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Friday, April 24, 2009

Indict the Washington mafia

Mike Shedlock calls for the indictment of Ben Bernanke, Henry Paulson, and Bank of America CEO Ken Lewis:

Coercion To Commit Securities Fraud

It's crystal clear from the letter that a strong case can be made that Paulson and Bernanke coerced Lewis to carry out a merger agreement that was not in Bank of America's shareholders best interest.... As far as I am concerned, Paulson just pleaded guilty. I do not care what Paulson's reasons were, no one is above the law.

Let the criminal indictments begin: Paulson, Bernanke, and Lewis.

I wholeheartedly concur. And I have little doubt that this is just the merest fragmentary tip of the massive iceberg that is the ongoing criminal government racketeering. Karl Denninger further explains the criminal action involved:

"Your first obligation isn't to your regulator, it is your fiduciary responsibility to your share and bondholders. If your regulator decides to remove you from office as a consequence, they do. That doesn't change a thing; your personal interests cannot override your responsibilities. As the CEO of a public firm you don't work for the govermment, whether you think you're some "left arm adjunct" or not. You work for the holders of your stock and debt - period. On this matter the law is clear, and the government, even post-TARP, had a minority stake. As such they lack standing to tell you to shut up when your obligation to disclose is a matter of black-letter law."

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