
turned out to be an "unmitigated success for BofA." Merrill Lynch
trading operations, like the trading operations of the other big banks,
have taken advantage of historically low interest rates and borrowing
costs to earn billions of dollars in profits, helping the banks to
smoothe out losses from consumer and commercial real estate loans that
continue to mount as economic conditions remain weak.

While we reserve judgment as to the "unmitigated success" of the transaction, which has only been successful to date courtesy of the trillions in backstops, guarantees, direct investments and a vertical yield curve, White is correct to an extent that Lewis is being made the fall guy here. To be sure, he is guilty of not simply stepping down when he was put in the position of having to decide between his job and lying to shareholders, which is precisely what happened in those fateful days in December of 2008. For his choice to proceed with the government's plan and to betray his fiduciary responsibility, he should be punished, whether just monetarily, or criminally, that is up to the AG to decide. However, the real masterminds behind the ML-BAC deal always were the two men who controlled America in late 2008 - Bernanke and Paulson. Should the two indeed be admitted as defense witnesses, the court should charge for admission: it will promptly refill the empty New York City coffers.

 

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Thu, 02/04/2010 - 18:28 | 217973 Shameful
Shameful's picture

So what's the spread on if they will invoke National Security on those testimonies?

Thu, 02/04/2010 - 18:30 | 217979 mynhair
mynhair's picture

Nothing on Intrade yet, shall we start a bet?

Thu, 02/04/2010 - 18:35 | 217995 Shameful
Shameful's picture

I'm not sure how I want to lean here...I think it's possible but then they also might just lie under oath. But then again the judge may just cop out to. There are a lot of faults here. That and there is still a chance of settle/plea bargain. If Lewis is willing to pull out the big guns and point at Paulson and Uncle Ben they might put pressure on Cuomo.

After all Cuomo is doing this for political exposure and to be governor, they cut a backroom deal to make that happen and you might see this disappear with just a fine for Ken Lewis.

Thinking on it I'm really thinking settle/plea bargain seems the most likely to me.

Thu, 02/04/2010 - 18:33 | 217990 deadhead
deadhead's picture

National Security invocation is a lock.

Bernanke always has emergency powers cover under the Fed Reserve Act.

Absolutely nothing is going to happen to Paulson or Bernanke in my view.  Please don't get me wrong, I think their behavior was outrageous but they will skate.

Thu, 02/04/2010 - 18:37 | 217997 Shameful
Shameful's picture

Oh I totally agree that Paulson and Bernanke are sacred cows. They are protected. But what about this being a play by Lewis to force a good settlement? After all they won't want to testify and if he wants to Lewis can litigate like a mother and shine way to much light on them including them calling it national security.

Thu, 02/04/2010 - 18:49 | 218025 faustian bargain
faustian bargain's picture

Certainly Cuomo has thought this game through...right?

Thu, 02/04/2010 - 19:17 | 218079 deadhead
deadhead's picture

oh, he has thought this out.

Cuomo cares most about the big Dems and the only player in this drama that can haunt the Dems is Bernanke, due to Obama putting Ben back in the saddle....isn't the timing of Cuomo's announcement interesting, just a day after Bernanke was safely sworn in again???

Paulson is Bush's guy and a former Goldmanite, hence he is open game for Cuomo.

Lewis is open game cuz he was never part of the eastern establishment.

Having said all that, presuming Cuomo is going to take the NY Gov job (it is his for the taking in my view), he will then likely do an about face on wall street as the cash register for NYS government is heavily dependent on the personal income taxes generated out of wall street (as well as the corp taxes, etc).

 

Thu, 02/04/2010 - 21:03 | 218241 Anonymous
Anonymous's picture

"it is his for the taking in my view"

not if DaveyP legalizes cannabis it ain't

p.s. Cuomo's a schmuck

Thu, 02/04/2010 - 21:57 | 218327 deadhead
deadhead's picture

Your insights in regards to New York politics is breathtaking.

Thu, 02/04/2010 - 19:35 | 218106 Anonymous
Anonymous's picture

Probably more than Bernanke has thought his game through.

Thu, 02/04/2010 - 18:46 | 218017 sysin3
sysin3's picture

They might skate judically .... however, there are other forms of justice.

