Tuesday, October 2, 2012

Don't look to Romney to Criticize Obama for Pro-Wall St. Politics

This is a very good column in Reuters looking at new book exposing Obama's TARP politices implemented by Geither. Unfortunately, little to no attention is being paid by the media to this story. Oncemore, Romeny, unsurprising for a PE alumni, is in favor of repealing Dodd-Frank rather than any meaning regulations. 

The author concludes with a discussion of BoA's Ken Lewis misleading share-holders on Merrill Lynch's value, and how the government is forcing the company to pay share-holders with its own assets: quite strange. 

Even more strange is the likelihood -- discussed at length in some accounts of that insane time -- that the government in fact forced Lewis to go through with BoA shotgun-wedding after he tried to back out upon realizing the true extent of Merrill's peril. If that was the case, the government is forcing BoA to pay its own assets out to shareholders for actions that it they originally inappropriately forced.  Everything comes full circle, I suppose.  

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