Friday, September 18, 2009

Bank of America CEO Coerced

Link to article. In this article it states:

"Former Treasury Secretary Henry Paulson said he warned Bank of America (BAC) CEO Ken Lewis that regulators could remove him and other executives at the company if they pulled out of a deal to buy Merrill Lynch, he told a congressional committee investigating the deal..."

In another article, "...Federal Reserve threatened to force the ouster of Bank of America CEO Kenneth Lewis if he didn't follow through..."

This may have taken place months ago, but when the Treasury Secretary, backed by the unsurmountable power of the Federal Reserve can just up and threaten to fire you, how is that Capitalism? Who is the owner of Bank of America, it's the Federal Reserve Chairman, and considering that Lewis didn't want to purchase Merrill Lynch is perfectly understanding.

No one in their right mind would have bought it, unless they were coerced by the most powerful people in the World. Oh wait that is what happened. Then they had to use some of that mythical TARP money to pay off it's losses. Who's money is that? Oh right, the taxpayers.

You could have saved that money for something that wasn't needed, yet you have to use fascist tactics, and fascists principles to continue this corrupt flow of politics. Oh right, we need to not politicize monetary policy, that would just ruin everything. Do you know what kind of mess this country would be in if that happened?

The Dow Jones might drop to 6000! Banks might fail! The dollar might collapse! Please, think about this, why was a CEO job threatened by the Government, where do we live? Is this Italy in the 1930s or is this the Land of the Free?

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