The Unsinkable brian cork™

Brian Patrick Cork is living the Authentic Life

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

Setting the Stage

January24

A core difference between Democrats and Republicans is that Republicans suspect Democrats are closet Socialists (in a general sense).

It occurs to me that Obama’s legacy could be taxes and Welfare.

Extremes.

Consider this article: “Obama’s Tax Plan Is Really a Welfare Plan” by Peter Ferrara.

In addition, I offer you this timely, if not ironic quote (shared with me by Jim Scott):

“You cannot legislate the poor into freedom by legislating the wealthy out of freedom.

What one person receives without working for, another person must work for without receiving.

The government cannot give to anybody anything that the government does not first take from somebody else.

When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation.

You cannot multiply wealth by dividing it.” – Dr. Adrian Rogers /1, (1931 – 2005)

A setting of the stage, if you will.

Thomas Jefferson (see my prior posts: The Jeffersonian Model, Being Jeffersonian, Part I, and (the epic /2Being Jeffersonian, Part II ) would likely frown over this because it falls outside the Democratic ideal.

And, Ayn Rand would have railed as she warned us of this in “The Fountainhead” and “Atlas Shrugged” as they outlined her ideas around Objectivism.

“My philosophy, in essence, is the concept of man as a heroic being, with his own happiness as the moral purpose of his life, with productive achievement as his noblest activity, and reason as his only absolute.” – Ayn RandAtlas Shrugged 35th anniversary edition

Peace be to my Brothers and Sisters.

Brian Patrick Cork

_______________________

1/ Adrian Pierce Rogers (September 121931 – November 152005), was an American pastorconservative, author, and a three-term president of the Southern Baptist Convention (1979-1980 and 1986-1988).

2/ I make no apologies.  Love me, love my passion.

Bulls, Bears, Donkeys and Elephants

November18

Since 1929, Republicans and Democrats have each controlled the presidency for nearly 40 years. 

So, which party has been better for American pocketbooks – and, capitalism as a whole? 

Consider what would have happened if, during those years, you had to invest exclusively under either Democratic or Republican administrations…

As of October 2008, a $10,000 investment in the S.& P. stock market index would have grown to $11,733 (at a compound rate of 0.4%) if invested only under Republican presidents.  

NOTE: That would be $51,211 if we exclude Herbert Hoover’s presidency during the Great Depression which pulled the average down to -30.8%

Invested under Democratic presidents only, $10,000 would have grown to $300,671 at an average compound rate of 8.9% over those 40 years. The Clinton administration (1993 – 2001) had the best performance over all at 15.2%.

This likely bodes well for the Obama administration providing we can sort out a way to settle down the day traders (average age: 33).

Peace be to my Brothers and Sisters.

Brian Patrick Cork

Newer Entries »

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

 

Share this Blog with friends or enemies (via Twitter). Do it!:

Archives

Linkedin

View Brian Cork's profile on LinkedIn

Categories