I do not wish anybody ill, but they have done pissed off a lot of (potentially unstable) individuals who also happen to have weapons.

And, these morons (bankers, politicians, Cramer, etc.) are not even aware of, nor worried about those individuals.

Dupont makes Kevlar.   I'd buy some DD, but that looks like a top.

Fri, 02/05/2010 - 15:17 | 219396 ToNYC
ToNYC's picture

Paulson may skate indeed, but while skating I think he'll be dipping into his tax-free cashout of lifetime accumulation of Golden Slax stock to buy a well-equipped security staff. I for one, wish him well enjoying the fruit from the seeds he planted.

Thu, 02/04/2010 - 18:29 | 217975 MarketTruth
MarketTruth's picture

Never happen, thick as thieves and you KNOW the entire testimony/court preceding will be behind closed doors and never will the public be able to access it due to "national security' reasons.

Thu, 02/04/2010 - 18:29 | 217976 mynhair
mynhair's picture

You forgot, it will implicate TurboTimmy, too!

Thu, 02/04/2010 - 18:32 | 217983 AR
AR's picture

We correctly predicted back in late July/August that Moynihan would become CEO (Brian was elected). Now this, Ken will never see the inside of a NY, AG driven courtroom. It will be settled without major incident. Hope, huff-n-puff all you want. However, it does makes for good press, especially for Charlie, whose information and leaks come from Andrew's office. Oh well...

Thu, 02/04/2010 - 18:32 | 217988 Hammer59
Hammer59's picture

PBS's  Frontline  had a one hour feature on this monthes ago. Hank Paulson should be crucified. He looked like he was going to have a heart attack last time he testified before Congress. Paulson is primarily responsible for the no-strings-attached bailout of TBTF.

Go, Cuomo!

Thu, 02/04/2010 - 19:18 | 218082 Anonymous
Anonymous's picture

I had read that Timmay proposed letting the taxpayers bail out the TBTF.

Thu, 02/04/2010 - 22:54 | 218384 Anonymous
Anonymous's picture

Kashkari reported that Paulsen was dry heaving before Congress
http://nymag.com/daily/intel/2009/12/neel_kashkari_1.html

"During midnight negotiations with congressional leaders, Paulson doubled over with dry heaves. A government economist broke into Kashkari's office sobbing, "Oh my God! The system's collapsing!"

Thu, 02/04/2010 - 18:34 | 217991 MsCreant
MsCreant's picture

I did not know until today that women could orgasm from headlines.

Thanks Tyler!

Thu, 02/04/2010 - 18:45 | 218014 faustian bargain
faustian bargain's picture

oh my.

Thu, 02/04/2010 - 19:11 | 218076 deadhead
deadhead's picture

MsCreant...you are one of a kind and I mean that as a huge compliment!!

Thu, 02/04/2010 - 19:31 | 218102 SilverIsKing
SilverIsKing's picture

Good one.  For that, you get a shiny silver bar  ;-)

Thu, 02/04/2010 - 19:56 | 218134 carbonmutant
carbonmutant's picture

 Geez, I've rubbed a hole in my mouse...

 

Thu, 02/04/2010 - 20:32 | 218191 Cistercian
Cistercian's picture

 Ok....that was epic Ms.

  One can only pray Tyler's headline was prescient.

 And that the crash is more than a short term ploy to sell treasuries.

 We will see.

 

 

Thu, 02/04/2010 - 22:39 | 218364 DaveyJones
DaveyJones's picture

I have the same reaction to footnotes. It just takes me longer to get there

Fri, 02/05/2010 - 02:41 | 218578 Assetman
Assetman's picture

My goodness... I think I'm blushing.

Thu, 02/04/2010 - 18:39 | 218004 Anonymous
Anonymous's picture

the only thing ken lewis is about ready to do is rent his ass out to bernanke and paulson if he wants to keep it out of a coffin....the cia does not take kindly to trouble makers....

Thu, 02/04/2010 - 18:42 | 218008 Ned Zeppelin
Ned Zeppelin's picture

Do not jump to any conclusions, either that Paulson and Bernanke will escape justice, or that they will easily fall. What is going on is that the ball is now in play, and anything can happen. It's OK to root for the good guys, and hope justice prevails.   I can dream of Paulson getting a civil judgment for hundreds of millions. His precious cash, all gone. Bernanke, resigning in shame, and gone back to academia, trailing slime all the way.

