Bank of America Stonewalls on Executive Bonuses
By Susie Madrak Friday Feb 27, 2009 5:00pmGee, what do you suppose Lewis is hiding?
A major legal battle is brewing between Bank of America President Ken Lewis and New York Attorney General Andrew Cuomo because the CEO is refusing to hand over a list of Merrill Lynch executives who received $3.6 billion in questionable bonuses right before the banks merged late last year.
"Bank of America has made the decision they don't want to turn that information over to us and we, therefore, tonight served Bank of America with a subpoena to turn over that information," said Special Assistant to the New York Attorney General Benjamin Lawsky Thursday evening, "and we intend to get that by whatever means is necessary going forward."
Lewis met with the attorney general's office for four hours, and he claimed afterward that he fully cooperated.
But New York officials told ABC News the session with Lewis was ugly and combative. They accused Lewis and the bank of stonewalling, saying they refused to provide a list of which executives got what of the billions in bonuses.
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Its like nationalization with out the nationalization.
How much money are we willing to give these guys without any oversight?
250 billion to be exact. And this pledge was made after this story came to light,
ain't no stopping the money train.
I have been made aware that people calling Bank of America to find out if their mortgages are backed by Fannie Mae or Freddie Mac are being told that “we are not releasing that information.”
"Bank of America has made the decision they don't want to turn that information over to us and we, therefore, tonight served Bank of America with a subpoena to turn over that information,"
Let me guess.
They're all claiming executive privilege.
So glad they subpoenaed them for that and I hope they make them show where all the bonuses went. I can't stand bank of america I used to be with Fleet before they took over years ago and left once BoA came. I'm with HSBC now and pretty happy hardly as many fees for writing business checks no minimums etc.
There is a simple solution for this nonsense. Take over the fucking bank! We have put in enough money to buy the whole damn thing anyway*. I wonder if the attorney general said the magic word "nationalization"?
* I realize that this deal is about new York attorney general but I don't think it would be a stretch for the U.S, AG to be interested in this.
although there is no guarantee that a National bank won't indulge in the same interest rate tweaking job decimating lever pulling that we've seen in the past.
One would think that B of A would have a PR flak to oversee this -- maybe they're so arrogant that they don't care how they are perceived.
The question that is nowhere being asked: when BoA was invited to take Merrill did the government promise to make section 382 of the tax code inoperative?
Paulson, as I understand the law, did not have such authority.
Here is the WaPo article on the stealth revision of tax law 'section 382' which, it is said, will mean a some $140 billion tax windfall for banks. That also reads a $140 billion shortfall for the Treasury.
Geithner in his confirmation hearings was cut short in his answer about the BoA Merrill deal.
Ken Lewis in an interview w Bloomberg streaming here 8:30 P and 11 P EST.
the level of chutzpah involved here is breath taking.
Olbermann just broke another story of BofA and J.P. Morgan Chase's theft of taxpayer/customer dollars.
They secretly bailed out the NBA with 200 million in loans made of the dollars our Treasury and Congress gave them to 'buy up toxic assets'.
http://www.ballerstatus.com/article/news/2009...
What are the chances of that lying bastard Paulson being arrested for a massive fraud, a fraud worse than Maddoffs??
is one of the sickest things. How many banks have bought up others, gotten out tax dollars only to not have to pay taxes because they bought these other banks (who knows how many pennies on the dollar, too, along with their share of the bailout cashola).
Sickest shit ever. It was a really bad idea to allocate any money while the Bush criminals were in power. Our money disappearing into thin air much like the truckloads of cash sent to Iraq...and into the paws of the likes of Halliburton and the newly named Xe (gotta do something to spiff up their "brand" donchano).
The Bloomberg replay on 2/27/09 at 8:30 P EST omitted a question found in the original earlier in the week about Merrill and Credit Default Swaps.
Too bad, that is what I wanted to hear again.
Unfortunately, Paulson's plan was Geithner's plan.
Here is the latest I have found so far on the section 382 swindle.
Here on YouTube, is the week of 2/27/09 Bloomberg Ken Lewis interview referenced above.
waterboard him now? Can we? Can we? Can we?
... you know, the one with especially rich corinthian leather and bondage equipment.
.
we could call it the Wanker Waterboard!
or the Wanker Banker Waterboard!
those executives have to file tax returns?
but I wouldn't put it past these people to skirt rightful W2's.
... that AG Cuomo better watch his back?
Wasn't Rod Blogojevich "tough" with BofA the day before his political career was ruined?
Also Bush gave them the OK to rob us back in 2006 and Bush and the FBI knew about the morgage fruad in http://www.google.com/search?hl=en&rls=com.mi... plus http://www.businessweek.com/bwdaily/dnflash/m...
Spitzer.
the Roman Capital at the end.
Hopefully we won't join em in the history books.
We ARE Rome.
Indeed. And the people of Rome had complete disconnect with the rest of their Empire, and other nations of the planet. Just by being Roman they were superior. Sound familiar?
