Posts Tagged ‘SEC’

Timmy throws a tantrum

Tuesday, August 4th, 2009

CBS Report

Several reports yesterday that Timmy Geithner is headed for a rubber room. He doesn’t understand why the people charged with enforcing securities law and financial regulation can’t just make up the law as they go along the way he does.

I met Mary Shapiro while working at NASDAQ. I don’t think you’ll find a more level-headed honest competent person who understands the Securities business. Many of the things Geithner has already done would land a lesser man in jail for market manipulation and insider trading – not to mention being a tax cheat. He’s getting on very thin ice.

The world is finally waking up to the Goldman Sachs connections to the events of the past year (and the past century) and Mr Geithner is making himself the point man for the coming showdown.

BofA/Merrill – the other shoe drops

Friday, April 24th, 2009

One of the principles of a good lawyer is you don’t ask a question of a witness unless you already know the answer.

NY Attorney General Andrew Cuomo released to the SEC details of his questioning of Bank of America Kenneth Lewis. What has become clear is that as BofA was becoming aware of how much money Merrill Lynch was losing, they wanted to back out of the deal.

Then Secretary of Treasury Henry (“Hank”) Paulson and current Federal Reserve Chairman Bernanke threatened Lewis that the entire management of BofA would be fired if he didn’t complete the merger and conceal the financial mess Merrill Lynch was in from Bank of America’s shareholders. Paulson and Bernanke were in clear violation of US Securities law, according to the former SEC Chairman Harvey Pitt and other industry experts according to the Bloomberg News Story.