Thu, 02/04/2010 - 18:45 | 218013 Shameful
Shameful's picture

If that happens I will build a series of temples in the honor of the demigod who pulls off that feat! But I have to agree, it's nice to dream. Just don't let it get out of hand, don't want the heartbreak when they walk scott free.

Thu, 02/04/2010 - 18:55 | 218041 deadhead
deadhead's picture

coming from you Ned, this gives me hope.  I always appreciate and value your legal insights.  Thanks!

 

Thu, 02/04/2010 - 18:46 | 218015 RSDallas
RSDallas's picture

I don't get why they have been after Lewis with this much vengeance?  He's been a whipping boy since the smoke cleared on this Merrell deal.  I think Paulson & Ben forced him to take Merrell.  Lewis knew he was buying a bunch of horse shit and negotiated what he should have (on behalf of his shareholders) in the bottom of the 9th inning.

Something really pissed Ben & Paulson off during this re-negotiating time frame.  Won't read Henry's book, but can't wait for Lewis's book.

Thu, 02/04/2010 - 18:50 | 218027 Shameful
Shameful's picture

If memory serves he didn't want to play ball, and not playing ball is the greatest sin in these circles. They are playing with fire though because he has money and is smart enough to fight dirty.

Thu, 02/04/2010 - 19:08 | 218068 RossInvestor
RossInvestor's picture

You are forgetting that BoA inhouse counsel advised Lewis that the Bank did NOT have grounds to invoke the MAC provision on the ML acquisition.  That counsel was then fired.  Days later Lewis told Bernanke and Paulson that he was going to invoke the MAC provision which caused Ben and Hank to panic. 

Lewis is a pathelogical liar who smeared Thain shortly after the ML takeover.  IMHO Lewis will be taken down.

Bernanke and Paulson will most likely invoke some form of National Security or Patriot Act blanket to obfuscate their devilish sins.

 

Thu, 02/04/2010 - 20:49 | 218220 Ned Zeppelin
Ned Zeppelin's picture

I don't think that statement is accurate, for the simple reason that the deteriorating condition of ML most certainly would have triggered a straight up MAC clause - why on earht would have the clause to begin with? The whole idea of the MAC clause is that if facts emerge that materially and adversely affect the core assumptions of a particular deal, the clause may be invoked to kill the deal.  MAC clauses are particularly used in very large deals, where it can be difficult to do all of the due diligence you need to do to understand the company you are buying (and that time was short for due diligence is clear by the simple fact that Paulson called in Lewis to buy this over a weekend, right?) If it is improperly called used, i.e., if there are no grounds, BAC would be liable to ML for default.  But it seems really, really clear that the rapid deterioration of ML came as a "surprise" (except to those at ML, Paulson and Bernanke.) I am open to the facts, and if you have sources that point to special circumstances or other facts, let me emphasize that I'm listening.  But there was a narrative months ago in the public eye that went unchallenged that the decision to not invoke the MAC clause, under circumstances that clealry otherwise permitted it to be exercised, was forced on Lewis by Paulson and Bernanke.

I think Cuomo is deliberately fudging the narrative in the complaint to force Lewis to dime out Paulson and Bernanke.

Thu, 02/04/2010 - 22:01 | 218332 deadhead
deadhead's picture

 that BoA inhouse counsel advised Lewis that the Bank did NOT have grounds to invoke the MAC provision on the ML acquisition.  That counsel was then fired

didn't the GC at BAC end up with the same position at one of the GSEs??????

remarkable.

Thu, 02/04/2010 - 18:46 | 218019 Anonymous
Anonymous's picture

Paulson may not skate, since he's associated with the fiasco, with Bush, with Goldman, and NOT with Obama, as are all the other players. They might just pin the whole thing on him. We've heard a lot of rhetoric recently from Obama personally and his administration blaming Bush. Which is all true, but unseemly and too late. But they could be tempted to string somebody up and flay them, and Paulson's the perfect sacrifice, very political expedient and expendable. When the crowd bays for blood, Obama can just point to Paulson's head on the pike outside town. Especially with his minion "chump" Cash-n-carry, who's already admitted they just made up the number that didn't work ($700 billion) and that no one knew what was going on, that they were just making it up and pretending to have things under control. I think Obama wouldn't be bothered at all to see Bernanke go down as collateral damage, and Lewis is just a private citizen, and we know Obama doesn't give a rat's tooth for us after he stuck it to us on the GM thing. Probably a binary event, either a whimper or a storm.

