BAC out performed Citi and Wells Fargo today. It was up 1.37%, versus only 1.25% and 1.20%, respectively, for the other two. Only JPM of the big four did better. Good try though, you always keep us laughing.
How am I doing, this year and the last four years. Great, especially since I have started using Viagra!!!
If you read my original post "j", I simply pointed out that people need to connect the dots. It is clear why there have been no criminal prosecutions, which has to do with the Democrats involvement in the entire housing crisis/financial collapse.
Will I move on from that, the answer is NO. I will continue to do my part to inform those individuals I come into contact with, so that they are aware of what party was primarily responsible. Even if you choose not to be politically involved, that is not the option I choose.
\In fact, I believe for a democracy to survive, it is a necessity for the voters to be actively involved in the political process and work to insure its integrity. That includes the dissemination of related information.
So while I acknowledge your right to not be an involved citizen, at least respect my right to be involved in our county's political process.
Source: "Law's Big Weapon Sits Idle, Sarbanes-Oxley's Jail-Time Threat Hasn't Been Applied in Crisis-Related Cases"
Quote: "As the Sarbanes-Oxley Act turns 10 years old, the law's biggest hammer—the threat of jail time for corporate executives who knowingly certify inaccurate financial reports—is going largely unused.
After the financial crisis, the certification rules seemed like a strong weapon against executives suspected of misleading investors. But prosecutors haven't brought any criminal cases for false certification related to the crisis.
"I think there's been a reluctance to prosecute the cases," said Frank Partnoy, a University of San Diego law and finance professor. "I'm quite surprised they haven't, given that it was supposed to be one of the more powerful tools coming out of Enron and the other corporate debacles."
The law says chief executives and chief financial officers must certify that their companies' annual and quarterly reports "fairly present" their finances. If an executive willfully files a false certification, he could be fined $5 million or sent to prison for 20 years.
For example: Richard Fuld, former CEO of Lehman Brothers Holdings Inc. A bankruptcy examiner's report on Lehman's 2008 collapse said there was enough evidence to support claims that Mr. Fuld failed to ensure the firm's quarterly reports were accurate, because he knew or should have known Lehman had cut its balance sheet through questionable transactions. But the government hasn't charged Mr. Fuld with false certification or other wrongdoing.
There also haven't been any charges against James Cayne, Bear Stearns Cos.' ex-CEO, which spiraled into a liquidity crisis that led to a 2008 forced sale to J.P. Morgan Chase & Co. Mr. Cayne and other Bear executives recently agreed to a $275 million settlement of shareholder litigation accusing them of misleading investors about the firm's finances—including allegations that Mr. Cayne falsely certified Bear's financial reports."
I am not the only one going on and on as can be seen by the many quotes I have made. One from a federal judge that specializes in such cases. Or how about the quote from our U.S. Attorney General Holder himself who made it clear it had nothing to do about proving a case. Or how about the findings of the "Financial Crisis Inquiry Commission". You can argue this all you want "j", and believe what ever you want, but quite frankly your position lacks substance based upon just the facts that have been made public.
Quoting U.S. Attorney General Holder on this subject: "...if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy"
Source: "The Real Reason Wall Street Always Escapes Criminal Charges? The Justice Dept Fears The Aftermath"
Quote: "Writing in the January 9, 2014 edition of The New York Review of Books, Jed. S. Rakoff, a U.S. District Judge for the Southern District of New York with vast experience of financial crimes, laments the lack of prosecutions. This is an angry judge, after all he points out that the Financial Crisis Inquiry Commission, established by Congress, used variants of the word "fraud" 157 times in explaining the causes of the crisis." Source: "Top Bankers Evaded Financial Crisis Justice -- and Will Never Be Prosecuted for Their Crimes"
Quote: "...not a single high-level executive has been successfully prosecuted in connection with the recent financial crisis, and given the fact that most of the relevant criminal provisions are governed by a five-year statute of limitations, it appears likely that none will be." Source: "The Financial Crisis: Why Have No High-Level Executives Been Prosecuted?"
