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The Scramble By Bank Of America To Negate Wikileaks Upcoming "Ecosystem Of Corruption" Disclosure

Tyler Durden's picture





 

So far, Bank of America has been aggressively denying it will in any way be compromised by any possible Wikileaks disclosure. After all the bank claims it has done nothing to merit a take down based on what Assange has claimed is an "ecosystem of corruption." As everyone knows, Bank of America is the most non-MERS abusing, bonus non-extracting, putback over-reserved, and otherwise law abiding bank in existence. Which is why we are just modestly troubled by the fact that this innocent not until proven guilty but in perpetuity bank is doing all it can to demonstrate that there is in fact a very disturbing ecosystem just below the surface. The NYT reports that "a team of 15 to 20 top Bank of America officials, led by
the chief risk officer, Bruce R. Thompson, has been overseeing a broad
internal investigation — scouring thousands of documents in the event
that they become public, reviewing every case where a computer has gone
missing and hunting for any sign that its systems might have been
compromised.
" What goes unsaid is that BofA is really looking for what the disclosed dirty laundry is. Which really makes no sense: after all, for that to be the case, there would have to be dirty laundry in the first place, which would mean Bank of America is lying. How does one go about reconciling these two mindbogglingly contradictory facts...

More from the NYT:

By the time the conference call ended, it was nearly midnight at Bank of America’s headquarters in Charlotte, N.C., but the bank’s counterespionage work was only just beginning.

A day earlier, on Nov. 29, the director of WikiLeaks, Julian Assange, said in an interview that he intended to “take down” a major American bank and reveal an “ecosystem of corruption” with a cache of data from an executive’s hard drive. With Bank of America’s share price falling on the widely held suspicion that the hard drive was theirs, the executives on the call concluded it was time to take action.

In addition to the internal team drawn from departments like finance, technology, legal and communications, the bank has brought in Booz Allen Hamilton, the consulting firm, to help manage the review. It has also sought advice from several top law firms about legal problems that could arise from a disclosure, including the bank’s potential liability if private information was disclosed about clients.

Also as was reported previously, BofA mockery of a public redemption campaign continues as the firm ploughs hundreds of thousands of taxpayer capital (how about repaying that TALF money boys?) into buying up every single possible DNS entry which is a permutation of the following: i) executive name (correctly and incorrectly spelled) and ii) act of sexual innuendo (that said if Brian Moynihan would like to recover brianmoynihanswallows.com he should feel free to contact Zero Hedge: we know a guy who knows a guy).

Last month, the bank bought up Web addresses that could prove embarrassing to the company or its top executives in the event of a large-scale public assault, but a spokesman for the bank said the move was unrelated to any possible leak.

Yet it would not be surprising if it turns out Assange is bluffing.

Bank of America’s internal review has turned up no evidence that would substantiate Mr. Assange’s claim that he has a hard drive, according to interviews with executives there. The company declined to otherwise comment on the case. A WikiLeaks representative also declined to comment.

With the data trail cold, one working theory both inside and outside the bank is that internal documents in Mr. Assange’s possession, if any, probably came from the mountains of material turned over to the Securities and Exchange Commission, Congressional investigators and the New York attorney general’s office during separate investigations in 2009 and 2010 into the bank’s acquisition of Merrill Lynch.

As it happens, Mr. Assange’s first mention of the Bank of America hard drive, in October 2009, coincided with hearings by the House Committee on Oversight and Government Reform into the Merrill merger, and with wide-ranging requests for information by the committee.

One thing is certain: the purchased, corrupt and co-opted US regulators, whose only purpose in life is to settle civial fraud claims over a token wrist slap amount, have nothing to do with exposing potential fraud at America's, and probably the world's biggest mortgage lender:

Officials at the S.E.C., the House oversight committee and the New York attorney general’s office insist the information they received had been turned over in the form of papers and discs, never a hard drive, and deny they are the source of the WikiLeaks cache.

At the same time, Mr. Assange’s own statements would seem to undermine the government-as-source theory, hinting instead that resignations might follow as evidence emerges of corruption among top executives, something the public investigations never found.

Hopefully if indeed Assange has anything, and the threat is credible, he will present it sooner or later. After all there is nothing to validate a job well done in packaging trillions of mortgages where nobody knows how is the titleholder then the Dow hitting 36k. Which at the rate the Chairman is going should be attained within 6-12 months.