Thu, 02/04/2010 - 18:47 | 218020 Anonymous
Anonymous's picture

National Security? You guys are stoned. Ken Lewis is facing jail here if the judge is on trial with, as I suspect this case will be made into a circus.

Lewis will absolutely state he was following orders as he did in the past.

Bernanke and Paulson will not be allowed to skate.

Thu, 02/04/2010 - 20:26 | 218184 deadhead
deadhead's picture

I very much hope that you are correct.

Thu, 02/04/2010 - 21:36 | 218286 lovejoy
lovejoy's picture

Jail Time .... I doubt it. The action brought by Cuomo is civil not criminal.

Thu, 02/04/2010 - 18:52 | 218032 myshadow
myshadow's picture

Since mr. hankey forced the deal down lewis's throat, I would imagine there is some jeopardy for him down the road. 
This whole deal stunk up the joint when it went down.  The Obama administration made itself an accessory after the fact by covering up this festering root canal, and the entire real causes of the meltdown..
They should have come in guns blazing and casting light on this whole mess...
Instead, we bought aig and covered the asses of the bush administration.

If Holder doesn't have a perpwalk in Manhatten this summer, all of this populist crap will stain him into one term.

Thu, 02/04/2010 - 18:58 | 218048 Anonymous
Anonymous's picture

I heard John Thain comes out at night with a hard hat sporting light to travel underground to meetings...will he be brought in, too?

Thu, 02/04/2010 - 19:00 | 218052 Anonymous
Anonymous's picture

Judge Rakoff still hasn't approved the proposed S.E.C./BAC settlement, which essentially seeks to explain away the non-disclosure (of $5B in MER bonuses) to BAC shareholders in the proxy vote as an act of negligence. (Armies of $1000/hr. lawyers working on that one, and somehow $5B just slipped through the cracks. Riiiight.)

Lots of sworn depositions taken over the last few months, including K. Lewis and J. Thain, hell, even Ed Herlihy, but no sign of Bernanke or Paulson.

I'm interested in what J. Rakoff will say about this putrid affair. God, his stuff from last August was terrific...

Thu, 02/04/2010 - 19:01 | 218056 Andrei Vyshinsky
Andrei Vyshinsky's picture

In my view, this trial clearly is much more profitably carried out in an era following the cleansing of the political environment, not before it. Present legal structures, like their legislative and executive counterparts, are simply too rife with corruption to yield a salutary result. Swine like Lewis, Paulson, Geithner, et al, are more reliably dealt with after a "peoples' moment". One must think of the pedagological aspects, the social uses, to which such proceedings can be put. Are we to instruct our next generation in the vile pathologies of the last, of how liars, warmongers, torturers and swindlers can so routinely escape responsibility for their dastardly crimes? The Cuomo initiative is laughable, one ambitious political paramecium seeking to capitalize on the contemptible behavior of a number of others. I'll find comfort when Cuomo is every bit the defendant Lewis is in a public trial.

Thu, 02/04/2010 - 20:52 | 218228 Cistercian
Cistercian's picture

 Excellent.

 

 And sadly, all too true my friend.These scumbags need a more serious encounter with justice than they are likely to find in the current decayed remains of the once great United States,The greatness I allude to is a real one, not the jingoist crap so extolled now.The one that was truly by, for, and of the people.

 

 That is returning, I pray.And very soon indeed at this rate.

Thu, 02/04/2010 - 23:55 | 218444 Andrei Vyshinsky
Andrei Vyshinsky's picture

"The greatness I allude to is a real one ..."

Yes, indeed, it was, and I'm old enough to remember it. We certainly did lots wrong, but consistently proved ourselves capable of overcoming those errors. There was a capacity of responding to moral challenges that's been missing for perhaps forty years now. As I think of what may be most emblematic of this difference, I reflect, on the one hand, on the public dignity of a Dwight Eisenhower, for example, and, on the other, the vacuous plasticity of a teeth-whitened, Joe Biden. Just think about that for a moment.

