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Keyword: paulson

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  • Wall Street's Naked Swindle

    10/17/2009 6:09:52 AM PDT · by Wolfie · 134 replies · 5,004+ views
    Rolling Stone ^ | Oct. 14, 2009 | Matt Taibbi
    <p>On Tuesday, March 11th, 2008, somebody — nobody knows who — made one of the craziest bets Wall Street has ever seen. The mystery figure spent $1.7 million on a series of options, gambling that shares in the venerable investment bank Bear Stearns would lose more than half their value in nine days or less. It was madness — "like buying 1.7 million lottery tickets," according to one financial analyst.</p>
  • Despite denials, Feds knew of Merrill bonuses

    10/13/2009 10:19:35 AM PDT · by BGHater · 6 replies · 412+ views
    The Washington Times ^ | 12 Oct 2009 | Sean Lengell
    Dispute of Paulson, Bernanke testimony Court documents show that federal regulators were told about billions of dollars in bonuses awarded to Merrill Lynch executives during the company's takeover by Bank of America - contradicting statements to Congress by Federal Reserve Chairman Ben S. Bernanke and former Treasury Secretary Henry M. Paulson Jr. The Securities Exchange Commission (SEC), in a brief filed in ongoing litigation with Bank of America Corp., said the bank informed the Treasury Department and the Federal Reserve of the Merrill Lynch bonuses as early as Dec. 17 - weeks before the government approved a $20 billion bailout...
  • The Great American Bubble Machine (Goldman Sachs runs everything, it seems)

    09/25/2009 9:25:39 PM PDT · by STARWISE · 40 replies · 1,956+ views
    Rolling Stone ^ | 7-13-09 | Matt Taibbi
    From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again ### The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a...
  • What did Hank know and when did he know it?

    09/22/2009 6:21:11 PM PDT · by BGHater · 10 replies · 1,460+ views
    NY Post ^ | 22 Sep 2009 | John Crudele
    HANK Paulson has admitted that he kept in touch with "market participants" on Wall Street when he was Treasury secretary. But did the former head of Goldman Sachs use his government position to enrich his friends during one of the most tumultuous times in US financial history? Paulson's phone logs, which I obtained after a Freedom of Information Act request, show that the Treasury chief kept in frequent touch with a virtual Who's Who of Wall Street's power players. But a half-hour block of time could prove to be the most intriguing bit of non-information in his schedule. Let me...
  • Rescuing ACORN

    09/26/2008 5:25:14 PM PDT · by Kaslin · 21 replies · 1,759+ views
    IBD Editorials ^ | September 26, 2008
    Election '08: Democrats want to use profits from the bailout as a slush fund for liberal activist groups, even those involved in vote fraud to help elect Barack Obama.Prior financial bailouts, or "rescues," such as those involving savings and loan failures, and Chrysler, have over time actually made money for the government. It may be the case here as well, as assets bought by the government at bargain prices return to marketable values and are auctioned off. One of the sticking points in resolving the crisis was a poison pill in the Dodd/Paulson compromise that would move 20% of profits...
  • Bush didn't understand Paulson's bailout

    09/16/2009 7:38:51 AM PDT · by freepersunite · 42 replies · 1,665+ views
    Spectator ^ | 16th Sep | James Forsyth
    Fascinating details of last years financial bailout have emerged in a new book by a former White House insider. The Bush administration felt that the Treasury Secretary, Hank Paulson, kept changing his proposal leaving the President to demand: "You’ve got to tell me what you’re doing.”
  • 'We're Going to Have Zombie Capitalism for the Next 15-20 Years,' says Jim Rogers

    09/16/2009 6:28:56 AM PDT · by ex-Texan · 86 replies · 3,295+ views
    Business Intelligence - Middle East ^ | 9/14/2009 | BI-ME staff
    INTERNATIONAL. Legendary global investor and chairman of Singapore- based Rogers Holdings, Jim Rogers said the Fed and the US Treasury should have let 10 banks fail, not just Lehman Brothers, for the financial system to clean itself up. Speaking to CNBC Wordwide Exchange today Rogers said "All the government officials and bureaucrats loved the fact Lehman failed, because they could all jump in and support banks." "This whole problem was not caused by Lehman Brothers or Lehman Brothers failure. Lehman was an effect not a cause." "The real problem over the past 10-15 years has been that regulators have not...
  • The Last Days of Lehman Brothers

