• 24 Apr 2009 at 10:17 AM

The Pressure!

By

cuomo.jpgAttorney General Andrew Cuomo is shocked, shocked he tells you, to find that regulatory bullying is going on here.

A slew of documents sent by New York Attorney General Andrew Cuomo to Washington officials on Thursday detail negotiations between BofA CEO Kenneth Lewis and federal officials and demonstrate the extent to which senior officials were influencing the decisions of a public company.

Being the efficiency fans that we are here at Dealbreaker, we thought we’d save everyone a bunch of time and provide the answer to this question: Senior officials were (and are) significantly influencing “the decisions of a public company” on a daily, indeed almost continual, basis. Apparently, the irony of pointing fingers at anyone and accusing the state of wielding too much power in the present environment is lost on some of our more brusque-minded state officials.
Officials… causing firms… to act… against the interest of investors? The horror. The horror.
Cuomo Urges Probe of BofA Deal Pressure [The Wall Street Journal]
Earlier: Cuomo Corroborates Lewis’s Story

Comments (13)

  1. 1
    Posted by guest | April 24, 2009 at 10:22 AM

    I hope Andy has no skeletons in his closet. Cant piss on Government Sachs and expect to run through the gauntlet unscathed

  2. 2
    Posted by guest | April 24, 2009 at 10:37 AM

    BofA was a sinking ship without ML. They should be thankful the gov threw them a raft.

  3. 3
    Posted by guest | April 24, 2009 at 10:39 AM

    I miss muffie …

  4. 4
    Posted by Ops slave | April 24, 2009 at 10:43 AM

    Cuomo should shut his mouth or Bernake is going to bitch slap his ass.

  5. 5
    Posted by chernevik | April 24, 2009 at 10:53 AM

    Why is Cuomo doing this?

  6. 6
    Posted by Ops slave | April 24, 2009 at 11:04 AM

    He’s playing populist superhero

  7. 7
    Posted by guest | April 24, 2009 at 11:05 AM

    Prosecutorial bullying, however, is apparently fine.
    (“Give back your bonuses or we’re going to publish your name, address, childrens’ names, their schools, and their schedules, not that we’re trying to incite anyone to do anything with that information, but who knows what might happen . . . .”)

  8. 8
    Posted by guest | April 24, 2009 at 11:17 AM

    What is in this for Cuomo?

  9. 9
    Posted by Ops slave | April 24, 2009 at 11:24 AM

    @9
    Spitzer Part Deux! Son of Spitzer.

  10. 10
    Posted by guest | April 24, 2009 at 11:32 AM

    WARNING!!! All the major banks are redesigning their compensation structure. The are all talking about May 1st as announcement day. (Sounds like Fed orchestrating?)
    Curious that date is 3days before the public results from the gov stress test. Can you say “BLACKMAIL!”

  11. 11
    Posted by guest | April 24, 2009 at 11:34 AM

    @10: Cuomo’s banging hookers on government time? Good to know.

  12. 12
    Posted by guest | April 24, 2009 at 1:19 PM

    @9
    Probably what every politician wants: to move up higher.
    In Cuomo’s case, a governor run, followed by a run for President.
    This was Spitzer’s intention too, until he got caught…

  13. 13
    Posted by chernevik | April 24, 2009 at 1:35 PM

    What is populist about revealing that Treasury is bullying banks? Banks are unpopular.