Stonewalling in Style: Bank of America Subpoenaed

NY Attorney General Says Ken Lewis Refuses to Say Who Got Bonuses

By RICHARD ESPOSITO and JOANNA JENNINGSFeb. 27, 2009

In just one day, the president of Bank of America, Ken Lewis, managed to defy both President Barack Obama and New York Attorney General Andrew Cuomo.

On Thursday, Lewis refused to provide a list of bonus payments to the New York Attorney General, after arriving in New York in his $50 million corporate jet. Earlier this week, President Obama said the days of bank executives flying corporate jets "were over." Not for Bank of America.

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Peacenik isn't going to feign outrage or anger. The Bank of America is insolvent. Bankrupt. Zombified. The BofA has accepted billions of taxpayer dollars so that it can pretend to be an ongoing concern. If anyone could figure out how to deal with the fallout from a bankrupt BofA, the lights would be out already.

Peacenik has to go back and read about the behaviour of the rich during the Russian revolution or the French revolution. Could they possibly have been as out of touch with reality as Ken Lewis is today? He doesn't get it. The public, with pitchforks, will be storming the BofA and Ken Lewis will be on the phone to the caterers complaining that the soup was cold. No, Peacenik isn't angry at Ken Lewis. Peacenik thinks this is all part of an inevitable conflagration. And everyone is playing their role to perfection.

Time to Fire Ken Lewis of Bank of America

Step right up to the bar here in Bailout Nation, 2009 version. Open 24 hours, we never close. No bailout too big, no investment/money pit too dumb. Yes folks, we can handle your bad assets, recapitalize your bank, no muss, no fuss. Yes, here in America, we cannot be bothered with things like plans and strategies and maximizing returns for taxpayers.That’s right, we avoid the planning, and pass the savings onto to you, the home viewer!

Really, how the hell did we ever win WWII?

So the horrific deal Citibank cut with Treasury was a blueprint, an example for the next foolish investment — and here it is: Bank America, a supposed good bank, that couldn’t wait to get their hands on Merrill Lynch, now a bad bank.

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Is there any doubt that the black hole of bank debt can't be filled by taxpayer bailouts. Peacenik thinks its time to liqudate failed banks and nationalize whats left. And start charging a few people for any crimes that have been committed. The Dow and TSX continue their downward march towards new lows as Peacenik predicted on Monday. Who would hold stocks in this environment? Would you? Would Peacenik? A new bottom will form. But it will be closer to zero than the indexes are right now. Time to double check if your bank deposits are insured.