    09/14/2009 10:07:09 AM PDT · by FromLori · 32 replies · 1,662+ views
    Economic Policy Journal ^ | 9/14/09 | Robert Wenzel
    A BBC production of the last days of Lehman Brothers is a must see. You have to read between the lines a bit, but the production shows how Treasury Secretary Paulson treated Lehman different from the way he handled others that had just as many problems as Lehman. In a nice touch, the BBC hints that Paulson tipped off former Goldman man, and then Merrill CEO, John Thain, of the trouble ahead----which was behind Merrill's sale to Bank of America. The dramatization does a nice job of showing Thain's style in landing an incredible $29 per share for Merrill from...
  • Congress: Where are the Subpoenas?

    08/31/2009 11:41:20 AM PDT · by spyone · 29 replies · 3,066+ views
    The Market Ticker ^ | August 31, 2009 | Karl Denninger
    Watch the above - six minutes and worth every bit of it. From that interview (specifically, at 3:20 in): 1.Paulson told this person (who is writing a biography, apparently) that he intended to use the TARP money to inject into the banks and not buy toxic assets a full ten days before he testified before Congress. 2.He then testified before Congress to exactly the opposite. This is about as clear an allegation of perjury (which, by the way, we've heard before - remember Kashkari making essentially the same allegation in his Congressional testimony?) as I've seen. Now the questions:
  • Watchdog: TARP tab could hit $24 trillion

    08/18/2009 6:15:55 PM PDT · by chuck_the_tv_out · 19 replies · 1,000+ views
    The Washington Times ^ | Tuesday, July 21, 2009 | Sean Lengell
    Think last year’s $700 billion Wall Street rescue package was beaucoup bucks to spend bailing out the nation’s floundering financial system? That’s chump change compared to what the overall price tag could be, a government watchdog says. The inspector general in charge of overseeing the Treasury Department’s bank-bailout program says the massive endeavor could end up costing taxpayers almost $24 trillion in a worst-case scenario. That’s more than six times President Obama’s proposed $3.55 trillion budget for 2010. Much of the bailout’s attention has focused on the Treasury’s $700 billion Troubled Asset Relief Program, or TARP, which Congress hurriedly passed...
  • No shortage of calls and e-mails to Minnesota's delegation in health care debate

    08/11/2009 8:34:51 PM PDT · by MplsSteve · 10 replies · 657+ views
    Minneapolis StarTribune (aka The Red Star) ^ | 8/11/09 | Bob Von Sternberg/Eric Roper - Staff Reporters
    As the national health care debate grows more strident, members of Minnesota's congressional delegation say constituents are swamping their switchboards and e-mail in-boxes to weigh in on the issue. Despite a full plate of other issues facing the Obama administration and Congress -- from the still-sickly economy to dual wars overseas -- health care trumps them all. Fully half the calls made to Democratic Sen. Al Franken's office are on health care. It's also Topic One in the office of U.S. Second District Rep. John Kline, where more than 3,000 calls, letters and e-mails have poured in, with most running...
  • The Final Days of Merrill Lynch

    08/11/2009 7:49:47 AM PDT · by BGHater · 3 replies · 460+ views
    The Atlantic ^ | September 2009 | William D. Cohan
    Last September, as Wall Street turned to rubble and panic threatened to come unleashed, Ken Lewis, the CEO of Bank of America, agreed to swallow one of the country’s most toxic investment houses. The deal was not altogether voluntary; as details have slowly emerged, the coercive role of the Fed and Treasury has loomed larger. What exactly happened in the weeks leading up to the merger? Did the deal save us all from economic apocalypse? And what does the government’s unprecedented role in it portend for the future of our economy? It’s been almost a year since Bank of America...
  • Paulson’s Calls to Goldman Tested Ethics

    08/10/2009 7:08:28 AM PDT · by BGHater · 12 replies · 519+ views
    The New York Times ^ | 08 Aug 2009 | GRETCHEN MORGENSON and DON VAN NATTA Jr.
    Before he became President George W. Bush’s Treasury secretary in 2006, Henry M. Paulson Jr. agreed to hold himself to a higher ethical standard than his predecessors. He not only sold all his holdings in Goldman Sachs, the investment bank he had run, but also specifically said that he would avoid any substantive interaction with Goldman executives for his entire term unless he first obtained an ethics waiver from the government. But today, seven months after Mr. Paulson left office, questions are still being asked about his part in decisions last fall to prop up the teetering financial system with...
  • Hank Paulson In Constant Contact With Goldman During Crisis (GS)

