Tags: andrew cuomo, bank corruption, bank of america, ben bernanke, henry paulson, ken lewis, Merrill Lynch
The US Treasury Department and Federal Reserve need to be reminded of God’s Word. “Thou shalt not steal.” How many times have you heard the term “rule of law?” In a letter by New York Attorney General Andrew Cuomo the former US Treasury Secretary Henry Paulson and current Federal Reserve Chairman Ben Bernanke threatened Bank of America President Ken Lewis. They insisted that he go ahead with the purchase of the failing Merrill Lynch and if he refused they would remove the entire board of directors at Bank of America. This is a straight up breach of ethics and a criminal conspiracy to hide the truth of billions of dollars lost by Merrill Lynch from Bank of America stock holders and that too is against the law. It’s time for those involved in breaking the law to be held accountable, even, and especially those in Washington, DC. Is this more of “the end justifies the means” theology from our nation’s leadership even if it means breaking the law?
The spectacle of Ben Bernanke and
Henry Paulson running roughshod over Kenneth Lewis and his
minions at Bank of America Corp. raises a pivotal question for
all Americans: Is the U.S. a nation of laws, or a nation of
banks? |
Both Bernanke and Paulson in mid-December knew Bank of
America was obliged by statute to publicly disclose the huge
losses Merrill Lynch & Co. had racked up that month. You don’t
get to be chairman of the Federal Reserve or, in Paulson’s case,
secretary of the Treasury or head of Goldman Sachs Group Inc.
without learning this basic tenet of U.S. securities laws.
Instead of making sure the public was fully informed of the
losses before Bank of America completed its purchase of Merrill
on Jan. 1, they did all they could to keep the secret safe. |
Bernanke
and Paulson had a singular objective — to get the Merrill deal
done, on time — even if that meant duping the stock market and
threatening to fire Lewis as chief executive officer, along with
the company’s board. |
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