didn't he aspire to be the governor of NY state? I don't know if I agree the "incredilbe feat" really made him appear to be brilliant! or the act was a cheap shot for laying a foundation to pursue his dream on the expense of the FED and the Treasuries, even American public's); what good will it bring for airing the past dirty laundry in public now; (like US public knows how to fix the problem other than finding the news entertaining); he should have discussed the issue in private; the "bomb" will just bring more chaos to the market , damages to the fragile psychology ; I dont see much constructive benefits for undoing of what the Fed has been trying to do, also it jeopardizes the chance of recovery; besides, there're a lot crooks outthere should he be spending his time to go aftert them than knit-picking and shooting his "comrades" on the back ; I bet he has better intention than the FED does: FED has the entire US economy to worry about, other people's well-being while Mr Big Shot Cuomo cares .....more for his own image and his own gain. Text of Cuomo letter on Merrill Lynch takeover http://www.elitetrader.com/vb/newthread.php?action=newthread&forumid=44& By MarketWatch Last update: 12:54 p.m. EDT April 23, 2009Comments: 56NEW YORK (MarketWatch) - New York Attorney General Andrew Cuomo released the following letter he wrote on Thursday to Sen. Chris Dodd, Rep. Barney Frank, SEC Chairwoman Mary Schapiro, and Congressional Oversight Panel Chairwoman Elizabeth Warren about his investigation into Bank of America's (BAC:bank of america corporation com News , chart , profile , more Last: 8.82+0.56+6.78% 4:00pm 04/23/2009 Delayed quote dataAdd to portfolio Analyst Create alert Insider Discuss Financials Sponsored by: BAC 8.82, +0.56, +6.8%) merger with Merrill Lynch. Dear Chairpersons Dodd, Frank, Schapiro and Warren: I am writing regarding our investigation of the events surrounding Bank of America's merger with Merrill Lynch late last year. Because you are the overseers and regulators of the Troubled Asset Relief Program ("TARP"), the banking industry, and the Treasury Department, we are informing you of certain results of our investigation. As you will see, while the investigation initially focused on huge fourth quarter bonus payouts, we have uncovered facts that raise questions about the transparency of the TARP program, as well as about corporate governance and disclosure practices at Bank of America. Because some matters relating to our investigation involve federal agencies and high-ranking federal officials charged with managing the TARP program, we believe it is important to inform the relevant federal bodies of our current findings. We have attached relevant documents to this letter .....
As far as I'm concerned, everyone involved (Bank of America, Merrill Lynch, and the Fed) can go screw themselves for what they've done to this country. The more transparency, the better.
I wouldn't even bother myself worrying about any of the who said what to whom. Heck, either the Taliban, North Korea or Iran are are going to find a way to nuke us in the next 5 years anyway. And our new president doesn't have a clue what to do. Worry about that instead.
Wait so he is most productive by keeping things bottled up, quiet? I sure wish Bill O'Reilly prescribed to that theory! the world would have been a better place. The more transparency the better, it's simple. Would you invest in a black box? Maybe. But would you invest in a black box that has funds embezzled by the owners, where the statistics are faked and that tends to crash every 5 years? No. You need to bring back confidence, you need to promote PRODUCTIVE behavior, you can only do that by putting the criminals behind bars and making their crimes public.
Right, so lying about the real state of the economy is the way to go right (worked great in Iraq!) ? Sucker Mom and Pop back in to the market to be the bag holders once again so they can see their 201K get reduced to 101K. Adults deal with reality face on good or bad, if you can't take it tune out. What nation of wimps we have become as if living in smaller houses, or rental apartments, or driving older cars, or having to take the bus, or having to forgo the latte at sbux or the annual vacation to Tequillaville, or actually prepare our own food and clean our own living spaces, or buy less useless disposable shit is such a hardship.
What - so somehow you would rather be left in the dark on the laws those representing the federal government are breaking? The state of our financial systems is what it is and to put the burdens on select 'collateral damage' in a conspiracy orchestrated by the Fed and the Treasury is not the solution. Bernanke and Paulson deserve considerable jail time alongside Lewis. That won't happen though as Lewis will walk the plank as the sacrificial lamb in all this. This really makes you wonder more about Bear Stearns, Lehman, and AIG. What is the ultimate plan that we are not privy to?