    08/09/2009 7:18:23 AM PDT · by FromLori · 25 replies · 1,286+ views
    Bottom line: he was in touch with Goldman a lot. While Mr. Paulson spoke to many Wall Street executives during that period, he was in very frequent contact with Lloyd C. Blankfein, Goldman’s chief executive, according to a copy of Mr. Paulson’s calendars acquired through a Freedom of Information Act request. During the week of the A.I.G. bailout alone, Mr. Paulson and Mr. Blankfein spoke two dozen times, the calendars show, far more frequently than Mr. Paulson did with other Wall Street executives. On Sept. 17, the day Mr. Paulson secured his waivers, he and Mr. Blankfein spoke five times....
  • Yep, The Bailout Was Based On A Big Fat Lie

    08/03/2009 5:56:38 AM PDT · by FromLori · 11 replies · 1,644+ views
    Sophisticated people have a hard time understanding popular outrage about the banking bailout. Indeed, the TARP watchdog Neil Barofsky's complaints that most TARP dollars were used to increase capital cushions and pay bonuses rather than increase lending strikes many as a silly complaint. Of course banks needed to recapitalize themselves before they could start lending, the sophisticates say. In fact, some people insist on claiming that the purpose was always a recapitalization of the banks. That might be true. But it certainly was not what the American people were told over and over again. They were told, unequivocally, that the...
  • JPM's Dimon Was Paulson's Go-To Guy On Street: Book

    08/02/2009 11:29:36 PM PDT · by CutePuppy · 4 replies · 370+ views
    NY Post ^ | August 02, 2009 | Mark DeCambre
    Days after Lehman Brothers' stunning collapse last Sept. 15, then-Treasury Secretary Hank Paulson placed an urgent call to JPMorgan Chase CEO Jamie Dimon and asked the banking veteran to buy rival Morgan Stanley to save it from suffering a similar fate, according to an upcoming book. Dimon, who had come to be seen as the banker of last resort after acquiring Bear Stearns in a government-sponsored takeover the previous March, had misgivings on such a move, though, and passed on the opportunity. The reason, according to the book, was that it would be too difficult to integrate the two similarly...
  • Paulson: Time to pack up and leave (Time for Obama to pack up and leave)

    07/20/2009 10:13:06 AM PDT · by Signalman · 7 replies · 543+ views
    Ventura Co. Star ^ | 7/20/2009 | Terry Paulson
    President Barack Obama is no horse whisperer wooing America into embracing change. An articulate bull has been unleashed in America’s china shop. His sweet talk and promises of bipartisanship have given way to a radical liberal bent on transforming America into a socialistic nightmare we can’t afford! He may actually believe that his vision for America is best, but the poll numbers for his plans are dropping fast. Americans are taking off their rose-colored glasses because the economy is not improving. Brian Thompson of the Museum of American Financial History asserts: “Wall Street is predicated on optimism. The very acts...
  • Congressman Stearns: Mr Paulson How Do You Have Any Credibility?

    07/19/2009 12:49:39 PM PDT · by Orange1998 · 14 replies · 617+ views
  • The Genius of Goldman?

    07/16/2009 6:27:05 PM PDT · by ovrtaxt · 22 replies · 1,396+ views ^ | 7-14-09 | SliderOnTheBlack
    The Genius of Goldman? July 14th, 2009 · 41 Comments · Politics, Money and Markets The Genius of Goldman? What’s up with the mainstream media acolytes who keep aluding to the genius of Goldman Sachs?What genius?If it wasn’t for their former CEO Hank Paulson bankrupting their competition (Bear and Lehman) and then extorting Congress behind closed doors under the threat of martial law, they wouldn’t even be in business today.Does having your former CEO being able to choose who among your competitors lives, or dies, make you a genius?Does having your former CEO bail you out via the backdoor of...
  • Lawmakers Spread Blame on Bank of America-Merrill Deal