Thu, 02/04/2010 - 19:05 | 218059 moneymutt
moneymutt's picture

Cuomo only goes so far...if he went too far, he wouldn't be employed for long..having said that, the only time regular folks find out the real dirt is when the elites have a big fight amongst themselves and you never know what loose thread starts the unravelling

Thu, 02/04/2010 - 19:09 | 218071 Hammer59
Hammer59's picture

"They should have come in guns blazing and casting light on this whole mess..."

Amen to that!!  Hillary Clinton probably would have bigger testes than Obama.

Thu, 02/04/2010 - 19:16 | 218078 MsCreant
MsCreant's picture

She does. They are named "Bill Clinton."

Thu, 02/04/2010 - 19:22 | 218085 Mort
Mort's picture

Didn't know that Lewis was a, "Mort"?

Thu, 02/04/2010 - 19:26 | 218092 chet
chet's picture

Note that the sacrifice is the bank from Atlanta, not one from New York.

Thu, 02/04/2010 - 19:24 | 218087 chet
chet's picture

Cuomo is getting calls from the White House.  Start with asking him to be a team player, move on to talk about what they can do for his future, end up with threats if they have to.

I don't know much about Cuomo.  But he went so far as to launch the prosecution, so he hasn't been scared off yet.

Thu, 02/04/2010 - 19:27 | 218096 dumpster
dumpster's picture

cuomo political animal gets his marching orders from the same forces that hold the strings of power,  he can only walk so far out of his cage , with one paw he will be allowed to sniff the dead meat .

this will implicate the patseys .. those who most deserve this will be given some sort of immunity,  left off the headlines .. the news that is fit to print will be biased..

 

 

Thu, 02/04/2010 - 19:29 | 218100 dumpster
dumpster's picture

p.s. cuomo probably has yet to see the horses head in his bed  lol

Thu, 02/04/2010 - 19:32 | 218104 Miyagi_san
Miyagi_san's picture

The words immortalized by Dick Cheney, "I Cant recall" come to mind.

Thu, 02/04/2010 - 19:43 | 218114 Cow
Cow's picture

It depends on what the meaning of the word 'is' is

Thu, 02/04/2010 - 19:48 | 218122 Cow
Cow's picture

or when Hillary Clinton couldn't remember who hired Craig Livingstone

or when Hillary Clinton couldn't remember who fired the Travel Office staff

or when...

Thu, 02/04/2010 - 21:25 | 218271 Anonymous
Anonymous's picture

oh now don't go digging into that whitewater /
vincent foster business again.....you know we
have all moved on from when vincent foster
was murdered by the cia to warn the clintons about
not following orders; about how webster hubbell
rolled over to save the clintons, and how jim
mcdougal was silenced....and we have also moved
on from the juanita broderick rape...

Thu, 02/04/2010 - 19:41 | 218113 Cow
Cow's picture

Get the rope!

Thu, 02/04/2010 - 19:54 | 218129 carbonmutant
carbonmutant's picture

They better be sure they pick the right judge...

It's going to be all about "Implication Containment."

Thu, 02/04/2010 - 20:43 | 218212 cougar_w
cougar_w's picture

What's the over/under on how long it takes before Cuomo is "spitzered"?

Thu, 02/04/2010 - 22:23 | 218350 swmnguy
swmnguy's picture

Been wondering that myself.  You'd have thought Spitzer would have known a honey trap when he saw one, though.

Thu, 02/04/2010 - 21:10 | 218251 max2205
max2205's picture

Democratic ploy. Trial heats up before the nov elections then dismissed after. Move on

Thu, 02/04/2010 - 21:17 | 218259 Anonymous
Anonymous's picture

No one is going to be dragged down. They know better. Otherwise, they wind up like Nicholas Deak.

Thu, 02/04/2010 - 21:51 | 218313 JimboJammer
JimboJammer's picture

Some  of  these  guys  got  " Kick-Backs "   lots  of  $$$   no  paper  trail..

they  are  above  the  law.... 

Thu, 02/04/2010 - 23:21 | 218409 Captain Archer
Captain Archer's picture

Watch Bernanke and Paulsen take the fifth.

