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INteresting article from local paper..Judge rules BofA must return $500M to Lehman

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posted on Nov, 18 2010 @ 08:21 PM
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This is an interesting article i wanted to share with everyone here, i thought maybe had some meaning for us all here.
Bank of america, a lender to Lehman Brothers Holdings Inc. in september 2008must return $500 million of deposits it seized in violation of bankrupty law, a judge ruled. "BOA's seizure of the deposited funds was an unauthorized and impermissible set-off in violation of the automatic stay in LBHI's bankruptcy case," U.S. Bankruptcy Judge James Peck said in a decision. Lehman's lenders became "increasingly uneasy" about the investment bank's financial health in summer 2008, Peck wrote, citing a report by examiner Anton Valukas into Lehman's failure. To mitigate its exposure, Bank of America used its right to set off a secured collateral account posted by Lehman a few weeks before its Sept.15, 2008, bankruptcy filing, Peck said.

This was in the business secion of my local paper, The advocate. i found it rather interesting, as it seems BOA was so anxious and greedily salivating to get their hands on that $500 million.. another true face of the real corporations at work*
you gotta love the commercials they put out, credit cards theyve forced on this system for you to have, and they themselves cant even balance thier own checkbook!
another reason we shuold simply stay with paper money
Corporate greed. really after all this, BOA should jsut pull and cease putting commercials on tv land in business terms,, imagine the embarassment* not being able to spend and boast thier stolen money
This is what america has become, no thanks to the corporations, the banks being at the top of the list.




posted on Nov, 18 2010 @ 08:45 PM
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That is interesting, could you post a link to the article? Also, while I am glad to hear this as it will help the common person, I would just like to clear up that this really is not individual's accounts in most cases. Most likely this money was stolen from the taxpayers as the FDIC gave money to lehman to cover those accounts. This will benefit anyone who has remaining stock (probably people with scraps sitting in their 401Ks) and hopefully will be funneled back to the FDIC to cover the insurance payout the government gave. Glad to hear the system is working occasionally.



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