    07/16/2009 3:30:39 PM PDT · by FromLori · 3 replies · 263+ views
    WSJ ^ | 7/17/09
    WASHINGTON -- Former Treasury Secretary Henry Paulson misled Congress and along with Federal Reserve Chairman Ben Bernanke looked the other way as major mistakes were made at Bank of America Corp. even as the government was preparing a $20 billion aid package for the firm, U.S. lawmakers charged Thursday. Mr. Paulson, making his first appearance on Capitol Hill since leaving office in January at a hearing before House Committee on Oversight and Government Reform, defended the government's response to the financial crisis and his role in ensuring Bank of America closed its transaction for Merrill Lynch & Co. But lawmakers,...
  • US Lawmakers Spread Blame On BOfA/Merrill Deal

    07/16/2009 1:50:27 PM PDT · by Kartographer · 3 replies · 301+ views ^ | 7/16/09 | Michael R. Crittenden
    Former Treasury Secretary Henry Paulson misled Congress and along with Federal Reserve Chairman Ben Bernanke looked the other way as major mistakes were made at Bank of America (BAC) even as the government was preparing a $20 billion aid package for the firm, U.S. lawmakers charged Thursday.
  • Lawmakers hit out at Paulson over BofA-Merrill ( They got very personal...with flogging)

    07/16/2009 1:40:59 PM PDT · by Ernest_at_the_Beach · 13 replies · 553+ views
    MarketWatch ^ | Thu Jul 16, 2009 3:49pm EDT | Mark Felsenthal and Alister Bull
    WASHINGTON (Reuters) - U.S. lawmakers on Thursday slammed former Treasury Secretary Henry Paulson over the government's role in Bank of America's merger with Merrill Lynch, saying authorities suppressed information about losses and bullied executives into going through with the deal. "The American people, investors, and the Congress were kept in the dark," Rep. Edolphus Towns told Paulson at a hearing. "There was no oversight to determine whether this arrangement made sense. In my view, this is unacceptable and must be prevented from happening again," said Towns, the New York Democrat who chairs the House of Representatives Oversight and Government Reform...
  • Paulson: No Evidence of Illegality at BofA/Merrill Deal

    07/16/2009 10:52:09 AM PDT · by Kartographer · 15 replies · 348+ views
    Fox Business News ^ | 7/16/09 | Dunstan Prial
    Former Treasury Secretary Henry Paulson on Thursday denied he and other government officials did anything improper or illegal when they put pressure on Bank of America (BAC: 13.2201, -0.2099, -1.56%) to complete a rushed merger with Merrill Lynch late last year. While admitting that pressure was applied, Paulson said every action taken at the time was made to fend off a potentially catastrophic collapse of the global financial system.
  • Paulson says he pressured Bank of America CEO

    07/16/2009 7:54:46 AM PDT · by Kartographer · 17 replies · 497+ views
    AP/YahooNews ^ | 7/16/09 | ANNE FLAHERTY
    Former Treasury Secretary Henry Paulson says he pressured Bank of America last year to go through with its plans to buy Merrill Lynch but didn't tell the bank's chief to hide losses from shareholders.
  • Paulson Justifies Threatening BofA's CEO

    07/16/2009 10:04:28 AM PDT · by Ben Mugged · 21 replies · 1,910+ views
    Fox News ^ | July 16, 2009 | Unattributed
    Former Treasury Secretary Henry Paulson says he was justified last year in suggesting that Bank of America Corp.'s chief executive could lose his job if the bank backed out on plans to buy troubled Merrill Lynch. His admission, included in written testimony for a House of Representatives hearing on Thursday, comes as Congress debates the government's role in managing financial firms that accept billions of dollars in aid. Bank of America Corp., which went through with the merger, ultimately accepted $45 billion in federal aid, including $20 billion to absorb the financial hit it took from acquiring Merrill Lynch &...
  • Paulson: Government's action wasn't perfect, but needed ( Congressional Flogging continues )

