Well Santelli was at it again on CNBC when he blew his top at fellow commentator Liesman.
CNBC commentators were discussing ethics, corporate governance and the efficacy of what Bernanke and Paulson said to CEO Lewis of Bank of America where Lewis had said that he was pressured not to disclose $12 billion in the loses at Merill Lynch... Lewis was a fiduciary obligation to disclose information about the loses and illegally withheld that information from shareholders. This lead the shareholders of B of A to lose $12 billion in the deal. Another way to look at it is that by ordering Lewis not disclose the lMerill loses to shareholders, Bernanke and Paulson were effectively using shareholder money to orcestrate bailout/shore up the financial crisis, presumably for the benefit of the country. This is really serious stuff, in fact, I would like to know if there was any benefit accruing to Goldman Sachs over the B of A Merill takeover. Something really does not smell right here.
IMO Lewis, Bernanke and Paulson are all on the hook for the $12 Billions that were lost in the deal and now each is trying to lay the blame on the other.
Lewis is saying he was forced to do it be Bernanke and PAulson
Bernake is saying that was never said
Paulson says that Lewis was told to go ahead with the deal or him and his board would be fired but that at the time the information was given to Lewis that is was too late for B of A to back out anyway.
Now for the Rant starting at about minute 7:00
Liesman said that it might be ok for the govt to force the deal and effectively usurp shareholder money for the good of the country
Santelli replies by calling Liesman, "Richard Nixon" where if the govt does it its not illegal. (its actually a pretty good tv moment)
In all seriousness if you or I were involved in this type of stuff we would be in jail already. I would go further than Santelli and look at the game that the Goldman Sachs gang has been playing. This all looks very similar to the AIG fiasco where Paulson orcestrated the bailout of AIG and goldman sachs got paid 100 cents on the dollar for investments in AIG. It would not surprise me to find Goldman Sachs finger prints all over this crime scene. These guys are playing with tax payer money, with shareholder money, they are using their influence, lining their pockets and being paid a 100 cents on the dollar on investments that should return far less. It sure looks like the country has a huge problem. Interests that permeate the govt are using taxpayers and shareholders money in a bigger game where wrongdoing for their private gain is being excused as being for the good of the country. BTW for those who do not know Paulson was a former CEO of Goldman Sachs.
Someone needs to go to jail over this one and Lewis should not the only one.
That leads me to paraphrase the Nixon line "If the Goldman Sachs gang does its not illegal."
CNBC commentators were discussing ethics, corporate governance and the efficacy of what Bernanke and Paulson said to CEO Lewis of Bank of America where Lewis had said that he was pressured not to disclose $12 billion in the loses at Merill Lynch... Lewis was a fiduciary obligation to disclose information about the loses and illegally withheld that information from shareholders. This lead the shareholders of B of A to lose $12 billion in the deal. Another way to look at it is that by ordering Lewis not disclose the lMerill loses to shareholders, Bernanke and Paulson were effectively using shareholder money to orcestrate bailout/shore up the financial crisis, presumably for the benefit of the country. This is really serious stuff, in fact, I would like to know if there was any benefit accruing to Goldman Sachs over the B of A Merill takeover. Something really does not smell right here.
IMO Lewis, Bernanke and Paulson are all on the hook for the $12 Billions that were lost in the deal and now each is trying to lay the blame on the other.
Lewis is saying he was forced to do it be Bernanke and PAulson
Bernake is saying that was never said
Paulson says that Lewis was told to go ahead with the deal or him and his board would be fired but that at the time the information was given to Lewis that is was too late for B of A to back out anyway.
Now for the Rant starting at about minute 7:00
Liesman said that it might be ok for the govt to force the deal and effectively usurp shareholder money for the good of the country
Santelli replies by calling Liesman, "Richard Nixon" where if the govt does it its not illegal. (its actually a pretty good tv moment)
In all seriousness if you or I were involved in this type of stuff we would be in jail already. I would go further than Santelli and look at the game that the Goldman Sachs gang has been playing. This all looks very similar to the AIG fiasco where Paulson orcestrated the bailout of AIG and goldman sachs got paid 100 cents on the dollar for investments in AIG. It would not surprise me to find Goldman Sachs finger prints all over this crime scene. These guys are playing with tax payer money, with shareholder money, they are using their influence, lining their pockets and being paid a 100 cents on the dollar on investments that should return far less. It sure looks like the country has a huge problem. Interests that permeate the govt are using taxpayers and shareholders money in a bigger game where wrongdoing for their private gain is being excused as being for the good of the country. BTW for those who do not know Paulson was a former CEO of Goldman Sachs.
Someone needs to go to jail over this one and Lewis should not the only one.
That leads me to paraphrase the Nixon line "If the Goldman Sachs gang does its not illegal."