[quote=Allan from Fallbrook]FLU: Forgetting for one second how the Obama administration is going to spin this mess, focus on the fact that the FED is NOT a governmental agency, nor are they supposed to have this sort of power (punitively speaking) over a publicly held, commercial bank.
I mean, WTF? And, why is the MSM not all over this? I mean they damn near lynched Clinton for suborning perjury in the Lewinsky case, but they’re mum on what amounts to unlawful coercion, usurpation of corporate power, undue influence and nearly extortion.[/quote]
So if what you are saying is true. Can technically, BAC shareholders file a lawsuit against the fed? or a civil suit against Bernarke,Paulson, and Co? Just curious. I don’t know, seems like if I were a BAC majority shareholder, I’d be pretty pissed about a coerced motion from the Fed.
I just don’t get it. During the Bush adminstration, so many people were up in arms about our government breaking the law with things like Geneva/torture etc. Where’s the outrage now? I see this administration far more dangerous, breaking/ignoring laws in the name of the “middle class”. Forget about my views on unions and UAW….What’s happening with ignoring bk/contract laws is just terrifying. Who the hell would lend us money moving forward if we don’t honor our bk/contract laws? Where the hell is the outrage in that from the public? We’re digging our own graves…
Notice Obama/Geitner is now backing off the wall street executive pay cap….Like I said before….All it’s going to do is create a vacuum of top talent from tarp-controlled banks to banks that aren’t tarp controlled. Goldman,AXP,others already clearly signaled they aren’t going to cap comps (nor should they), and clearly they’re exitting tarp as fast as possible. Now you’ll get a bunch of B,C,D,F star employees running Citibank,BAC, AIG,etc, after all the A players jump ship for more money at non-tarp firms…Hell, if they started to regulate software engineering for TARP firms, I’d do the same thing…
Sigh….
I really hope we get back to a government with more checks and balances. 3.54999 more years of this administration. 3.54999 years…