    07/16/2009 9:23:31 AM PDT · by Ernest_at_the_Beach · 11 replies · 382+ views
    MarketWatch ^ | Jul 16, 2009, 11:07 a.m. EST | Ronald D. Orol, MarketWatch
    WASHINGTON (MarketWatch) -- Former Treasury Secretary Henry Paulson on Thursday defended his involvement in Bank of America Corp.'s controversial acquisition of Merrill Lynch on Thursday, arguing that even though the government's "responses were not perfect," the actions were necessary."I am confident that our responses were substantially correct and that they saved this nation from great peril," Paulson told a House Oversight and Investigations Committee. The former secretary of the Treasury is responding to concerns by lawmakers that he and the Federal Reserve may have ordered Bank of America Chief Executive Ken Lewis to go through with the Merrill Lynch acquisition...
  • Paulson Defends Push for Merrill Lynch Merger

    07/16/2009 6:49:23 AM PDT · by kellynla · 4 replies · 234+ views
    Washington Times ^ | July 16, 2009 | Sean Lengell
    Former Treasury Secretary Henry M. Paulson Jr., in defending the federal government's push for a reluctant Bank of America to complete a planned takeover of Merrill Lynch late last year, said it would have been "unthinkable" and potentially illegal for the bank to scuttle the deal. Mr. Paulson, who is set to testify Thursday morning on the merger before the House Oversight and Government Reform Committee, said in a prepared statement submitted to the panel that he "intended to deliver a strong message" to Bank of American Chief Executive Ken Lewis that backing out of the deal would be a...
  • Paulson Admits Pressuring Bank of America

    07/15/2009 6:53:35 PM PDT · by FromLori · 17 replies · 589+ views
    ABC ^ | 7/15/09
    n prepared remarks for a Congressional hearing obtained today by ABC News, former Treasury Secretary Hank Paulson admits telling Bank of America CEO Ken Lewis that the Federal Reserve could remove the bank's board members if they backed out of their proposed merger with Merrill Lynch last December. In prepared remarks for a Congressional hearing obtained Wednesday by ABC News, former Treasury... (AP Graphics) On Thursday morning, Paulson will defend his actions before the House Oversight Committee in the last of three hearings that the panel has conducted on the controversial merger. When Bank of America considered scuttling the merger...
  • If A Revolution Comes, They're Going After Goldman First

    07/15/2009 10:19:26 PM PDT · by FromLori · 27 replies · 1,119+ views
    Earlier this evening as I headed back to my hotel, I passed through the mall area of the Prudential Center in Boston. At one point, there was a kiosk in front of me that contained Russian Matryoshka dolls. I noticed a guy hitting on the sales clerk at the doll kiosk. As I passed by, in total amazement, I heard the guy say to the girl, "Even the central banker of Italy used to work for Goldman Sachs." Whether they know it or not, Goldman has a PR problem. When you have a guy hitting on a girl by displaying...
  • DEADLINE: for Washington Mutual Inc Shareholders July 6, 2009 - Court Investigation of JP Morgan

    06/30/2009 8:42:29 PM PDT · by Fred · 4 replies · 1,616+ views
    PRN News Wire ^ | 063009 | Joyce Presnall
    IMPORTANT DEADLINE: for Washington Mutual Inc Shareholders July 6, 2009 SEATTLE, June 30 /PRNewswire/ -- All current shareholders of Washington Mutual should send letters to to be received no later than July 6th 2009. These letters are very important to protect and/or enhance the future value of your Washington Mutual Stock. (WAMUQ WAHUQ WAMPQ WAMKQ). Do not delay in taking this important action on behalf of yourself and other Washington Mutual shareholders. Shareholders are urged to respond promptly via Toll Free FAX, e-mail or US Postal Mail, so that their signed letters arrive in our offices no later than...
  • BofA-Merrill Forced by Bernanke, Paulson: Lawmakers

    06/11/2009 11:29:47 AM PDT · by BGHater · 17 replies · 510+ views
    Reuters ^ | 11 June 2009 | Reuters
    US lawmakers accused the Treasury and Federal Reserve on Thursday of using threats and intimidation to force Bank of America CEO Ken Lewis to take over Merrill Lynch last year. Republicans accused Federal Reserve Chairman Ben Bernanke and former Treasury Secretary Henry Paulson of "putting a gun to the head" of Lewis to close the deal. Bernanke and Paulson, meanwhile, will be asked to testify at a later date before the House Oversight and Government Reform Committee. Democratic Representative Elijah Cummings noted Lewis had told his board the Fed and Treasury would remove the board and management of the bank...
  • Investigators say Fed threatened bank CEO

