The Unsinkable brian cork™

Brian Patrick Cork is living the Authentic Life

a little Government action on the side

September14

Recent Headline: SEC defends $33M settlement with Bank of America

The Securities and Exchange Commission (SEC) affirmed in a legal filing its defense of the proposed $33 million settlement over “the bonus affair”, which arose after Bank of America Corporation agreed to buy Merrill Lynch for $50 billion a year ago.

However, the SEC also says there is “…no factual support to charge individual Bank of America executives in the case”.

I am tempted to hold myself speechless.

…but, I could never do that. And, you reader, would have none of that.

So… Why then, did they impose a fine on Bank of America to begin with?

Meanwhile… A federal judge has delayed approving Bank of America’s proposed settlement with the SEC. He asked for filings by Wednesday from the SEC, and the bank, so that he can decide whether to approve the deal.

How is this a deal? Isn’t it, in some reality, a scam?

Let me get this straight… Merrill lynch executives bilk the public by misrepresenting the truth. The company then gets bailed out by our government. The SEC cuts a little deal that puts pocket change back in government coffers – so, they can pretend like they do something. Now the courts FINALLY want to get involved, and also pretend like they are doing something.

I get distracted by shiny things often enough. But, I see a pattern here as well.

I wonder who is going to take credit for any of this once someone sorts it out?

Where the hell is an indignant media?

In other news:

WASHINGTON (AP) – Economic activity is stabilizing or improving in the vast majority of the country, according to a government survey released Wednesday. The findings indicate that the worst recession since the 1930s may be over.

That’s it?

Okay. That’s it then. Everybody back to work (just in time for Labor Day to be over). No more excuses. The media has made a statement (perhaps anticipating my outrage, as outlined above).

I am guessing “the memo” was finally issued by the Obama administration.

Peace be to my Brothers and Sisters.

Brian Patrick Cork

tip of the iceBurg

June11

I knew it!

And, I told you back in September when I wrote: federal Pirates and Brian Cork on those Wall Street Rascals.

Wall Street Journal reporter Anne Flaherty reported yesterday that the Federal Reserve threatened to force the ouster of Bank of America CEO Kenneth Lewis if he didn’t follow through with plans to buy Merrill Lynch & Co. This has apparently been confirmed by Republicans involved with the House Oversight and Government Reform Committee after reviewing internal documents. But, Republicans also said there was evidence that the government tried to restrict information related to the merger from being publicly released.

According to an internal memo prepared by the committee’s Republican staff, Paulson and Bernanke “put a gun to the head” of Lewis and Bank of America’s board of directors to force the merger even though Lewis “felt it was his duty to his shareholders to try his luck in the legal system and back out of the deal.”

The Committee is investigating claims that top government officials, including then-Treasury Secretary Henry Paulson and Federal Chairman Ben Bernanke, urged Lewis to go through with the acquisition and not disclose to shareholders the details of Merrill Lynch’s deteriorating financial state.

Lewis is scheduled to testify, this very day, before the panel, which is chaired by Representative Edolphus Towns, (D-N.Y).

Background: Bank of America has received $45 billion from the government’s $700 billion Troubled Asset Relief Program. As part of that money, the bank received $20 billion in January after Lewis requested it to help offset mounting losses at Merrill Lynch.

According to Prudent Society (of Optimistic Gentlemen) Brothers in-and-around Capitol Hill, as proof, Republicans cite several documents including an e-mail by an employee at the Richmond Federal Reserve who said Bernake had made it clear that if Bank of America backed out and needed financial assistance, “management is gone.”

Chilling and sinister to say the least, if true.

Thomas Jefferson worked hard to prevent it, and Ayn Rand certainly called it.

Peace be to my Brothers and Sisters.

Brian Patrick Cork

federal Pirates

September17

I can’t put my finger on it.

But, I know something does not feel right about Bank of America’s acquisition of Merrill Lynch.

The numbers don’t make sense to me. This isn’t Bank of America’s CEO Kennth Lewis’s style. He has the mind of a business analyst with too much street smarts.

I smell Treasury Secretary Henry Paulson and his manipulative shenanigans at work – and, forcing something unnatural.

Mind you, most Wall Street dealings are manipulated to benefit hand-picked influencers. But, in this case, I think the influencers are public servants that are supposed to be protecting the spirit behind the Constitution as an umbrella for the People. Thomas Jefferson may well be spinning in his grave so hard that the earth may come off it’s axis. Certainly Ayn Rand will be making like Mona Lisa.

On top of this uneasy feeling over this acquuisition, I can’t sort out why Paulson and his cronies need or want it to happen.

But, obviously, this will be a matter of historical record and I suspect we will all be shaking our collectives heads over this in the next twelve months or less. Especially when the Democratic-oriented not so free press gets wind in it’s sails.

Peace be to my Brothers and Sisters.

Brian Patrick Cork

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What’s All This About?

"What am I looking at?", you might wonder.

Lots of stuff.

Meanwhile, here, I discuss events, people and things in our world - and, my (hardly simplistic, albeit inarticulate) views around them.

You'll also learn things about, well, things, like people you need to know about, and information about companies you can't find anywhere else.

So, while I harangue the public in my not so gentle way, you will discover that I am fascinated by all things arcane, curious about those whom appear religious, love music, dabble in politics, loathe the media, value education, still think I am an athlete, and might offer a recipe.

All the while, striving mightily, and daily, to remain a prudent and optimistic gentleman - and, authentic.

brian cork by John Campbell





photos by John Campbell

 

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