Bank of America Pleads “We’re Idiots, not Crooks!”

By: Tuesday April 29, 2014 10:45 am

Can you say “regulatory capture”? Sure you can. The acquisition of Merrill Lynch was in 2009, Bank of America only caught this mistake last week, and you’re happy they are handling it swiftly? How about asking how it got through for 5 years? Bank of America has been structuring those inherited notes since 2009, and only now noticed a problem? Earth to Janet Yellen: this is NOT good news.

This disclosure doesn’t raise credibility issues; it confirms credibility problems.

 

Pecora in Perspective: The Season Opener

By: Thursday January 14, 2010 7:04 pm

Why did Goldman thought it was necessary to take out protection against investment-grade mortgage securities it was selling by purchasing insurance-like contracts known as credit-default swaps. FCIC Commission chair Phil Angelides likened it to selling a car with knowledge it had faulty brakes and then taking out an insurance policy on the buyer.
“There seems an unwritten premise that Wall Street, exactly how it exists today, is necessary for the economy to work. That’s not true. … Wall Street has done an incredible job at pulling the wool over the eyes of the American people.”

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