    06/10/2009 4:42:44 PM PDT · by Carling · 50 replies · 2,411+ views
    Associated Press via Yahoo ^ | 6/10/09 | Anne Flaherty
    WASHINGTON (AP) -- The Federal Reserve threatened to force the ouster of Bank of America CEO Kenneth Lewis if he didn't follow through with plans to buy Merrill Lynch & Co., Republicans said Wednesday after reviewing internal documents. Republicans also said there was evidence that the government tried to restrict information related to the merger from being publicly released. However, none of the documents showed that the government explicitly instructed Bank of America to hide Merrill Lynch's losses from shareholders, they said.
  • Treasury Secretary's Secret Talking Points Reveal That Banks Were Forced to Surrender Ownership

    06/09/2009 8:58:49 AM PDT · by kellynla · 51 replies · 1,990+ views ^ | June 03, 2009 | Monica Gabriel
    Last October, then-Treasury Secretary Henry Paulson ordered nine banks that the Treasury Department described as "healthy" financial institutions to surrender ownership interests to the government or else face regulatory action that would force them to surrender ownership interests to the government, according to an internal Treasury Department document. Paulson's extraordinary threat culminated in one of the most sweeping government intrusions into the free-enterprise system in the history of the United States. Judicial Watch, a nonpartisan watchdog organization, used the Freedom of Information Act to obtain a copy of the internal Treasury Department "talking points" that were prepared for Paulson to...
  • A Tale of Two Treasuries ( Alexander Hamilton vs. Geithner/Paulson

    06/09/2009 5:52:37 AM PDT · by kellynla · 252+ views
    The American Spectator ^ | 6.8.09 | Darrell Issa
    In his debut as the nation's 75th treasury secretary, Timothy Geithner has been a smashing success -- if success is measured by more federal debt and less accountability to American taxpayers. It was never supposed to be this way. When our first treasury secretary, Alexander Hamilton, sought to establish the nation's first bank in 1791, he faced challenges from those who condemned the move as an unconstitutional power grab to control the flow of credit and direct the national economy. Against these criticisms, Hamilton drafted numerous provisions to ensure solvency, transparency and fiscal restraint on the part of the federal...
  • Documents: Paulson Forced 9 Bank CEOs To Take TARP

    05/14/2009 6:22:16 AM PDT · by kellynla · 20 replies · 1,597+ views
    Washington Post ^ | May 14, 2009 | SARA LEPRO
    NEW YORK -- The chief executives of the country's nine largest banks had no choice but to accept capital infusions from the Treasury Department in October, government documents released Wednesday have confirmed. Obtained and released by Judicial Watch, a nonpartisan educational foundation, the documents revealed "talking points" used by former Treasury Secretary Henry Paulson during the October 13 meeting between federal officials and the executives that stressed the investments would be required "in any circumstance," whether the banks found them appealing or not. Paulson also told the bankers it would not be prudent to opt out of the program because...
  • Judicial Watch Obtains Original TARP Docs--->Proves Governmental Abuse of Power

    05/13/2009 8:26:13 PM PDT · by Shellybenoit · 10 replies · 671+ views
    judicial watch/the lid ^ | 5/13/09 | The Lid
    Judicial Watch has gotten its hands on some key documents from the original Bank/Treasury Department meetings. Some of the revelations are stunning. For example the segment of the one of the documents shown above, confirm that former Treasury Secretary Hank Paulson abused his power by threatening to have regulators go after the CEOs' nine major banks should they refuse participate. They had no choice but to allow the government to take equity stakes in their institutions. The documents also show Obama Treasury Secretary Tim Geithner, FDIC Chairman Shelia Blair, and Fed Chairman Ben Bernanke co-hosted the meeting with Paulson. Other...
  • FOIA Disclosure Busts Paulson, Geithner And Bair

    05/13/2009 5:21:31 PM PDT · by jsh3180 · 26 replies · 1,501+ views
    ZeroHedge | May 13, 2009 | Tyler Durden
    Judicial Watch, which lucked out majorly on a FOIA request to the Treasury, has received several hundred pages of stunning revelations, among which are that Hank Paulson essentially used the same tactics that he used on Ken Lewis on a group of nine bankers at the October 13 meeting which apportioned government investments to the various "critical" banking institutions. The major disclosure was captured in a memo called CEO Talking Points, which delineates the continuous use of strongarming tactics by not just Paulson, but by Tim Geithner, and Sheila Bair, who were also present at the meetings. According to one...
  • Paulson: Questions but no answers (Why exactly isn't the free press doing its job?)