 


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Mon, 01/03/2011 - 05:36 | Link to Comment asdasmos
asdasmos's picture

Interesting, I guess we will see when it happens

Mon, 01/03/2011 - 05:53 | Link to Comment More Critical T...
More Critical Thinking Wanted's picture

 

This puts republican calls to assassinate Assange into a new light as well. Is BoA calling the shots in the republican HQ?

 

Mon, 01/03/2011 - 06:03 | Link to Comment StychoKiller
StychoKiller's picture

Guess Obamatron brews some high-test Koolaid -- it's even making your avatar glow!

Mon, 01/03/2011 - 06:17 | Link to Comment jeff montanye
jeff montanye's picture

yes.  that's it.  he said some republicans called for assange's assassination (which they and some democrats did).  he must have drunk obamatron's koolaid.  hint: the two party system in the u.s. today is a smokescreen to distract and confuse voters and potential voters about who runs the show behind the show (and controls both parties).  further hint: they ain't us.

Mon, 01/03/2011 - 16:00 | Link to Comment AnonymousAnarchist
Mon, 01/03/2011 - 07:25 | Link to Comment Jake3463
Jake3463's picture

BAC supplies the line of credit for the political parties during election years.

Mon, 01/03/2011 - 11:39 | Link to Comment VisualCSharp
VisualCSharp's picture

Well said. Bravo! :)

Mon, 01/03/2011 - 07:48 | Link to Comment cosmictrainwreck
cosmictrainwreck's picture

well, they, after all, a BANK, right? although the red-headed step-child in the cabal.... still a "player"

Mon, 01/03/2011 - 08:50 | Link to Comment jus_lite_reading
jus_lite_reading's picture

I wake up extra early, every morning, waiting for the day... oh it's coming and when it will, I'll be ready. There is NO price at which I am willing to sell my silver for ANY fiat currency, especially the USD and EUR. You can have my silver for equal amounts of gold. BofA is DoA.

Mon, 01/03/2011 - 11:53 | Link to Comment Nootropic
Nootropic's picture

Do you actually possess silver bullion? Or just certificates that say you are owed silver?

Mon, 01/03/2011 - 12:37 | Link to Comment Grill Boss
Grill Boss's picture

well you better be sure the other %99 of people in your geographical area BELEIVE insiver as much as you otherwise something else will be currency, get a huge rise out of silver and then what sell it? or not as you say? then how do you profit? or when no one else sees it as currency (because money is belief not the object) what will you do with it? make cd's? photos? or when silver hits $500 what will you buy with that? daily necessities? and where can you use silver to buy anything? go ask 100 people if they have even one silver coin you will get a NO from almost all of them.... So how does it become "money" if %80 is owned by central banks and their is maybe 5 trillion on the planet that leaves the entire world economy to run on 1 trillion of silver? is that possible

Mon, 01/03/2011 - 12:41 | Link to Comment apberusdisvet
apberusdisvet's picture

Given the worldwide shortage of silver for any meaningful increase in its many industrial uses, your comment is somewhat naive and perhaps even idiotic.  There are foundries in almost every major urban area that would take your bullion or coins in a NY minute.

Mon, 01/03/2011 - 13:10 | Link to Comment Nootropic
Nootropic's picture

If things really go to hell, then why would anyone barter with any person who has bullion?  Stealing and fencing physical PM is easier, and I don't think that it is a controversial statement to say that when a society/economy goes to hell, people will steal and rob more often.  It is the eternal problem with lightweight specie.

 

On the other hand, paper contracts saying that you are owed a certain amount of physical bullion seems like a bad idea as well.  I mean, if one paper contract craps out, what is to say that the one with a promise to you is not going to crap out as well.

Mon, 01/03/2011 - 12:51 | Link to Comment damnitalready
damnitalready's picture

go ask 100 people if they have even one silver coin you will get a NO from almost all of them....

 

go ask 100 people if they have any money, and you'll get a NO from almost all of them.  ask if they have gold, or rice, or anything else that you could propose as money, and alot of them will probably say no.  That doesn't mean that silver won't become a unit to trade with.


Mon, 01/03/2011 - 05:50 | Link to Comment AUD
AUD's picture

Are you accusing Bank of America of issuing worthless dollar denominated paper & having it monetised by the irredeemable & thus undefinable debt of the Federal Reserve Bank?

Surely you're not accusing Bank of America of that?

Mon, 01/03/2011 - 07:22 | Link to Comment Jake3463
Jake3463's picture

Watch the Wiki-leaks folks did a head fake and it is Citigroup or Wells.  BAC stock soars on the news and Citi or Wells get killed in one day.

