Barney Frank is stumped. Trying to figure out why Maxine Waters is MIA is one thing, but picking the evil mastermind behind the shakedown of Ken Lewis is a completely different enigma.
Even if Paulson ordered the code red, the Sass from Mass is pretty sure that was the right thing to do because we need guys like HP on that wall. When you’ve got the imminent financial apocalypse knocking at your door, threatening a bank CEO of questionable sobriety cannot be handled by someone of meekness and mild temperament (ahem, B-squared).
Hank Paulson did before and he’d do it again. He’d just rather you said “thank you” and went on your way.
Frank Says No “Villain” in Bank of America-Merrill Lynch Deal [Bloomberg]
Big day tomorrow for Hank Paulson as he finally gets to set the record straight re: Ken Lewis’s kneecaps. Our feeling is the threatening of bank CEO’s while taking a leisurely bike ride is second nature for
Colonel Jessup Paulson and he probably doesn’t give a damn what you think you’re entitled to. But since you clowns at Oversight and Government Reform went ahead and called the big guy to testify, he’ll humor you just this once:
Former Treasury Secretary Henry Paulson plans to tell lawmakers he acted appropriately in warning Bank of America Corp. Chief Executive Kenneth Lewis that the firm’s management could be ousted if it walked away from its deal to buy Merrill Lynch, saying such a move would have suggested a “colossal lack of judgment.”
We’re done here.
Paulson: Comments to BofA’s Lewis ‘Were Appropriate’ [WSJ]
Because we know you haven’t gotten enough of the whole Bank of America/Merrill Lynch deal-under-duress drama, we’re happy to report that Representative Darrell Issa of California (seen at left, with, we can only assume, a constituent, not a high-priced call girl or his staffer’s wife, or his Argentinean soulmate) isn’t satisfied by B-squared’s testimony and likely won’t be satisfied with Hank “Just call me Lance Armstrong” Paulson’s testimony that is scheduled for Thursday.
No, no. Issa wants more information, “[he] wrote to Treasury Secretary Timothy Geithner July 2 asking for all records surrounding an October 13 meeting and decision to use government bailout funds to buy equity in financial institutions.”
You think that’s good? He’s not done:
Issa also asked the Treasury to provide records and communications, including notes and e-mails from a range of officials, relating to the Bank of America-Merrill merger from August 1 though February 1. Issa also asked New York Attorney General Andrew Cuomo in a July 1 letter to provide transcripts of interviews with Paulson and any other communications with federal officials on the Bank of America-Merrill merger.
That’s right. Six months worth of emails and notes. Every single post-it that you did your best Jackie Treehorn sketch on MUST. BE. SAVED.
Issa, a believer in a Nixon-esque coverup at the behest of Bernanke, has clearly channeled his inner-Maxine Waters and will BE DAMNED if this is happening on his watch.
Lawmaker seeks more data in BofA-Merrill deal [Reuters]