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BB&T Corporation Message Board

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  • spoor5t spoor5t Nov 12, 2008 7:17 PM Flag

    BUSH still in office. BBT wont surge til Barack takes over

    Largest post election drop in history the two days after election. These fools have no clue yet what is coming for them

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    • Oh, we all know how bad Bush & the Republicans have fucked up our country, and once again the dem's have to clean up the mess! They have left us the worst financial disaster since the great depression, and two wars to go with it.

      • 3 Replies to md2list
      • Judged by the standards of recent American military actions, Congress provided President Bush with crystal clear authority to make war on Iraq. In October 2002, Congress passed a joint resolution authorizing the President "to use the Armed Forces of the United States as he determines to be necessary and appropriate in order to (1) defend the national security of the United States against the continuing threat posed by Iraq; and (2) enforce all United Nations Security Council resolutions regarding Iraq."

        You did mean to add Congress in there right? You do know that Congress has continuously voted funding for the wars right? You do know Congress has voted to fund the wars well in advance of present, right? You do know that the initial vote by Congress to go to war was 434 to 1 right?

        You do know that fannie and freddie and pressure on banks by Congress to make poor loans is the cause of the current crisis right? You do know that oversight of the above is in Congress right? You do know that Committee Chairman in Congress with oversight rebuffed all attempts at reform called for by Bush, some 23 times since 2002 right? You do know those chairman were all liberals right? You do know they all accepted donations from the above right on into 2008 right? You do know those Chairman are still in charge right? Man, for an mba/cpa you do tend to leave out a lot of info. Hope your clients, heheh what a hoot, know this

      • "the worst financial disaster since the great depression," . . . if you overlook the economy during the Carter administration. Oh yeah, you dems always forget about that . . . or maybe you're not old enough to remember and your history teacher conveniently forgot to cover that.

      • now does BB& really look like such a well run bank

        Trial showed different view of BB&T's inner works

        By Scott Sexton | Journal Columnist

        Fast-forward to last week in the Forsyth County Hall of Justice, where a civil trial involving BB&T and alle gations of fraud, incompetence and greed just concluded .

        Far from the halls of Congress, tales of clandestine audio recordings, slimy officials hiding from subpoenas , and $250,000 bonuses sullied BB&T's hard-earned reput ation.

        "All that money and all those zeroes," said Susan Far mer, one of the 12 jurors who sat on the case of BB&T v . John Sherwood. "I don't think anybody over there knew what they were doing."
        Mortgage trading platform

        The whole mess started in March 2004, when a bank exe cutive named Bill Cameron approached Sherwood, who was then employed by Wachovia, about starting a "mortgage t rading and securitization platform."

        Basically, that's the buying and selling of mortgages , loans and securities and sounds a whole lot like what landed many banks in trouble.

        Sherwood concluded that BB&T didn't know what it was doing and declined. Not to be deterred, Cameron made an other run at it in late 2004 or early 2005.

        As part of the negotiations to break a noncompete cla use with Wachovia, Sherwood told BB&T that he stood to lose nearly $500,000 in Wachovia stock if he left. BB&T countered by offering him a "forgivable loan" for $498 ,579.78, the amount equal to the Wachovia stock price.

        Oh, and Sherwood would also be in line for guaranteed minimum quarterly bonuses of $212,500 on top of an ann ual $150,000 salary -- $1.4 million for a year's work.

        Symbolism not missed

        The interesting portions of this greed-fueled tale we re found in court testimony and in the voluminous depos itions taken by lawyers.

        Sherwood secretly taped hours of conversations, and g ave copies to a lawyer representing a former employee i n a separate arbitration case. On one recording, Camero n could be heard bad-mouthing a BB&T subsidiary and plo tting to lie to a court. He also ducked a subpoena by r efusing to answer his door.

        Simple things such as setting up computer systems wer e screwed up. And, by the way, nobody at BB&T ever both ered to verify the information on Sherwood's job applic ation.

        "They do that at McDonald's," said Walter Holton, She rwood's attorney.

        The whole episode reads like Keystone Kops Gone Bad. Judge Stuart Albright ruled before the trial started th at Sherwood had to pay back half the forgivable loan, b ut the jury then decided that Sherwood didn't commit fr aud.

        Do the actions of a few bad actors trash BB&T's overa ll good name? Of course, not. But the symbolism didn't escape the notice of the jury, either.

        "They wasted a lot of money and then agreed to take p art of the bailout," said juror Jacqueline Hill. "It's no wonder we have such a mess."

 
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