    05/11/2009 9:34:26 AM PDT · by Signalman · 5 replies · 404+ views
    Ventura County Star ^ | 5/11/2009 | Terry Paulson
    President Barack Obama campaigned on change. Since his inauguration, with the help of impressive Democrat majorities in both houses of Congress, he’s gone full speed ahead in delivering on that promise. He’s committed trillions of dollars in spending, dramatically worked to expand the reach of the federal government in energy, healthcare and student loans and launched expanded rescue plans for institutions “too big to fail.” He’s outlined timelines for withdrawal from Iraq and adjusted strategy in Afghanistan. For a new president, he’s already planted numerous seeds in America’s political ground. History will show whether those seeds come up weeds or...
  • Financial Elites and the Enronization of America

    05/03/2009 10:08:46 PM PDT · by rightwingcrazy · 16 replies · 617+ views
    Seeking Alpha ^ | May 03, 2009 | J.S. Kim
    Last week, almost every major US bank manufactured profits out of thin air by changing their regular reporting periods to exclude months in which huge losses occurred by changing their definitions of bad debt, and by revaluing their assets at fantasy land valuations that they will never receive in the open market, courtesy of FASB. This event was a non-event to me because it merely continued the process known as the Enronization of America. This event, the systemic injection of fraud and deceit into nearly every aspect of American life, has been unfolding for decades, even prior to the Enron...
  • CFR Corporate Members Get Lion's Share of Bailout Funds

    04/29/2009 3:08:43 AM PDT · by FromLori · 6 replies · 443+ views
    Newspapers are fixated upon $160 million in bonuses given to American International Group (AIG) executives. And it’s nice to know where the millions are going (note: the bonuses could have been cancelled had the federal government let the company go bankrupt, as officials should have). But where are the trillions in TARP, TALC and Federal Reserve Bank bailout funds going? The man in charge of administering the bailouts is Treasury Secretary Timothy Geithner, who served as a staff member of the New York City-based Council on Foreign Relations before being hired in 2003 to head the New York City branch...
  • Busting Bank of America

    04/27/2009 4:45:47 AM PDT · by libstripper · 55 replies · 1,389+ views
    Wall Sgtreet Journal ^ | April 27, 2009 | Wall Street Journal
    The cavalier use of brute government force has become routine, but the emerging story of how Hank Paulson and Ben Bernanke forced CEO Ken Lewis to blow up Bank of America is still shocking. It's a case study in the ways that panicky regulators have so often botched the bailout and made the financial crisis worse.
  • Bank of America 'forced to conceal' Merrill rescue facts

    04/24/2009 1:34:34 PM PDT · by Kartographer · 26 replies · 910+ views ^ | James Quinn
    Mr Paulson later testified to Mr Cuomo that he only threatened Mr Lewis "at the request of Chairman Bernanke."
  • Cuomo Unveils Paulson, Bernanke, Lewis Conspiracy (BAC)

    BAC Apr 23 2009, 06:40 PM EDT 8.82 Change % Change +0.56 +6.78% Developing... Andrew Cuomo has sent an angry letter to regulators including Mary Schapiro, Elizabeth Warren, Chris Dodd and Barney Frank regarding the behavior of Hank Paulson and Ben Bernanke over the allegation that they forced Bank of America (BAC) to complete its acquisition of Merrill Lynch. The upshot: Ken Lewis was definitely interested in pulling the plug on the Merrill Lynch deal, but he was pressured not to with a threat that he'd be fired and the board would be completely sacked. This came from Hank Paulson,...
  • PAULSON RECANTS: Bernanke Didn't Make Me Do It

    04/24/2009 3:25:14 AM PDT · by FromLori · 14 replies · 657+ views
    Hank Paulson has recanted on what he told Andrew Cuomo, which was that Ben Bernanke asked him to threaten to oust Ken Lewis and the Bank of America board if Lewis decided not to go forward with the Merrill deal. Paulson says his words were his own and that Bernanke did not ask him to convey a specific message to Lewis, CNBC says.
  • Did Bernanke Bully BofA?

