Comments on: Ken Lewis Throws Paulson, Bernanke Under Bus

By: guest

guest — Thu, 23 Apr 2009 16:25:23 +0000

Apparently Cuomo is corroborating Lewis’ account in a letter to Congress. Seems BAC tried to back out of the deal on Dec 21 but the Fed threatened to remove the BAC board if they did.
In your face, Steve Liesman. You look pretty silly as Bernanke’s lap dog now.

By: guest

guest — Thu, 23 Apr 2009 15:55:41 +0000

The problem is that Lewis had AGREED to the deal back in Sept. (remember, he didn’t call Fuld back because he was turning down LEH to get a shot at MER).
When the due diligence was getting done, belatedly, 3 months after the deal was struck, THEN Lewis wanted to wiggle out.
So Paulson says: look, *wink wink*, we’ll make sure you don’t take the hit, we just can’t let MER go down, look how the market took the LEH news.
Paulson sees himself as trying to save the greater economy, and that the BAC shareholders were going to have to take a financial hit, rather than seeing every bank go to 0. It ain’t right, but that will be Paulson’s defense, “the greater good”.

By: guest

guest — Thu, 23 Apr 2009 15:50:48 +0000

@24: #18 here. I totally agree. That would have been the move – resign and make it clear to the Board and shareholders that he was being forced into something that wasn’t right for the shareholders.
As someone else said – making BAC shareholders take the hit for MER shareholders is wrong, wrong, wrong.
Lewis’ time is ticking down. Problem is – who would replace him? Not like anyone else there was protesting the deal.

By: EvilBuzzard

EvilBuzzard — Thu, 23 Apr 2009 15:40:35 +0000

Lewis *SHould* chuck Bernanke, Paulson, et al. under the bus. Lewis *should* have resigned on the spot. His shareholders should sue this coward into punary.

By: guest

guest — Thu, 23 Apr 2009 15:36:45 +0000

So regardless of why he did it, didn’t he just admitted he lied (by omission)? Isn’t that grounds for a lawsuit right there? I don’t think lying because the govt told him qualifies as a legal defense (esp since he doesn’t have any concrete evidence).

By: guest

guest — Thu, 23 Apr 2009 15:31:27 +0000

It would be outstanding if this cowardly drunk unravels whatever scheme is in place to “save” the global financial system with his erratic behavior.

By: guest

guest — Thu, 23 Apr 2009 15:17:43 +0000

Hmmmmm…can BAC shareholders sue Paulson and Bernarke for screwing them???

By: guest

guest — Thu, 23 Apr 2009 15:11:12 +0000

So Ken lied to shareholders to save his job. Isn’t that what Skilling, Lay, Ebbers, etc etc etc did as well?

By: guest

guest — Thu, 23 Apr 2009 15:09:10 +0000

#18, both

By: guest

guest — Thu, 23 Apr 2009 14:58:17 +0000

Lewis, if he worked for the shareholders, would have “leaked” this just like he “leaked” the Thain-office-decor story. Paulson would have had to back off.
Lewis was not against the merger, he had done no due diligence and had no idea how bad MER was. He just wanted an IOU1 from the government and a few billion, not realizing it would cost a lot more.
So – Lewis – you’re either a pussy who doesn’t work for the shareholders, or you’re an idiot. Choose which one you want as your legacy, ’cause right now you have “both” on your CV.

By: guest

guest — Thu, 23 Apr 2009 14:56:48 +0000

Paulson has shown through his career to be a ruthless political animal who is very good at not getting his hands dirty.Just ask Corzine,Thain and Thorton,or better yet, Alan Schwartz.Bunglers can still be nasty cunning operators.

By: guest

guest — Thu, 23 Apr 2009 14:38:00 +0000

How did Gasparino not get the scoop on this?

By: guest

guest — Thu, 23 Apr 2009 14:33:47 +0000

Goldman alum up to the same ol’ tricks.

By: guest

guest — Thu, 23 Apr 2009 14:32:55 +0000

The scene: Buick stopped in a wooded area with trunk open:
Joe Pesci: stabs Lewis in the gut multiple times in a frenzied attack.
Robert De’Niro: emptys quite a few 45 shells into Lewis’ ass
Ray Liotta: shuts the trunk.
the End.

By: guest

guest — Thu, 23 Apr 2009 14:27:28 +0000

paulson’s a stuttering idiot. either that, or he’s highly conflicted.