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Blaming Bank of America: Andrew Cuomo sues the bank for following Treasury orders.
Wall Street Journal ^ | February 6, 2010

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 Mac—two government sponsored enterprises involved in housing finance—to 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 increase—in 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 ...


TOPICS: Business/Economy; Editorial; US: New York
KEYWORDS: andrewcuomo; bankofamerica; boa; cuomo; fanniemae; freddiemac; kenlewis; subprime; subprimemortgages; wallstreetcrooks

1 posted on 02/06/2010 5:44:43 AM PST by reaganaut1
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To: reaganaut1
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.
2 posted on 02/06/2010 5:48:22 AM PST by Rumplemeyer
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To: reaganaut1

It’s so incestous, isn’t it?


3 posted on 02/06/2010 5:49:04 AM PST by homegroan (Blizzard of 1978 Survivor / ILLIGITIMA NON CARBORUNDUM!!)
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To: reaganaut1

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


4 posted on 02/06/2010 5:49:37 AM PST by silverleaf (My Proposed Federal Budget is $29.99)
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To: reaganaut1

http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/

this article discusses the role of Andrew Cuomo in the collapse of the govt-sponsored mortgage business


5 posted on 02/06/2010 5:51:36 AM PST by silverleaf (My Proposed Federal Budget is $29.99)
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To: reaganaut1

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.


6 posted on 02/06/2010 5:52:39 AM PST by proxy_user
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To: reaganaut1
Andrew Cuomo and Fannie and Freddie, How the youngest HUD secretary caused the mortgage crisis
7 posted on 02/06/2010 5:54:04 AM PST by Just A Nobody ( (Better Dead than RED! NEVER AGAIN...Support our Troops! Beware the ENEMEDIA))
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To: silverleaf

Over zealous prosecuter goes for exploding cigar. I love how friggin retarded the liberal elites are.


8 posted on 02/06/2010 5:56:48 AM PST by LALALAW (one of the asses whose sick of our "ruling" classes)
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To: reaganaut1

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.


9 posted on 02/06/2010 5:57:52 AM PST by Tarpon ( ...)
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To: LALALAW

AS they sow, so shall they reap


10 posted on 02/06/2010 5:59:53 AM PST by silverleaf (My Proposed Federal Budget is $29.99)
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To: reaganaut1
Andrew Cuomo and Fannie and Freddie:

How the youngest Housing and Urban Development secretary in history gave birth to the mortgage crisis

11 posted on 02/06/2010 6:02:05 AM PST by raybbr
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To: silverleaf

But really, how can we believe anything that comes from that conservative broadsheet, the Village Voice? ;)


12 posted on 02/06/2010 6:05:27 AM PST by Roccus (ABLE DANGER?????...................What's an ABLE DANGER???)
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To: proxy_user

Cuomo needs Barack’s blessing to ascend to the governorship.


13 posted on 02/06/2010 6:07:29 AM PST by MortMan (Stubbing one's toes is a valid (if painful) way of locating furniture in the dark.)
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To: Roccus

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


14 posted on 02/06/2010 6:09:13 AM PST by silverleaf (My Proposed Federal Budget is $29.99)
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To: silverleaf

...don’t forget the stained blue dress.


15 posted on 02/06/2010 6:12:02 AM PST by Roccus (ABLE DANGER?????...................What's an ABLE DANGER???)
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To: Rumplemeyer

“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.


16 posted on 02/06/2010 6:15:07 AM PST by stephenjohnbanker (Support our troops, and vote out the RINO's!)
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To: homegroan

Bingo! They both suck!


17 posted on 02/06/2010 6:18:39 AM PST by alice_in_bubbaland (Markets and Marxists Don't Mix! Audit the FED NOW!)
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To: Rumplemeyer

my sentiments exactly!


18 posted on 02/06/2010 6:20:39 AM PST by gussiefinknottle (woof!woof!woof!)
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To: Just A Nobody
The Real Scandal-How Feds Invited the Mortgage Mess

Congressional Democrats Bankrupted the Nation

19 posted on 02/06/2010 6:31:39 AM PST by Just A Nobody ( (Better Dead than RED! NEVER AGAIN...Support our Troops! Beware the ENEMEDIA))
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To: GOP_Lady

WSJ Editorial ping


20 posted on 02/06/2010 9:06:57 AM PST by reaganaut1
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To: reaganaut1; AdvisorB; antivenom; Blonde; BornToBeAmerican; BroJoeK; Diana in Wisconsin; ...


To be added or removed from the
"The Wall Street Journal" Ping List,
FReepmail
GOP_Lady.

21 posted on 02/06/2010 9:19:39 AM PST by GOP_Lady
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To: reaganaut1
Cuomo is doing the same thing to Wall Street that Spitzer did to them when he was Attorney General; threaten them with government financed CIVIL SUITES, not criminal prosecutions. It makes them confess and settle to avoid unfavorable publicity; not unlike the Jesse Jackson/Al Sharpton Shakedowns.
One of the differences between Cuomo and Spitzer is that Spitzer was unfaithful to his wife and Cuomo’s wife (Bobby Kennedy's daughter) was unfaithful to him; reportedly had an affair with Cuomo’s best friend. (You just have to marvel at the Kennedy family corruption and lack of moral character.)
22 posted on 02/06/2010 12:24:52 PM PST by BilLies
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