Ken Lewis: If I’m Going Down, Hank Paulson and Ben Bernanke Are Coming Down With Me

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Ken Lewis: "If I’m Going Down, Hank Paulson and Ben Bernanke Are Coming Down With Me"

No WAY is Bank of America CEO Ken Lewis going to be the only one to answer for the acquisition of crappy Merrill Lynch and its crappy bonuses, "a person close to Lewis's defense team" (who may or may not be Ken Lewis himself) tells Charlie Gasparino today on the Daily Beast. NO WAY will he be a scapegoat, alone, for the people who twisted his arm to go through with the Merrill deal by telling him he would be fired if he didn't. "If this thing goes to trial you can expect both Paulson and Bernanke to be on the witness list." If he's going down, he's bringing them down, too. Bringing them down to Chinatown. Order in the court!

Whats ya want to bet Ken Lewis gets out this!

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[edit on 5-2-2010 by TrainDispatcher]

How much do you want to bet he already has?

Thats why we had Madoff and made him the scapegoat, didn't you know he caused the market to drop and the value of your house to decline? I heard he also had a hand in 9-11.

reply to post by GreenBicMan



He may or may not have...

If he has already gotten out of all of this, why would he come out and make this statement?

reply to post by TrainDispatcher


He didn't

It could all be fraudulent, someone he knows quoted him on it if I am reading correctly.

reply to post by TrainDispatcher


I remember that being posted here that Ken Lewis didnt want to acquire Merrill Lynch because it would be bad business. I also remember seeing here that Paulson told him to do the deal or be fired. I dont recall anything about Bernaneke at the time though.

reply to post by rangersdad


rangersdad is correct!

Ken lewis was interviewed by both 60 Minutes (CBS) and Frontline (PBS) and stating that he did not want to aquire Merrill Lynch and was forced by Paulson to do so...or else!

I saw both interviews in 2008.

rgseymour

reply to post by rgseymour


But what is "or else".

I think when he testified though he did not use those words, he just pretty much beat around the bush. It doesn't really matter anymore and will not affect anything now in reality anyways. Shareholders ended up getting the better end of the deal, so hard to say what is wrong/bad/good.

[edit on 5-2-2010 by GreenBicMan]

Paulson, Bernanke, Geitner hell, I hope someone gets taken down. I often think that I would love to also see Allen Greenspan get his comeuppance and then, when I begin to think about it a little more, I think that perhaps Greenspan's wife, Andrea Mitchell is somehow involved in his criminal activity. Perhaps some kind of fraud charge.

If she were to be implicated in some criminal behavior, then I have no doubt that her TV time slot would become available and that her career would be in flames. Much like a moth hit by a hellfire missile.

The more we find out about Greenspan's crimes, the more I am certain that Andrea Mitchell will be implicated. Oh well, she didn't really have any talent. I stopped watching TV back in 2003 and I can tell you I wont miss her or any of her husbands criminal associates. Good riddance comes to mind. I'm going to keep working on my bunker.

reply to post by MaxBlack


In a few circles many would agree it is Greenspan's policies that got us into this mess. He loves lowering interest rates, great for market at the time..

reply to post by GreenBicMan


I did not read the testimony, but his defense could pull the transcipt.

If he felt as strongly as he claimed...he could of refused as suffered the repercussions and been better off.

At the end of the day...you are correct...stockholders win!

"Divided we stand, united we fall"

What else would you expect from the CEO of Bank of unAmerica?

reply to post by rgseymour


The only thing he was on the line for IMO was his fiduciary responsibility to stockholders. Everything else can be overlooked, if it was best for shareholders then it should have been done. He must do that in his role as CEO to shareholders. That is the only thing he is really responsible for as CEO.

Everything in this whole case is "he said, she said" etc..

Nothing is ever ever ever going to come of this, a leaked memo here and there that really doesn't confirm anything etc.. we have seen this before.

BTW, I watched all the testimony, just total garbage, exactly what you would expect anyway. He skirted all questions I believe with a "I dont recall".

Ive got to remember that one the next time I am under oath.

[edit on 5-2-2010 by GreenBicMan]

I'm afraid to say, but I'll bet a Federal Reserve Note, that he and who ever is holding his secret records, will end up "missing."
Or worse, they will be raided, child porn will be found on their computer, and they end up with several self inflicted gun shot wounds to the backs of their head.
Sad...just very sad