Mon, 01/03/2011 - 08:22 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Citi is to damn immune. They might be the most corrupt bank in the present times, but that is what gives them the clout to keep right on living.

While BofA might be playing dirty mortgages and screw the sheep game locally, Citi has it's tentacles out in the global game. Money laundering Central. Drug money, dictator money, dirty money in all hues, Citi's got it. They work for the dirty side of TPB and will not be touched. People will find horse heads in their beds if they are. Or some such.

Wells is too deeply connected to the west coast money machine, the Bechtels of the world. Probably no go there too.

ORI

http://aadivaahan.wordpress.com/2011/01/01/2011/

Mon, 01/03/2011 - 09:03 | Link to Comment Jake3463
Jake3463's picture

Bank of America provides the lines of credit for both political parties.  I'd say they are pretty damn immune as well.

Mon, 01/03/2011 - 11:10 | Link to Comment Green Leader
Green Leader's picture

Check out the CITI <> WARKA connection.

Mon, 01/03/2011 - 07:25 | Link to Comment Kina
Kina's picture

I thought that statements that came out during the bail hearing period was pretty clear that Assange has material that is evidence of senior bank executive(s) in collusion with a Senator(s) on a panel of organising bail-out money to be directed to particular individuals.

Mon, 01/03/2011 - 07:40 | Link to Comment Jake3463
Jake3463's picture

I hope the Senator is from Illinois and resigned for higher office. 

Mon, 01/03/2011 - 08:05 | Link to Comment TexDenim
TexDenim's picture

It's very hard for me to feel much anger toward Assange. On the contrary, he had a cleansing effect on the State Department, and US diplomats are now regarded more highly than before. Same thing will happen to Bank of America. They will get their dirty linen aired, and we will see who the good guys and bad guys are, and the bad guys will hit the streets. What's bad about that?

Mon, 01/03/2011 - 08:06 | Link to Comment TexDenim
TexDenim's picture

ES and oil dropping as I speak.

Mon, 01/03/2011 - 08:22 | Link to Comment Thinkor
Thinkor's picture

"mindbogglingly" ??

I hope I don't see much more of such mindbogglingliness.

 

Mon, 01/03/2011 - 08:27 | Link to Comment Oh regional Indian
Oh regional Indian's picture

:-)))

 

Mon, 01/03/2011 - 08:23 | Link to Comment Catullus
Catullus's picture

Seperate for a moment the actual unethical behavior and the communications coming out of bofa. If you're public relations, the worst thing you can do is deny something that may in fact be true. Why not put out a statement like "we have no reason to believe internally that the Firm has acted in any inappropriate way. We welcome all challenges to our practices and stand ready to respond to specific allegations of misconduct. We remind everyone that we have a high regard for internal communications and the relevent laws purtaining to the public release of sensitive information."

Mon, 01/03/2011 - 08:42 | Link to Comment Jake3463
Jake3463's picture

Absent their BOD and E-suite torturing and raping a 12 year old blonde southern girl with a big satanic logo in the room on tape, I think they can do pretty much whatever they want politically and the political class will hand them a big bag of money.

 

Even than, I wouldn't be surprised if Obama addressed the nation and said we need to sacrifice young Virgins because the banking Gods are angry.

Mon, 01/03/2011 - 08:42 | Link to Comment swmnguy
swmnguy's picture

That's a great point.  Your sample statement would be, I think, the most reasonable response.

My theory, and I back it up with exactly nothing, is that this is just the latest example of excessive influence of attorneys.  An attorney will advise you to deny everything; to close the door on any possibility of liability, while leaving yourself only the slightest wiggle room to avoid being accused of having lied later.  You can always claim you thought you were telling the truth.

In legal terms, the lawyers are probably right.  In terms of honesty, and how people operate emotionally, your response would be much better.  Unfortunately, a lot of the dominant players prefer the universe of lawyers, as it allows them to behave however they wish and use their hired muscle to get them out of jams.  It's much harder, and less profitable, to behave honestly.

Mon, 01/03/2011 - 09:13 | Link to Comment MobBarley
MobBarley's picture

Yeah pretty much every major bank has a lot of dirty laundry right now.

BOA is the largest American bank by depositor count however.

Dunno. I think it could be any of the major players.

