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Treasury Secretary Claims Fed Chairman Instructed Him to Make Threats to Banks

Submitted by militant on Fri, 04/24/2009 - 18:12
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In light of Tuesday's planned blitz of Congress in support of H.R. 1207, the following news item can be a very effective tool for demonstrating the purpose and need:

http://dealbook.blogs.nytimes.com/2009/04/23/treasury-pushed...
The head of Bank of America changed his mind about trying to pull out of its deal to buy Merrill Lynch after Henry M. Paulson Jr., the Treasury secretary at the time, suggested that the bank’s management and board could be removed if that happened, Attorney General Andrew M. Cuomo of New York said in a letter to Congress made public on Thursday.

The letter can be found here:
http://www.oag.state.ny.us/media_center/2009/apr/apr23a_09.html

What jumps out at me from this is the following:

"Secretary Paulson has informed us that he made the threat at the request of Chairman Bernanke. After the threat, the conversation between Secretary Paulson and Lewis turned to receiving additional government assistance in light of the staggering Merrill Lynch losses."

...

"We do not yet have a complete picture of the Federal Reserve's role in these matters because the Federal Reserve has invoked the bank examination privilege."

Folks, we have a cabinet level public official taking orders from the chairman of a private bank. I suggest that this news can be used extremely effectively. In addition, the Secretary of the Treasury threatened the BoA CEO to force him to continue on with the merger, and when he finally agreed, his company was then promised TARP funds to cover the losses.

This is a very sharp knife with which to make a point. This is a clearcut real-world way to show Americans the need for H.R. 1207. Make hay while the sun shines!

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Makes me

Submitted by quiltingsando on Fri, 04/24/2009 - 23:55.

feel sick to think how out of control things are.

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Prepare & Share the Message of Freedom through Positive-Peaceful-Activism.

Reminds me of Wayne Paul's comment in the Obama Deception DVD

Submitted by scdecade on Fri, 04/24/2009 - 21:44.

Dr Paul's brother Wayne Paul says the Sec of Treasury is placed there by the federal reserve to manage the bankruptcy of the US.

Source:
http://www.youtube.com/watch?v=jCF_7kspI7Y

Militant: Please change heading to

Submitted by Republican Liberty on Fri, 04/24/2009 - 21:33.

Lewis Threatened by Barnanke and Paulson to take Merrill Deal.

Ahh..ha.

Submitted by loyaltothecrazyuncle on Fri, 04/24/2009 - 21:32.

The worm turns.

Links of Congressmen being threatened...

Submitted by Republican Liberty on Fri, 04/24/2009 - 21:31.

Does anyone have those video linkss:

Holy cow: How is this one resolved. Shareholders were mislead and lost billions:
From the AG Letter:
"These additional losses, some of which had become known to Bank of America executives prior to the merger vote, were not disclosed to shareholders until mid-January 2009, two weeks after the merger had closed on January 1,2009."

December 8, ... Read MoreBACstock closed at $17.84/ share with 6.4 Billion shares outstanding. They were threatened to swallow a carcass and their stock has deteriorated. Todqy it closed at $9.10 share. That is $55 Billion of Deterioration. That is one hell of a class action lawsuit. What other forced mergers are out there?

This is the biggest story in America

Submitted by Republican Liberty on Fri, 04/24/2009 - 21:29.

"I don't know if there is securities fraud in there or what," said Shelby, from Alabama.

U.S. lawmakers seek BofA-Merrill probe
http://www.reuters.com/article/americasDealsNews/idUSTRE53N5...

From the AG Letter:
"Despite the fact that Bank of America had determined that Merrill Lynch's financial condition was so grave that it justified termination of the deal pursuant to the MAC clause, Bank of America did not publicly disclose Merrill Lynch's devastating losses or the impact it would have on the merger. Nor did Bank of America disclosethat it had been prepared to invoke the MAC clause and would have done so but for the intervention of the Treasury Department and the Federal Reserve."

This is treason

Submitted by Republican Liberty on Fri, 04/24/2009 - 19:37.

This thing is going to expose corruption in both administrations. These guys have stolen trillions from the American people and have funneled it for heir own usage. The political mafia is running DC. Cuomo will be "spitzered" by weeks end. We need an investigation headed by a trusted group. Who the hell that is anyone... Treasury, The Fed, Paulson and the head of Justice are all serving those in DC or they are compromised. If they fight they meet the fate of Spitzer, Blagovitch or end up dead. When you have the horsepower to threaten the CEO of one of Americas largest corporations and he complies, you have the power. When you have the horsepower to threaten the US Congress and they comply….If Lewis was threatened, they were all threatened. If 2 congressmen were threatened, they were all threatened. This is Treason.

Financial Rescue Nears GDP as Pledges Top $12.8 Trillion
http://www.bloomberg.com/apps/news?pid=20601087&sid=armOzfkw...

Who talked to the congressman and threatened them.We need a federal grand jury monday morning.

This is huge

Submitted by Republican Liberty on Fri, 04/24/2009 - 19:09.

Barnanke s getting Cornered
Paulson is getting cornered

Cuomo will be Spitzered by weeks end

indeed

Submitted by militant on Fri, 04/24/2009 - 19:12.

That's one of the first questions that came to mind: how long before something is dislodged from Cuomo's closet to distract and discredit?

And yes, this is HUGE. From other reports I've seen, Bernanke and Paulson have been going back and forth with their stories pretty badly.

Bump for everyone-Time

Submitted by JIMR1150GS on Fri, 04/24/2009 - 18:53.

Freedom is not FREE!!

is running out. Sad thing is EVERYONE loses. Personally I'll take the loss and feed my family, friends and neighbors. Sink the Bast#$@s.

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Freedom is not FREE!!

Meanwhile, 3 failed banks reported today.

Submitted by SteveMT on Fri, 04/24/2009 - 18:53.

Bank Name CERT # Closing Date Updated Date
1. First Bank of Beverly Hills, Calabasas, CA 32069 April 24, 2009 April 24, 2009

2. Heritage Bank, Farmington Hills, MI 34369 April 24, 2009 April 24, 2009

3. American Southern Bank, Kennesaw, GA 57943 April 24, 2009 April 24, 2009

http://www.fdic.gov/bank/individual/failed/banklist.html

most definitely a smoking

Submitted by NeoConned on Fri, 04/24/2009 - 18:31.

most definitely a smoking gun and most definitely front page worthy.

fantastic

Submitted by militant on Fri, 04/24/2009 - 18:55.

thanks for the links, it all comes together pretty clearly.

front page, all day, every day.

Submitted by h1ckman on Fri, 04/24/2009 - 22:50.

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if you build it he will come..........Ron Paul 2012.
digg http://digg.com/autos/First_Genuine_Chevy_Volt_to_be_Complet...

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--------------
if you build it he will come..........Ron Paul 2012.
digg http://digg.com/autos/First_Genuine_Chevy_Volt_to_be_Complet...