Today, Bank of America's CEO Kenneth Lewis said that he believed former Treasury Secretary Paulson and Fed Chairman Bernanke wanted him to "keep quiet" about the worsening terms of the bank's acquisition of Merrill Lynch comes to no surprize to me.
What we have here is just another example of the "let's take care of my friends" game that has been played and continues to be played by the good ole boys on Wall Street.
Lewis claims that Paulson and Bernanke warned him that failing to complete the Merrill Lynch takeover would "impose a big risk to the financial system". Has anyone explained why? Why Merrill Lynch and not Lehman Brothers? Surely both companies deserved to be saved, didn't they?
BofA had already received 25 billion from the TARP funds. In order to complete the deal for Merrill, BofA received 20 billion more.... before completing the deal for Merrill, didn't Kenneth Lewis read the financial statements of the company?
Or was he so worried about acquiring another "prized" bull, (remember Countrywide?), that he turned a blind eye!
Now he's pointing fingers! HA! He's acting like the kid who caught with his hand in the cookie jar, blaming everyone but himself for the debacle his company is involved in.
Mr. Lewis, I think it's time for you to take an Ethics class. You would probably not be visiting the Attorney General's office under these circumstances if you had remember the old adage "all that glitters is not gold".
Showing posts with label loans. Show all posts
Showing posts with label loans. Show all posts
Thursday, April 23, 2009
Saturday, December 27, 2008
Did the Recession Affect Your Christmas Like it Did Mine?
No matter where you live in this country, whatever your economic status or the type of work you do, you are either being affected by this current recession or you know someone who is. Americans (we, the people), all over this great nation are losing their homes, losing their jobs, losing their hope and are feeling powerless because of this crisis.
With all the foreclosures, all the failed banks, huge investment firms closing and with credit tightening, our economy is in crisis! There is plenty of blame going around. The Democrats blame the Republicans and vice versa, the Feds blame the mortgage companies, the lenders blame the homeowners.
Our leaders don’t seem to have the answers necessary to stem the tide. Big bucks are being passed around Washington that help the large corporations that, frankly, helped cause these problems in the first place.
Next to nothing is being done to help the little guy, you and me.
So, what CAN be done? First, to take back our economy, we need to leave the blame game to the talking heads. We can continue to listen to them and place our hopes in Washington politicians, wringing our hands and continue to feel powerless – OR we can choose not to participate, take matters into our own hands and . . . . .
BOYCOTT THE RECESSION!
Recession is money not moving. Lowered sales create slowed production, which causes jobs to be lost, so families have less to spend, which then keeps dollars dormant and not circulating. It’s a vicious cycle that can only be stopped by intelligent intervention.
Our Government may not have gotten it right when they sent out stimulus checks to the entire population, but stopping spending isn’t the answer either.
It seems counter-intuitive, but the very last thing we should be doing when money flow starts to slow is to stop spending our money. The only remedy for a recession is to get cash flowing in our economy again. It’s up to the American consumer to control this recession – and don’t think for a moment that we cannot!
Alice Walker (author of “The Color Purple”) once said, “The most common way people give up their power is by thinking they don’t have any.”
The day has come when we, the people, have to take a stand. We didn’t start this. But we can help ourselves and help each other end it by moving our money more wisely.
It has become clear that our leaders don’t really know exactly what to do to handle this recession.
We, the people, must take matters into our own hands.
Are YOU ready to put an end to the recession? Are you ready to do your part to become financially secure? I AM! That's why I've decided NOT to participate in this recession!
And I want YOU to join me!
Together we can BOYCOTT THE RECESSION and PROSPER
It doesn’t take much on your part to participate and lend your support. And it costs you nothing to join. You can learn more about the BOYCOTT THE RECESSION at
http://BoycottTheRecession.org.
Listen to us on the internet every Wednesday at www.blogtalkradio.com/mr-boycott
Do your part. Go there now and join us. Then tell everyone you know about how they can participate by sharing this blog & radio show with all your friends, family, and fellow workers.
With all the foreclosures, all the failed banks, huge investment firms closing and with credit tightening, our economy is in crisis! There is plenty of blame going around. The Democrats blame the Republicans and vice versa, the Feds blame the mortgage companies, the lenders blame the homeowners.
Our leaders don’t seem to have the answers necessary to stem the tide. Big bucks are being passed around Washington that help the large corporations that, frankly, helped cause these problems in the first place.
Next to nothing is being done to help the little guy, you and me.
So, what CAN be done? First, to take back our economy, we need to leave the blame game to the talking heads. We can continue to listen to them and place our hopes in Washington politicians, wringing our hands and continue to feel powerless – OR we can choose not to participate, take matters into our own hands and . . . . .
BOYCOTT THE RECESSION!
Recession is money not moving. Lowered sales create slowed production, which causes jobs to be lost, so families have less to spend, which then keeps dollars dormant and not circulating. It’s a vicious cycle that can only be stopped by intelligent intervention.
Our Government may not have gotten it right when they sent out stimulus checks to the entire population, but stopping spending isn’t the answer either.
It seems counter-intuitive, but the very last thing we should be doing when money flow starts to slow is to stop spending our money. The only remedy for a recession is to get cash flowing in our economy again. It’s up to the American consumer to control this recession – and don’t think for a moment that we cannot!
Alice Walker (author of “The Color Purple”) once said, “The most common way people give up their power is by thinking they don’t have any.”
The day has come when we, the people, have to take a stand. We didn’t start this. But we can help ourselves and help each other end it by moving our money more wisely.
It has become clear that our leaders don’t really know exactly what to do to handle this recession.
We, the people, must take matters into our own hands.
Are YOU ready to put an end to the recession? Are you ready to do your part to become financially secure? I AM! That's why I've decided NOT to participate in this recession!
And I want YOU to join me!
Together we can BOYCOTT THE RECESSION and PROSPER
It doesn’t take much on your part to participate and lend your support. And it costs you nothing to join. You can learn more about the BOYCOTT THE RECESSION at
http://BoycottTheRecession.org.
Listen to us on the internet every Wednesday at www.blogtalkradio.com/mr-boycott
Do your part. Go there now and join us. Then tell everyone you know about how they can participate by sharing this blog & radio show with all your friends, family, and fellow workers.
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