6.11.09
I’m absolutely furious. I knew this happened – we all knew this happened but finally there is proof. In disclosed emails, it was proven that Federal Reserve officials, especially Jeffrey Lacker, the president of the Richmond Federal Reserve Bank, threatened Bank of America CEO ken Lewis with “management changes” if he did not follow through on BoA’s purchase of Merrill Lynch.
Lewis knew buying Merrill was a bad move – but our government wanted to smooth over financial problems using shareholder (private citizens’) money. Now, know this, I don’t care a bit about Ken Lewis personally, or BoA, but I do care when government threatens private citizens in ANY way.
Here’s what should happen – Lacker should resign or be fired (not only for this but for his terrible ability to read the market), Bernanke should be reprimanded and fully investigated (he is the boss and that email was sent to HIM), the US Government including the President and his pet of a Treasury Secretary (Geithner) should be probed also because it was very clear that the Fed and the Administration were working CLOSELY together during the financial finagling that was done from October on. I have no personal doubt that Geithner was aware of that dialogue and it isn’t far to believe that the President did also.
This is all very disturbing for anyone concerned about individual liberties. here’s why – just because you are not a big entity like Bank of America does not mean you should not be worried. If it’s ok for government to interfere and coerce citizens at a higher level, what makes you think this could never happen at a lower level? I would urge you to ask your congressman to further full investigations on this matter and hold people accountable.
Just don’t ask Barney Frank -I think he was about to have a hissy fit during a CNBC interview today – he may be in no mood to do anything involving adult responsibility – wow was that funny. (Note: Here’s the video LINK)
Chris Grande
PS Ken Lewis is testifying today on this matter – let’s see what he says