 

Mon, 01/03/2011 - 09:23 | Link to Comment cjbosk
cjbosk's picture

Assange or as I like to say it...ass-anger is up to something.  Considering Soros is funding this guy, I'm guessing the end game won't be good for any of us, regardless of what happens to BAC.

 

Perhaps if he does enough damage on the periphery, he can start shorting USD to zero.  Heck, he's done it 4 other times and it worked for him then.

 

Mon, 01/03/2011 - 09:37 | Link to Comment Jake3463
Jake3463's picture

The US Congress is reason enough for the $ to be shorted to 0.  Soros doesn't need much help with those guys running around D.C.

 

Throw in the past 6 Presidents and last 2 Federal Reserve Chairman, and you have an absolute reason.

 

As far as the competency of management factor. 

 

 

Mon, 01/03/2011 - 11:43 | Link to Comment VisualCSharp
VisualCSharp's picture

What's your source for the Soros comment? I'd like to see it.

Mon, 01/03/2011 - 09:52 | Link to Comment tamboo
tamboo's picture

hey wikileaks koolaid drinkers:
you tax $ @ work!

"AIPAC Running Spy Org in US that supplies 'WikiLeaks with Carefully Selected Chicken Feed' - Nothing AT ALL that is Damaging to Israel"

http://beforeitsnews.com/story/333/911/Gordon_Duff:_AIPAC_Running_Spy_Or...

Mon, 01/03/2011 - 11:57 | Link to Comment GoinFawr
GoinFawr's picture

Nothing, ever? Hunh.

http://www.juancole.com/2011/01/wikileaks-israel-plans-total-war-on-lebanon-gaza.html

Probably not juicy enough for ya though, right?

Besides, do we really require any more evidence of Israel's criminal foreign/domestic policies?

Mon, 01/03/2011 - 13:06 | Link to Comment bunkermeatheadp...
bunkermeatheadprogeny's picture

I think that recent release by Wikileaks was in response to the growing criticism that there was an extreme lack of leaks regarding Israel.

Heres a great vid on the subject:

http://www.youtube.com/watch?v=7TheJPboU4c&feature=player_embedded

Mon, 01/03/2011 - 09:54 | Link to Comment ak_khanna
ak_khanna's picture

The too big to fail bunch of banksters have a lot of influence on the political class, the rule makers and the rule enforcers due to their enormous purchasing power. So irrespecti­­­­­ve of the position in the government­­­­­, everyone works for the benefit of the banksters.

The rest of the population have to be dumped with lots of problems like unemployme­­­­­nt, high cost of living (thanks to speculatio­­­­­n in commodity exchanges)­­­­­, foreclosur­­­­­es, etc. so that they don’t devote their thoughts to the root of all problems and revolt against the comfortabl­­­­­e arrangemen­­­­­t between the banksters, central bankers and the government­­­­­s.

This too big to fail group has grown more powerful in size and influence in the last two years and is likely to end up being too big to bail bringing down complete economies of countries with them.

The population in the developed world are suffering due to the hangover from excessive borrowings from lenders who lent to anyone on the street to maximise their own bonuses. The problems have been compounded by Outsourcin­­­­g and Rampant Speculatio­­­­n allowed in all the exchanges.

The problems are hereto stay as till date no one in the political arena has even acknowledg­­­­ed the problems let alone find solution to them.

http://www.marketoracle.co.uk/Article24581.html

Mon, 01/03/2011 - 10:39 | Link to Comment malikai
malikai's picture

I came within inches of working for them back in 02. I'm so glad I chose not to. But it would have been nice to know how deep the pit of shit is that they are in.

Mon, 01/03/2011 - 11:37 | Link to Comment Village Idiot
Village Idiot's picture

"How does one go about reconciling these two mindbogglingly contradictory facts..."

Why, just pull a page from the "cheaters" handbook... Deny, Deny, Accuse.

 

Mon, 01/03/2011 - 11:50 | Link to Comment batz
batz's picture

 

What will probably happen is that someone associated with Assange will short BofA, or more likely, some of the securities mentioned in the leaks before they are disclosed, and if it can be shown that Assange profited from it, the State Dept will use securities laws as a pretext to extradite him to the US and take advantage of him there. It hardly matters what law they prosecute him with in America since it will be rigged for him to lose.

Just look what happened to Conrad Black.

 

Mon, 01/03/2011 - 12:02 | Link to Comment GoinFawr
GoinFawr's picture

Decent theory.

Terrible example.

