San Diego Housing Bubble News and Analysis

Great story in the Atlantic. Paulson and Bernake beat up Ken Lewis and the BAC shareholders. There is no logical reason for BAC to have paid the ridiculous price for MER after it found out the staggering losses MER incurred in 08. MER should have been bought for under $5.

http://www.theatlantic.com/doc/200909/ba...

The federal judge overseeing the lawsuits against BAC had a few choice words for BAC and the equally complicit SEC.

" If the SEC is right in this assertion, it would seem that all a corporate officer who has produced a false proxy statement need offer by way of defense is that he or she relied on counsel, and, if the company does not waive the privilege, the assertion will never be tested, and the culpability of both the corporate officer and the company counsel will remain beyond scrutiny."

"This seems so at war with common sense that the Court will need to be shown more than a single, distinguishable case to be convinced that it is, indeed, the law. It also leaves open the question of whether, if it was actually the lawyers who made the decisions that resulted in a false proxy statement, they should be held legally responsible."

Should DOJ use RICO Act to go after the BAC, the SEC and Federal Reserve? We have alleged conspiracy, collusion, fraud, etc.

http://www.zerohedge.com/article/judge-r...

What we need -
And Justice for All
1) Metallica http://www.darklyrics.com/lyrics/metalli...

or
2) Al Pacino
http://www.imdb.com/title/tt0078718/