Quote: "The savings and loan debacle was one-seventieth the size of the current crisis, both in terms of losses and the amount of fraud. In that crisis, the savings and loan regulators made over 30,000 criminal referrals, and this produced over 1,000 felony convictions in cases designated as “major” by the Department of Justice. But even that understates the degree of prioritization, because we, the regulators, worked very closely with the FBI and the Justice Department to create a list of the top 100 — the 100 worst fraud schemes. They involved roughly 300 savings and loans and 600 individuals, and virtually all of those people were prosecuted. We had a 90 percent conviction rate, which is the greatest success against elite white-collar crime (in terms of prosecution) in history.
In the current crisis, that same agency, the Office of Thrift Supervision, which was supposed to regulate, among others, Countrywide, Washington Mutual and IndyMac — which collectively made hundreds of thousands of fraudulent mortgage loans — made zero criminal referrals. The Office of the Comptroller of the Currency, which is supposed to regulate the largest national banks, made zero criminal referrals. The Federal Reserve appears to have made zero criminal referrals; it made three about discrimination. And the FDIC was smart enough to refuse to answer the question, but nobody thinks they made any material number of criminal referrals [either]."
Source: "Hundreds of Wall Street Execs Went to Prison During the Last Fraud-Fueled Bank Crisis"
Quote: "But several years after the financial crisis... no senior executives have been charged or imprisoned, and a collective government effort has not emerged. This stands in stark contrast to the failure of many savings and loan institutions in the late 1980s. In the wake of that debacle, special government task forces referred 1,100 cases to prosecutors, resulting in more than 800 bank officials going to jail." Source: "In Financial Crisis, No Prosecutions of Top Figures"
Funny how prior administrations were able to successfully prosecute corporate personnel in similar type of situations. However, we are to believe now, that in this whole big mess, there is no one that can be held criminally accountable?
That is simply not logical. By the way, Lewis was fined $25 million for defrauding investors, and BAC as well as other companies has been fined billions of dollars for the same.
Now you are trying to convince me or others that it cannot be proven? All I can say, is "good luck with that"...
That could be said for any criminal that seeks financial gain. It was simply due to "greed and bad judgement"...LOL
Why are they better qualified? Because they have law degrees? I understand the laws, they are not that complex. I certainly understand failed political policies and political corruption. People EARN respect, they are not entitled to respect. That is certainly what I was always taught.
Neither Obama or Holder deserve my respect, or for that matter the respect of anyone else in this country. Titles and positions do not make anyone better then anyone else.
Based upon your line of thought, then you believe our country should not even exist, but should still be part of England, and we should be bowing down to their Queen. In other words, you do not believe in the Declaration of Independence and the rights of all free men. How sad, that you believe you are less equal then others.
With all the penalties and huge monetary settlements, perhaps liberals and Democrats should be asking the question why has Obama, and his Attorney General, not put anyone in jail for the sub-prime housing crisis that caused a worldwide recession?
The reason is, if Obama starts filing criminal charges in these cases, the truth is going to come out in court about the Democratic party's involvement and many of the corrupt acts they were involved in; like their politicians accepting special below interest loans from subprime lenders like Countrywide.
This would not only lead to the collapse of the current administration, but likely of the entire Democrat party. So now, as we start approaching the statue of limitations on such criminal charges, Obama for political reasons has Holder state they are starting to look into such things, but he will turn any information over to the new AJ for further investigation.
In other words, all talk and no bite, these investigations will be stalled until Obama leaves office and the statue of limitations has expired. The Democrats simply cannot afford for such criminal cases to go to court. Why? Because if you are a CEO, and being threatened with going to prison, then you are going to let the world know the full truth!!!
So I will say again to liberals and Democrats, if Republicans were to blame for the housing crisis, and financial collapse, then why has Obama and his administration not put anyone in jail. Certainly prior administrations sent people to prison in similar circumstances. SOMETIMES THE TRUTH HURTS, WHICH IS WHY DEMOCRATS ARE IN SUCH COMPLETE DENIAL!!!
So please stop making excuses sirifuture. The facts concerning the entire housing bubble, the Democrats responsibility, and resulting financial crisis are well documented and cross documented from 100's of sources including information that is freely available in the Library of Congress. Only those who simply do not want to believe in the truth, and thus live with their heads in the sand, continue to deny the Democrat's responsibility and continue to try and blame the Republicans.
Quote: "There is very little doubt that the underlying cause of the current credit crisis was a housing bubble. But the collapse of the bubble would not have led to a worldwide recession and credit crisis if almost 40% of all U.S. mortgages, 25 million loans, were not of the low quality known as subprime...
