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Hank "Ogie" Paulson: Goonery is Justified

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July 16, 2009 – Comments (5)

This is pretty special. hank Paulson basically says it's OK for him to bully banks to make stupid deals that may harm their shareholders, and that management will pay with their jobs if they don't comply.

"By referring to the Federal Reserve's supervisory powers, I intended to deliver a strong message reinforcing the view that had been consistently expressed by the Federal Reserve, as Bank of America's regulator, and shared by the Treasury, that it would be unthinkable for Bank of America to take this destructive action for which there was no reasonable legal basis and which would show a lack of judgment," Paulson said.

Paulson said he believed his remarks to Lewis were "appropriate."

Federal Reserve Chairman Ben Bernanke has denied threatening to oust Lewis and said he never told anyone else to, either. But another Fed official suggested otherwise in an e-mail obtained by House investigators.

Jeffrey Lacker, president of the Richmond Federal Reserve Bank, said in a December 2008 e-mail that Bernanke had planned to make "even more clear" that if Bank of America backed out on the deal, "management is gone."

5 Comments – Post Your Own

#1) On July 16, 2009 at 12:30 PM, TMFBent (99.82) wrote:

The story.

Ogie Ogelthorpe and the Charlestown Chiefs.

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#2) On July 16, 2009 at 1:23 PM, chk999 (99.97) wrote:

You may be getting a visit from some "wiseguys" over this blog. If they start talking about what nice kneecaps you have, worry.

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#3) On July 16, 2009 at 1:27 PM, TDRH (99.66) wrote:

It is like a puppet show without the curtain -and still no real perp walks for this mess. 

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#4) On July 16, 2009 at 1:50 PM, cthomas1017 (97.56) wrote:

Socialism is when the government owns the companies.
Fascism is when the government allows private companies but strong-arms them to operate at the government's whims.  Shareholders should find this arrogance and lack of conscience frightening.  But we knew this tax cheat was not a public servant.  He is 100% a self servant.

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#5) On July 16, 2009 at 2:17 PM, TMFBent (99.82) wrote:

Geithner was the tax cheat. Paulson's the multi-bazillionaire who got rich on Goldman Sachs stock.

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