    04/23/2009 10:33:44 PM PDT · by bruinbirdman · 13 replies · 755+ views
    Forbes ^ | 4/23/2009 | Brian Wingfield
    The integrity of the government's bailout actions are called into question by a new report. There's a lot at stake. A new report by the New York Attorney General says that government officials bullied Bank of America Chief Ken Lewis into accepting a merger with Merrill Lynch--then ordered him to keep mum about losses at Merrill. What's at stake? The integrity of the government's bailout actions, for one. Federal Reserve Chairman Ben Bernanke's reputation, for another. And of course Lewis' job. Thursday, New York Attorney General Andrew Cuomo released documents charging that in December former Treasury Secretary Henry Paulson pressured...
  • 'It Wasn't Up to Me': Excerpts From Ken Lewis's Testimony

    04/23/2009 11:32:17 AM PDT · by seniorobserver · 14 replies · 1,248+ views
    Wall Street Journal ^ | April 23, 2009 | WSJ
    Bank of America Chairman and CEO Kenneth Lewis testified under oath in New York Attorney General Andrew Cuomo's investigation in February. During the testimony, Mr. Lewis told prosecutors that then-Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke instructed him to keep silent about deepening financial difficulties at Merrill Lynch. In a letter today to members of Congress and the head of Securities and Exchange Commission, Mr. Cuomo called into question the transparency of the decision making in the process. Here are highlights from the transcript. Here, Mr. Lewis testifies about when he learned of Merrill's deepening losses: Mr....
  • WSJ: BofA CEO says was told to be quiet on Merrill

    04/23/2009 3:34:27 AM PDT · by Simmy2.5 · 5 replies · 710+ views
    WSJ via The Associated Press via Yahoo ^ | Thursday April 23, 2009, 1:48 am EDT
    NEW YORK -- Bank of America Chief Executive Kenneth Lewis told the New York attorney general he believed former Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke wanted him to keep quiet about the worsening terms of the bank's acquisition of Merrill Lynch, according to testimony reviewed by The Wall Street Journal.
  • Is Geithner a Financial Genius? (No, Seriously)

    04/12/2009 1:59:27 AM PDT · by Scanian · 30 replies · 1,000+ views
    The American Thinker ^ | April 12, 2009 | Joseph Ashby
    Not long ago the press and politicians alike were singing the praises of the eminently qualified, uniquely equipped Treasury Secretary. His genius and experience would navigate America's economy through financial turmoil and guide us to prosperity again. Of course, that Treasury head was Henry Paulson. These days we may think of him as the squanderer of the first $350 billion in bailout funds, but Paulson was to be America's economic savior. On September 20, 2008 Newsweek declared: In many ways, Paulson was the ideal person to deal with this mess. A 32-year veteran of Goldman, he helped take the venerable...
  • Veteran Regulator Calls Geithner a Failure [William K. Black] [Paulson a failure, too]

    04/06/2009 8:49:58 AM PDT · by rabscuttle385 · 20 replies · 906+ views
    PBS / Bill Moyers ^ | 2009-04-06
    WILLIAM K. BLACK: Geithner is charging, is covering up. Just like Paulson did before him. Geithner is publicly saying that it’s going to take $2 trillion — a trillion is a thousand billion — $2 trillion taxpayer dollars to deal with this problem. But they’re allowing all the banks to report that they’re not only solvent, but fully capitalized. Both statements can’t be true. It can’t be that they need $2 trillion, because they have masses losses, and that they’re fine. These are all people who have failed. Paulson failed, Geithner failed. They were all promoted because they failed, not...
  • FNC's Napolitano Claims Bush Administration Committed 'Extortion' Against Banks

    04/02/2009 6:32:54 AM PDT · by chuck_the_tv_out · 27 replies · 1,055+ views
    Newsbusters ^ | April 1, 2009 - 19:28 | Jeff Poor
    It's no secret the Bush administration used fear tactics to push the $700-billion Troubled Asset Relief Program (TARP) through Congress last fall. Both members of the House and the Senate have come out after the fact and disclosed the details. However, the method the Treasury Department employed to get banks to go along with the TARP bailout breached legal boundaries to the point of "extortion," according to Fox News Senior Judicial Analyst Andrew Napolitano, a former Superior Court Judge for the state of New Jersey. Napolitano told viewers on FNC's April 1 "Studio B" that he had a conversation with...