From Casey Research:
“On April 23, 2009, New York Attorney General Andrew Cuomo sent a letter to Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs Chris Dodd; Chairman of the House Financial Services Committee Barney Frank; SEC Chairwoman Mary Schapiro; and Chairwoman of the Congressional Oversight Panel Elizabeth Warren.
The letter outlined how former Treasury Secretary Paulson and Fed Chairman Ben Bernanke forced Bank of America’s acquisition of Merrill Lynch – even though Bank of America CEO Ken Lewis and the board of directors tried to pull the plug on the deal after it turned out that Merrill Lynch was far deeper in debt than it had admitted……….
…the part of the story that could really break Al Paulson and Don Bernanke’s necks is the failure to inform the Securities and Exchange Commission, as well as Bank of America’s shareholders, of the extent of toxic waste Bank of America was forced to accept. That’s fraud, pure and simple.“
My Comment:
The only problem is – who will bell the cat? Goldman Sachs’ reach is vast. And I doubt that Goldman is acting alone or purely out of its own interests, although its own interests are no doubt paramount.
Think about it.
How was this bank’s reach and corruption not noticed before? Even Lisa Endlich’s very staid history of the firm in 1999 couldn’t conceal the slime.
So what gives?
“Who is going to bell the cat?” Anyone trying to do this should be careful. It could be a career-ender for those who miss. They could go the way of those who have stepped on the toes of the FBI or CIA.
Hi Gene –
speaking from my limited but bitter experience.
Yes.
I wrote several chapters on Goldman Sachs and then cut them out of the book on the request of my co-author who feared (rightly) we would be sued.
I still have hopes of publishing the material but how and with whom is the question.
A friend had a book out on the banks and couldn’t get it reviewed at all. And meanwhile he annoyed the mutual fund industry too so they won’t buy it either. It still ended up selling, but that’s what you get for truth telling.
At some point you ask yourself why you do it? And there’s no good answer when it’s coming at a price to your own family life and finances.
And you look at the people whom you are trying to help or enlighten and it’s not as if they like you for it.. Far from it.
And if you don’t become bitter, then you become indifferent or you move onto something non controversial…although there’s no such thing because every field is plagued with propaganda in its own way.
That’s the nature of life when every business is everyone’s business.
That’s what state-centered life is..