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Another Soros-funded AG (& Former Rand Paul Opponent) Jack Conway Threatens the Big Bank Settlement
Reposted with permission from EconomicPolicyJournal.com
George Soros is just itching for a crisis. A few weeks ago, the NYT reported:
“This crisis has the potential to be a lot worse than Lehman Brothers,” said George Soros, the hedge fund investor, citing the lack of an authoritative pan-European body to handle a banking crisis of this severity. “That is why the problem is so serious. You need a crisis to create the political will for Europe to create such an authority, but there is still no understanding as to what the authority will do.”
The other day, we wondered aloud why the New York Attorney General, Eric Schneiderman, was aggressively blocking the Bank of American and Bank of New York Mellon settlement regarding Countrywide RMBS. Maybe he's just an uncorrupted politician looking out for the best interests of the good investors of New York. Or maybe, he's being pressured by one of his largestcampaign contributors, George Soros.
In a separate matter, Schneiderman has also been an active critic of the settlement among the big banks and state attorneys general. Add to that list another recipient of Soros' largess, the AG of Kentucky and none other than Rand Paul's former opponent for US Senate, Jack Conway.
Will Soros get the US leg of his crisis? With all eyes on BAC, focus might soon shift to BNY Mellon. As RC Whalen wrote the other day at the IRA Analyst (behind pay wall now):
We cannot help but wonder if that August 30, 2011 lawsuit by US Bank did not have something to do with the unexplained volatility in the BK CSUITE. "Bank of New York Mellon raised eyebrows after the closing bell Wednesday by announcing the departure of Chairman and Chief Executive Robert Kelly, but analysts say the bank won't miss a beat under new leadership, and the stock didn't either," writes Steve Schafer of Forbes.
Skip a beat or skip away is the question we have in mind. Under Sarbanes-Oxley, the general counsel of BK has an affirmative duty to make members of the board of directors aware of any failure in terms of internal systems and controls or future risks. Looking at the public record, it does not appear that BK has yet acknowledged the problems regarding trustee activities that have been made public by the State of New York.
The auditor of BK as well as the outside counsel to the bank also have affirmative duties to report to the SEC any failure to disclose such risks to investors in the event that the board fails to make such disclosure. Again, we see nothing in the public record indicating any disclosure by BK regarding these allegations by the State of New York. And is it not interesting that the New York AG was not represented at last Friday's meeting of parties in the Countrywide put-back litigation? While the penalties for failure to disclose in the Sarbanes-Oxley law are bad enough, a litigation by the NY AG using the Martin Act is the big shoe waiting to drop on both BAC and BK. What will the NY AG do? Stay tuned.
Stay tuned, indeed. As the only competitor to JP Morgan in the US custodial securities business, BNY Mellon is more of a systemic risk than BAC, and adds an interesting dimension to the current financial crisis.
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In all innocence, why would Soros be the dark side in this game? If he has an agenda to somehow make a boatload of money out of BAC's or BYN Mellon's distress, it will come out.
As long as Soros just works for Soros..
Bank of America committed crimes and it needs to be prosecuted. If Soros contributed to the campaigns of Democratic AG's so be it. If he has some secret agenda, which I'm sure that all campaign contributors have or they wouldn't be contributing, so be it. Whether people are joining the refusal to give B of A a free pass to commit crime because they think that it's right, or whether they are doing it to destroy B of A and Mellon so that their competitors win, I don't care. I'm glad that they are prosecuting them. It's almost as if corporate warfare is the new Cold War, but it's at least a balance of powers.
It is never easy to predict the directive when the likes of soros and buffet rearing their heads out of obibbles and bernacne's assholes.
I really think the protests should be at every state AG's with "no more bullshit, we want justice".
The feds have already turned to the dark side.
it's over bitches.
Soros funded - what bullshit. If he's taking on the banksters I'm all for it no matter where he gets his funds.
Boo hoo hoo the banksters could lose their settlement - why aren't the prisons full of these criminal banksters?
Corporate geneology is very important in chasing down the answers to "The Four Money Questions".
Blog and links announcement
http://georgesblogforum.wordpress.com/2011/09/23/blogs-and-links/
http://georgesblogforum.wordpress.com/2011/09/16/the-four-money-questions-update-09-162011/
"Maybe he's just an uncorrupted politician looking out for the best interests of the good investors of New York. Or maybe, he's being pressured by one of his largestcampaign contributors, George Soros."
You do realize that in the same sentence, you just identified what would be in the best interest of the public (killing an incredibly horrible BAC settlement), but then dismissed the merit of doing just that if there is any possibility George Soros is behind it. Shill. The proposed BAC settlement is a give away to corruption and greed.
Yes, I admit it. I'm a shill for the big banks.
For the record, I believe the settlement is garbage as well. I find it unlikely that, in the end, the best interests of the investors of NY will be served and that this AG is the hero many are making him out to be. For those who are listening, there's something bigger playing out. We'll see who mints when the next shoe falls.
yeha CALL IT WHAT IT IS fASCSIM
order out of chaos
create a crisis and they have the cure
more centralize3d fascist control welcome to the new world order with soros at the helm
One bastard thief (AG & co.) butt-fucking another bastard thief (BofA & co.).....no problem with me. I'd like to watch more it it, actually. I got plent of popcorn.
Jack CONway is a crony capitalist and corrupt piece of dung.
Hmm, so far no argument on your "corrupt piece of dung" charge.
Cronyism and Capitalism are polar opposites. "Crony Capitalism" is a smear of Capitalism. Why adopt leftist terminology?
I was way left until recently. (Now I hate everybody). But I always preferrred to use the term Fascism to Crony Capitalism despite the fact that Il Duce in his latter years preferred to use Corporatism. Does Fascism go down better? Need some K-Y?
I like Gun Oil better. Will you allow me to use poppers, too?
Srsly, this country - the USofA, that is - has been fascist for over a two centuries now.
From long about the 1780s, I s'pose.
Why adopt leftist terminology?
Dude, that's the only way they can win arguments. If the lefties had to use reason honestly.... c'mon, who could they ever convince?
the left right paradigm lives on only in retarded, philosophically inbred, and uneducated people. look in the mirror Dude thats your next liberal foe
Then call it crapitalism.
There, feel better now?
Mekin- No one seems to be that interested in logic as they are emoting irrationalites.
Oh, by the way, what does George Soros really ahve to do with this whole matter. Isn't the reference to him just some extremist method obfuscating the facts with more delusional crap.
WHo Soros makes donations to is important. Soros and Barracky are great freinds that is why Barrack is a liar. Soros makes him lie. Or is it Bush?
Or is George Soros and the TOTUS being a liar not related?
Do you really believe a man of Barracks integrity would be the liar he is without the influence of George Soros?
Or doe Barrack Obama lie all the time because he is a fucking fruad?
I find it less racist to blame to Soros what do you think?
Because it is accurate.
The false left/right dichotomy is one of the fallacies in your logic...
Fallacy of a false premise is the other...