(And no, I am NOT harping on from the earlier thread-- all forgotten about. Friends?)
for my comfort.
No harping taken. No worries, hon.
Throw their ass's in jail.
hit the fan yet. What kind of madness, what epidemic panics of self interest are yet to display?
“There is no cause to worry. The high tide of prosperity will continue”
- Andrew W. Mellon, Secretary of the Treasury. September 1929
Stock Prices Will Stay at High Level For Years to Come, Says Ohio Economist .
-Dr. Charles Amos Dice, professor of business organization at Ohio State October 13, 1929
“FISHER SEES STOCKS PERMANENTLY HIGH”
-Irving Fisher, Yale economist, October 16h, 1929
“BROKERS IN MEETING PREDICT RECOVERY; Partners in 35 Wire Houses at Conference Agree Selling Has Been Overdone.” October 25, 1929
NEW AID IS PLEDGED TO BANK COALITION; G.F. Baker Jr. Joins Parley at Morgan Offices and Many Other Offers Are Made. SUPPORT EASES ANXIETY
-October 26, 1929
Brokers Believe Worst Is Over and Recommend Buying of Real Bargains
– New York Herald Tribune, October 27, 1929
October 29, 1929 - Stock Market Crashes!
BROKERS BELIEVE BOTTOM IS REACHED; Others Say a Sharp. Recovery Is in Order.
-October 30, 1929 (Glad they covered both sides of the story!)
“FISHER SAYS PRICES OF STOCKS ARE LOW; Quotations Have Not Caught Up With Real Values as Yet, He Declares. SEES NO CAUSE FOR SLUMP”
-October 22, 1929
“Time to Buy Stocks” John J. Raskob, one of the country’s leading industrial and political leaders
-October 30, 1929
Headline “INSURANCE HEADS URGE TO BUY STOCKS”
-October 30, 1929
ROCKEFELLER BUYS, ALLAYING ANXIETY; Elder Financier Says Business Status Does Not Warrant the Destruction of Values. October 31, 1929 (Remember Warren Buffet in Sept 2008?)
Stocks Up in Strong Rally; Rockefellers Big Buyers; Exchanges Close 2-1/2 Days
– New York Herald Tribune, October 31, 1929
SEES NEW BULL MARKET.; President of Philadelphia Stock Exchange Makes Predictions.
-November 22, 1929
...the "Time and Temperature" time-spot? Can't afford it?
the looting is now taking place in a free for all frenzy that is the personal province of a few who ironically represent what their victims wish they could be.
Both are too precious to the life of the people to be entrusted to for-profit corporations.
.
That a man with a briefcase can steal way more money than any man with a gun.
...in my head these last few months.
("a man with a briefcase can steal way more money than any man with a gun.")
That banks were created as a safe place to keep one's money instead of under one's mattress?
coffee cans buried out in the barn, myself.
Barn? Which corner? lol
I would tell you! ;-)
In this economy it might not be such a good idea. Hehe
Is this is essentially a 140 billion dollar hostage situation.
Did we break the law? Yep,but if you make a stink the bank mergers will probably all go south and plunge America into an even deeper economic tailspin.Checkmate.
Then we take them over and let me run them.
How about traitors?
For that is exactly what these greedy bloodsucking scumbag bankers are.
My comment, a cartoon: 'Barney Frank Questions Bank of America CEO,
{ Deleted, Sorry, no blogwhoring. SiteMonitor}
A show of pitchforks is looking better and better everyday...
Shut B of A down now.
Next time they stick their hand out asking for money, simply deduct the $3.6 billion and ad it to our equity stake. Simple. If they don't like it, see if Gazprom Bank can help them out.
We have to stop playing games with these bastards and laying some hard core shit on their asses that will let them know we mean business with them.
All these public humelation tactics is not going to do the trick. These bastards need to be told up front that if they screw over federal money, they are going to be hit with fines so heavy it will send their asses into bankruptcy and that will take place before they take their nasty asses to jail.
These mesures can take place when you screw around with federal funds, intrusted to you and these bastards should be treated no different then a federal employee.
Why the hell are they not doing this is beyond me and it does not take a court order
Why not just check their tax returns?
I closed my account at B of A. Perhaps if enough people who feel B of A is not acting responsibly do so, they might get the message.
That's they way to do it!Get 'em where it'll hurt!
This is to be expected. Those Who Run Everything have been running over us for years, especially in the last 8 years, they've been doing it with little to no oversight.
After all that, they're being asked "pretty please" after being handed even MORE money? Yeah, right. They're laughing at us, they're laughing at the government. Maybe later they'll agree to help out a little, but it won't be anything that will incriminate them, they'll find a scapegoat or a fall-guy. And the Democratic "leadership" will consider a strongly worded letter.
Does anyone really think this will change on it's own? Follow the money.
Andrew Cuomo better watch out... he could be 2009's Ellitt Spitzer... broken, discredited and out of a job... these SOBs play for keeps...
i'm just sayin', is all
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