Sunday, March 14, 2010

Ken Lewis Scapegoat-3

"A federal judge harshly criticized but approved a $150 million settlement between Bank of America Corp. and the [SEC], resolving claims the bank should have disclosed billions in losses at Merrill Lynch & Co. before it was acquiired by the bank. US District Judge Jed. S. Rakoff on Monday said the fine was 'paltry' when considering the Merrill merger 'could have been a bank-destroying disaster if the US taxpayer had no saved the day.' He faulted the bank for 'hiding material information from its shareholders' and the SEC for being 'content with modest and misdirected sanctions'," Dan Fitzpatrick, Kara Scannell & Chad Bray at the WSJ, 23 February 2010, link:

This is nonsense. Could the SEC have fined the Treasury or the Fed?

2 comments:

Anonymous said...

What are you saying that Hank Paulson, Ben Bernanke or Tim Geithner had anything to do with the coverup?

Well....

The Lehman examiner report suggested that the New York Fed didn't care what Lehman was disclosing about their liquidity... but then the SEC didn't seem to care either!

Government is just a giant scam to protect the big banks.

It would be great if Ken Lewis sings... maybe Cuomo could invite him to audition...

Cuomo could ride that scandal right into the White House...

Independent Accountant said...

Anonymous:
If Lewis sings, he could bring the Fed, SEC and Treasury down. Are these guys crazy in messing with him? Yes, Uncle Sam's primary interest seems to be in protecting the big banks from the public.

IA