Skip to comments.Blaming Bank of America: Andrew Cuomo sues the bank for following Treasury orders.
Posted on 02/06/2010 5:44:43 AM PST by reaganaut1
[Attorney General Andrew Cuomo's] charges are certainly creative in that they get the bank executives coming and going: "Bank of America's management intentionally failed to disclose massive losses at Merrill so that shareholders would vote to approve the merger. Once the deal was approved, Bank of America's management manipulated the federal government into saving the deal with billions in taxpayer funds by falsely claiming that they would back out of the deal without bailout funds."
If Mr. Cuomo truly believes that BofA shareholders and executives deserve to pay the political cost of the financial crisis, perhaps a refresher is in order on the roots of that crisis. Along those lines, the Web site of the Department of Housing and Urban Development has an interesting item in its Archives section. Entitled, "Highlights of HUD Accomplishments 1997-1999," the document chronicles the "accomplishments under the leadership of Secretary Andrew Cuomo, who took office in January 1997."
HUD's Web visitors learn that in 1999 "Secretary Cuomo established new Affordable Housing Goals requiring Fannie Mae and Freddie Mactwo government sponsored enterprises involved in housing financeto buy $2.4 trillion in mortgages in the next 10 years. This will mean new affordable housing for about 28.1 million low- and moderate-income families. The historic action raised the required percentage of mortgage loans for low- and moderate-income families that the companies must buy from the current 42 percent of their total purchases to a new high of 50 percent - a 19 percent increasein the year 2001."
Fannie and Freddie's purchases of subprime loans skyrocketed. The problem wasn't merely that the Cuomo HUD was raising the volume of loans for which taxpayers would be on the hook.
(Excerpt) Read more at online.wsj.com ...
It’s so incestous, isn’t it?
Ken Lewis is a better man than Andrew Cuomo, at least he has created a successful business and wealth for millions, all the Cuomos have done is milk the public teat and use their connections
Let’s see Andrew Cuomo add “et al” to his list of defendants, so we get to hear about Geithner, Paulson and Bernankee and their role in the ML takeover
Stay safe, Mr Lewis. And let this be a lesson to all other CEO’s that meet with this administration to WEAR A WIRE
this article discusses the role of Andrew Cuomo in the collapse of the govt-sponsored mortgage business
Cuomo is a state official. He doesn’t care if Lewis and the BofA call Paulson, Bernanke, and Geitner as witnesses and try to put them blame on them, which they are almost certain to do.
Over zealous prosecuter goes for exploding cigar. I love how friggin retarded the liberal elites are.
So isn’t there a reflection here to all the Democrats and CRA 1977?
Bad bounce for Democrats as the truth of what really happened becomes known .... How they spent 30 years causing the financial meltdown.
AS they sow, so shall they reap
But really, how can we believe anything that comes from that conservative broadsheet, the Village Voice? ;)
Cuomo needs Barack’s blessing to ascend to the governorship.
even a stopped clock is right twice a day
every once in a while a non mainstream source hits one out of the ballpark- you know no “reputable” rag would publish and article so revealing of the Clinton/Cuomo duo
ditto with the National Enquirer and the lub chil’s of Jesse Jackson and John Edwards
...don’t forget the stained blue dress.
“Andrew Cuomo is a dirt-bag, his father is a dirt-bag and his grandfather was a dirt-bag. This little weasel should be in jail along with Barney Frank and Chris Dodd. “
I’d say that covers it.
Bingo! They both suck!
my sentiments exactly!
WSJ Editorial ping
To be added or removed from the
"The Wall Street Journal" Ping List,
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.