The low interest rates of the early 2000s may explain the growth of the housing bubble, but they don’t explain the poor quality of these mortgages. For that we have to look to the gov’s distortion of the mortgage finance system through the CRA and Fannie Mae & Freddie Mac .
In a recent meeting with the Council on Foreign Relations, Frank, the chair of the House Financial Services Committee and a longtime supporter of Fannie and Freddi, admitted that it had been a mistake to force homeownership on people who could not afford it.
Long-term pressure from Frank & his colleagues to expand home ownership connects gov housing policies to both the housing bubble & the poor quality of the mortgages on which it is based. In 1992, Congress gave a new affordable housing “mission” to Fannie & Freddie, and authorized the Dept of Housing & Urban Dev to define its scope through regulations.
Shortly thereafter, Fannie, under Chairman Johnson, made its first “trillion-dollar commitment” to increase financing for affordable housing. What this meant for the quality of the mortgages that Fannie & later Freddi would buy has not become clear until now.
On a parallel track was the CRA. New CRA regulations in 1995 required banks to demonstrate that they were making mortgage loans to underserved communities, which inevitably included borrowers whose credit standing did not qualify them for a conventional mortgage loan.
as early as 1993, Fannie began to offer easy financing terms & lowered its loan standards in order to meet congressionally mandated affordable housing goals & fulfill the company’s trillion-dollar commitment." Source: "A Government-Mandated Housing Bubble"
I to not think BAC will reach $34 PS this year. However, give it a couple of years and that will surely happen as you have indicated. Plus, I would agree with you, a spin off of ML once BAC reaches $34, would likely lead to a "vomiting" of tons of cash on BAC shareholders in the form a special dividend distribution. Thank you for pointing out to others, what is so obvious to the BAC longs that have done their due diligence and research.
Quote: "The Fannie Mae scandal has gotten relatively little media attention because many of the participants are still powerful, admired and well connected... The story centers around James Johnson, a Democratic sage with a raft of prestigious connections. Appointed as chief executive of Fannie Mae in 1991, Johnson started an aggressive effort to expand homeownership... Fannie Mae co-opted relevant activist groups, handing out money to Acorn, the Congressional Black Caucus, the Congressional Hispanic Caucus and other groups that it might need on its side. " Source: NY Times article titled "Who Is James Johnson?"
Quote: "Countrywide Financial Corp.'s "friends of Angelo" program provided sweetheart loans to key banking players in Washington, D.C. They included former Fannie Mae chief executive Jim Johnson [see quote on Democrat James Johnson above], Senate Budget Committee Chairman Kent Conrad (D., N.D.) and Senate Banking Committee Chairman Christopher Dodd (D., Conn.).
The growing scandal surrounding the "friends of Angelo" loans (so-called by company employees, referring to Countrywide CEO Angelo Mozilo) should serve as a political wake-up call. Yet the Senate appears intent on pushing forward legislation, co-authored by Sen. Dodd, that would bail out the worst actors in the subprime mortgage banking industry.
Campaigning in Lancaster, Pa., on March 31, Sen. Barack Obama [as a private lawyer represented Acorn] blamed Countrywide's CEO for "infecting the economy and helping to create a home foreclosure crisis." Yet Rep. Barney Frank (D., Mass.) and Mr. Dodd have crafted a bill to provide $300 billion in new taxpayer loan guarantees to Countrywide and others...
Unsurprisingly, Countrywide executives have testified in support of expanded FHA refinancing. The company itself is a longtime and significant contributor to Messrs. Dodd and Frank." Source: WSJ article titled "Congress and the Countrywide Scandal"
Well to start with, he has worked extremely hard to convince a whole generation of young college students that if the government pays for something it is "free". He has convince over half the population that instead of taking responsibility for one's self, its the governments job to take care of them. He has shamelessly spread the message that if one politically disagree with a black person, that is racism. Or claiming people are racist because they wish our borders secured, and do not believe we should be rewarding illegal immigrants who have broken our laws by making them citizens. This is just a few quick things. In my lifetime, I do not believe any other person has done more to destroy and hurt America's culture then BO.
$412 PS, well now you are just being out right silly. I certainly do not think it will get above $400 PS, at least not this year!!!