Thu, 02/04/2010 - 23:53 | 218441 Anonymous
Anonymous's picture

bernanke absolutely could not take the fifth. He would resign first rather than be the first sitting fed chair to take the fifth.. If this case unwinds it will be like watergate where a judge refuses to take the smoke and mirrors then it will be follow the money. bush really has nothing to do with this. In this case he can credibly plead stupid. He is on the record as saying during the melt down to ben and mr. hankey, "Some day you guys will have to explain this to me".
As much as I hate bush he gets a pass on the mechanics of the meltdown. The guys who were moving the money, and goldman knew that the shit would hit the fan by Sept. 30 when Basel II went into effect, and were hedging against it..
All of the brokerage houses and hedge funds who were bidding up the prices of commodities to recapitalize ahead of Sept knew this was a house of cards, but how it would fall, and could they get the cash, and to what lengths it was going to be covered up is still evolving.
It is disgusting that a fraud on the scale, we saw which is countries trying to swindle countries is being covered up.

The idea that mr, hanky is revealing that the russians were trying to get the chinese to bust us and they don't.
How pissed were the russians and whoever else cassano and those goons at aig sold toilet paper to, we should hear about it.
That is where the first 700 billion of hush money vaporized.
It really would be pitchfork time if this was finally, credibly, put to the american people.
The collusion is with banksters, pols, and the media outlets they own.
The flagrant arrogance that these bastards shrug off the implosion of the economy of the world, and take a bonus. The rapacious vampirizing of the middle class, and no one has to be held to account is galling..
Something like that doesn't happen 'obeying the law.'

Fri, 02/05/2010 - 00:03 | 218455 myshadow
myshadow's picture

bernanke absolutely would not take the fifth. He would resign first. rather than be the first sitting fed chair to take the fifth.. Which would grounds for removal. 

 If this case unwinds it will be like watergate where a judge refuses to take the smoke and mirrors then it will be follow the money. 

 bush really has nothing to do with this.  In this case he can credibly plead stupid.  He is on the record as saying during the melt down to ben and mr. hankey, "Some day you guys will have to explain this to me". 
As much as I hate bush he gets a pass on the mechanics of the meltdown.  The guys who were moving the money, and goldman, knew that the shit would hit the fan by Sept. 30 when Basel II went into effect, and were hedging against it..
 All of the brokerage houses and hedge funds  who were bidding up the prices of commodities to recapitalize ahead of Sept knew this was a house of cards, but how it would fall, and could they get the cash, and to what lengths it was going to be covered up is still evolving.
It is disgusting that a fraud on the scale, we saw which is countries trying to swindle countries is being covered up.

The idea that mr, hanky is revealing that the russians were trying to get the chinese to bust us and they don't.
How pissed were the russians and whoever else cassano and those goons at aig sold toilet paper to, we should hear about it.
That is where the first 700 billion of hush money vaporized.
It really would be pitchfork time if this was finally, credibly, put to the american people.
The collusion is with banksters, pols, and the media outlets they own.
The flagrant arrogance that these bastards shrug off the implosion of the economy of the world, and take a bonus. The rapacious  vampirizing of the middle class, and no one has to be held to account is galling..
Something like that doesn't happen 'obeying the law.'

Thu, 02/04/2010 - 23:26 | 218414 JR
JR's picture

Cuomo may want to be the next national political figure by using public indignation to find someone, just anyone, who was connected to Wall Street and enlist public outrage to help him put one away.  But Cuomo is a two-bit non-hero political wannabe who is to be pitied rather than cheered for grabbing Ken Lewis.  If he were a man and not a mouse he would go after the real criminals and for a change do his country a service rather than perform an embarrassment.

Thanks, Tyler, for the courage of truth…

Thu, 02/04/2010 - 23:33 | 218420 T-888
Thu, 02/04/2010 - 23:38 | 218426 JR
JR's picture

Priceless!  But I'd make that a "J" instead of an "F."

Fri, 02/05/2010 - 00:49 | 218498 Anonymous
Anonymous's picture

If Paulson shows up for a book signing, he might need body guards and that might not be enough. Who'e going to buy from this slime bucket anyway?

Fri, 02/05/2010 - 06:11 | 218650 Rick64
Rick64's picture

Bernanke and Paulson will never ever see any jail time unless something huge happened like a revolution or the abolishing of the FED.

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