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Bank of America 'forced to conceal' Merrill rescue facts
telegraph.co.uk ^ | James Quinn

Posted on 04/24/2009 1:34:34 PM PDT by Kartographer

Mr Paulson later testified to Mr Cuomo that he only threatened Mr Lewis "at the request of Chairman Bernanke."

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Business/Economy; News/Current Events; Politics/Elections
KEYWORDS: banking; bernanke; bofa; fed; merrillynch; ml; paulson; wallstreet
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1 posted on 04/24/2009 1:34:34 PM PDT by Kartographer
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To: Kartographer
Also of concern:

Neil Cavuto's guest host just reported on Your World that the "stress test" information on financial institutions will be under "a harsh gag order" by the government. It may violate many SEC laws if they do.

2 posted on 04/24/2009 1:36:43 PM PDT by edpc (01010111 01010100 01000110 00111111)
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To: Leisler; PAR35; TigerLikesRooster; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ..
*Ping!*
3 posted on 04/24/2009 1:38:41 PM PDT by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: rabscuttle385

a bank nationalization.


4 posted on 04/24/2009 1:42:30 PM PDT by ken21 (the only thing we have to fear is fdr deja vu.)
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To: edpc

SEC already called Hal turner because they wanted to see the document. I suspect it is as bad as he says it is and thus the need for the harsh gag order.. but keeping that info from the public should violate many SEC rules.


5 posted on 04/24/2009 1:44:04 PM PDT by RummyChick
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To: Kartographer

Thanks for the heads up.


6 posted on 04/24/2009 1:48:08 PM PDT by unkus
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To: rabscuttle385
At Marketwatch:

Stress-testing the stress test

And also:

U.S. releases criteria for bank stress tests

**********************EXCERPT*************************

Banks could bring $900 billion onto their balance sheet based on FASB changes


7 posted on 04/24/2009 1:50:54 PM PDT by Ernest_at_the_Beach (Support Geert Wilders)
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To: edpc

Let’s hope for an over-active copy machine


8 posted on 04/24/2009 1:51:10 PM PDT by pointsal
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To: rabscuttle385
From Reuters:

UPDATE 2-Regions only major bank that may fail test - analyst

***************************EXCERPT***************************

KBW analysts said Bank of America Corp (BAC.N) is the most likely bank to need another round of government capital -- as much as $15 billion to $20 billion -- from the Capital Assistance Program. (Reporting by Tenzin Pema in Bangalore; Editing by Mike Miller and Deepak Kannan)

9 posted on 04/24/2009 1:57:18 PM PDT by Ernest_at_the_Beach (Support Geert Wilders)
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To: Kartographer
Ken Lewis's position at the helm of Bank of America looked increasingly uncertain on Thursday after it emerged he stopped short of pulling out of the deal to buy loss-making Merrill Lynch after Treasury Secretary Hank Paulson threatened to oust him and his entire board.

Courageous Kenny, he's made over $160 Million dollars over the last 5 years to protect the stockholders, and one little threat from Paulson and he caves like a cheap suit. WTF are these outrageous salaries for if they don't protect the stockholders???

10 posted on 04/24/2009 1:58:36 PM PDT by King Moonracer (Bad lighting and cheap fabric, that's how you sell clothing.)
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To: Kartographer

In all seriousness, is this straight-up extortion?


11 posted on 04/24/2009 2:46:37 PM PDT by jiggyboy (Ten per cent of poll respondents are either lying or insane)
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To: Kartographer

So, the fed gov’t told BofA (Lewis)... “Hey, this deal you have to buy Merrill Lynch... we want you to hide Merrills losses from the public and the owners of Merrils stock. And if you don’t buy Merrill we’ll fire you.”

When the Mafia does this it’s called EXTORTION.

Our federal gov’t is engaging in blatantly criminal activity. And yet not one person will be brought to justice.


12 posted on 04/24/2009 2:49:37 PM PDT by navyguy (The National Reset Button is pushed with the trigger finger.)
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To: jiggyboy

“In all seriousness, is this straight-up extortion?”

You’re damn right its extortion.

Honestly, this is what our gov’t has coem to. Unreal.


13 posted on 04/24/2009 2:51:46 PM PDT by navyguy (The National Reset Button is pushed with the trigger finger.)
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To: Kartographer

This is getting confusing ... and serves to prove the folly of our government handing out billions in taxpayer funded bailouts to ANYONE.


14 posted on 04/24/2009 2:54:00 PM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: jiggyboy

Can’t you just hear Don Corleone? “Iam going to make him an offer he can’t refuse.”


15 posted on 04/24/2009 2:54:36 PM PDT by Kartographer (".. we mutually pledge to each other our lives, our fortunes, and our sacred honor.")
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To: jiggyboy

“Mention extortion again, and I’ll have your legs broken.”


16 posted on 04/24/2009 2:55:11 PM PDT by dfwgator (1996 2006 2008 - Good Things Come in Threes)
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To: dfwgator

Maybe Lewis should be excused, because face it there is nothing like waking up in the morning with a fresh horse head laying next to you to get you motivated!


17 posted on 04/24/2009 3:01:09 PM PDT by Kartographer (".. we mutually pledge to each other our lives, our fortunes, and our sacred honor.")
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To: SeaDragon; TheGrimReaper

Why does it take the UK to give us news about America?

Looky here.


18 posted on 04/24/2009 3:07:22 PM PDT by RikaStrom (Bitter? Who me? Nah, I'm just clinging to my guns!)
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To: RikaStrom
Why does it take the UK to give us news about America?

Uhhhh....because the U.S. media didn't get approval to report it from its Editor-in-Chief, Barry Hussein Obama?
(Just a guess, of course.)

19 posted on 04/24/2009 3:30:05 PM PDT by TheGrimReaper (FUBO)
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To: Kartographer

I can’t wait for the shareholder lawsuits to start.


20 posted on 04/24/2009 4:19:28 PM PDT by Chewbacca (Buy gold and silver coins to profit from the comming dollar melt down!)
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