Mon, 01/03/2011 - 11:59 | Link to Comment Bartanist
Bartanist's picture

While I have very little doubt that what Wikileaks will publish is true, my guess is that if the Mossad and NY bankers decided to publish the same about any of the large international bamks, it would also be true.

However, BAC is not part of the same NY/Mossad/Israel club. It is a Charlotte bank, whose Merrill club members bailed shortly after the acquisition.

Odd (not) about the timing of the ASSange publication, in concert with the Blackrock/PIMCO/NY Fed lawsuit and mortgage-date making the MSM.

IMO, BAC will be forced to fold for the benefit of the NY Banking Mafia and all of its beneficiaries world-wide ... and then magically mortgage-gate with be legislated out of existence to the benefit of the remaining banks (because gosh-darn-it we can't have another BAC happen ... we need those banks too much ... sarcasm off).

Mon, 01/03/2011 - 19:32 | Link to Comment 4horse
4horse's picture

+1

 

On December 5, one day after American Banker named Lewis “Banker of the Year,” Bank of America and Merrill Lynch shareholders approved the marriage now valued at $16.5 billion. Three days later John Thain was preparing to ask Merrill’s Board to give him a $10 million wedding bonus that was said to have infuriated Ken Lewis.

By mid-December Ken Lewis was ready to call off the wedding, telephoning Fed Chairman Bernanke of his intention. At 6:00 PM on December 17, Lewis met with Bernanke and Treasury Secretary Paulson who told him Bank of America had to consummate the marriage. Lewis told them he would invoke a “material adverse change” clause in the contract to cancel the deal based on his newfound financial knowledge. Bernanke and Paulson responded that doing so would reflect not only the bank’s lack of due diligence in acquiring Merrill, but Bank of America’s inability to meet its commitment. They said that Bank of America’s failure to consummate the deal would cause further systemic risk to an already fragile financial system. Bernanke and Paulson assured Lewis that if Merrill’s fourth quarter numbers were as bad as Lewis believed, the Treasury would provide a rescue package . . .

                                                       seeking alpha

 

__and, omega, whether a 19th cent CivilWar or a PNAC whose 21st cent timeline, for both us/russia, more closely traces the template of 1913/1917 back to their fiduciary future, ain't it always the same carpetbagger/scalawags emerging in the aftermath of the same endgame__

 

 

Ken Lewis. Boxoffice BofA . . .  ?  . . . mouth of the south, it's never the Ted nor nat/Turners left the final word

Mon, 01/03/2011 - 15:31 | Link to Comment cjbosk
cjbosk's picture

Hey Jake, see below...

 

Wiki Leaks is working with the White House through Soros & NOW they threaten prosecution, Isn't that a laugh!? Wikileaks gets its initial support from Code Pink through OSI (Open Society Institute) who's major supporter is George Soros. Wikileaks is also has working for them Pro Bono is the lawyer for OSI and the Tides Foundation.

Soros uses OSI to crash economies in countries he targets. Guess who he's targeting now? This is Obama's big political ally. Obama who's whole past & political life has been infused with Crash the System Communist Activist Radical types, including his mother, grand parents, big mentor, guy who got him in Harvard for his big mentor, groups like Joyce (created by Soros) & Acorn (Funded by Soros) with an express purpose to use welfare to crash the system as admitted to on National TV by it's founder.

Soros is also 2nd largest holder in Monsanto Corporation, who's X CEO is high up in the FDA, and stands to profit big time when they take control of everything to do with your food. Including disallowing you to save seeds & putting big time burden on farmers that will push all but the huge corps out of business. You're food prices have gone up ... AND YOU AIN'T SEEN NOTHING YET!

When you get into how deep in our stuff Soros is, and how damaging his proposals are. Put that together with his MO which is crashing the economies of countries, which is also Obama's MO considering his past & who he's chosen to affiliate with ... it paints a pretty vivid picture of their plans for us ... Serfdom is the plan, basically slavery. You will have no rights, you will have no means to gain a better life, you will be LIVE STOCK for these people.

Additional Details CODE PINK IS BEHIND WIKI LEAKS!!! ... GOOD HELL THE IGNORANCE IN THIS PLACE. The Open Society Institute is behind Code Pink & their lawyer is working for Assage the Wiki Leaker. Not a hard trail to follow if you're heads not up your ***.
Mon, 01/03/2011 - 21:19 | Link to Comment Buck Johnson
Buck Johnson's picture

Somebody could have cloned one of the executives harddrives.  Or someone in the IT dept. who was snooping saw something they didn't like and made a copy of everything. 

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