Bank of America, in Today's News 02.05.10

Bank of America. The cryptocracy neither forgives nor forgets. They have been trying to "get" Ken Lewis, the former CEO of BoA, from the beginning of the financial crisis brought about by the cryptocracy. Why they are after him is unknown, but there is something about Lewis that the cryptocracy hates. 

Yesterday, Andrew Cuomo, the New York Attorney General, filed a civil complaint against Lewis for duping investors by failing to disclose mounting losses at Merrill Lynch and Co. before BoA tookover Merrill.

This action is the latest of many efforts to go after Lewis, including a congressional hearing. Lewis fought off most of the attacks, but the constant pressure finally forced him to resign.

One would think the cryptocracy would then forget and get on with other business. But, no, as the cryptocracy might say, 'vindictiveness R us.'  

Lewis, who is no angel, might now regret having resigned, because as a private citizen he is more vulnerable. He is probably wishing he had the BoA legal department in his corner now.

Bank of America, in Today's News 12.03.09

Bank of America. The Bank of America was one of the central targets of the cryptocracy when they precipitated the economic crisis. From the beginning, enormous pressure was put on the BoA to change their ways and, in particular, to get rid of Kenneth Lewis, the chief executive officer.

One can only speculate on why the BoA was put in this position. It may have something to do with the fact that the BoA, a central and mammoth financial entity, is not one of the big stock-holders in the privately-owned Federal Reserve. And thus, the Rothschilds had a somewhat reduced ability to control the BoA through their machinations in the Federal Reserve.

Whatever the motivation, the cryptocracy succeeded in forcing Lewis to resign. 

The task then became to find a CEO to run the BoA, who would be an exclusive Rothschild man. And here the cryptocracy was hoisted on its own petard. They had gone to great lengths to limit and reduce the salaries of some financial companies, particularly BoA, in an effort to pressure the companies to better toe the line. But now, the salary-limitation rules got in the way of hiring the new BoA CEO. There simply was not enough money to attract the candidates they wanted.

What to do, what to do? Again, it was simple for cryptocracy. Just change the rules. Today, it was announced that the BoA was the first financial institution to reach agreement with the government to repay the bailout money and escape the pay restrictions imposed by the government.

Amazing, isn't it? The cynicism of these people defies definition. 

Bank of America, in Today's News 10.16.09

Bank of America. Wow, does the cryptocracy ever have a thing against Bank of America Chief Executive Officer Kenneth D. Lewis. After months of harassment, they finally forced him to retire. Now yesterday the "pay czar" decided that Lewis must give back $1 million dollars in salary, plus forego the rest of his salary for 2009.

As the Wall Street Journal remarks today, "The move makes Mr. Lewis the biggest target so far of Kenneth Feinberg, the Treasury's 'special master' for compensation."

The public will probably never know the inside story behind this unprecedented effort to drive out and victimize the head of a prominent bank. But, it certainly would be a juicy story.

Incidentally, Lewis is probably regretting his decision to retire before the pay czar made his decision. Lewis now has no base that he could use to fight back.

Bank of America, in Today's News 10.01.09

Bank of America. Well, they finally got their man. Bank of America Chief Executive Kenneth D. Lewis, under enormous pressure, announced he will resign. The cryptocracy has been trying to force him out of BoA from day one of the economic crisis.

Why the cryptocracy so dislikes the man is for them to know. They're certainly not going to tell us the real truth. But for months the cryptocracy has tried one foray after another directed at removing Lewis. He fought some of the attacks off, especially the congressional hearing stunt. But, it seems that the grind of constantly fending off these attacks got to him.

There is not much good to say about Lewis. What is significant about his case is what it reveals about the cryptocracy. If someone is not with the cryptocracy 100% and if they don't like you, the cryptocracy will stop at nothing to get rid of you, as Karzai in Afghanistan is about to find out.

Lewis was always sort of an outsider in the fraternity of bank leaders. The cryptocracy evidently felt they could not trust him in the new world of central planning.

One of the purposes of the economic crisis was to thin out the ranks of the banking and financial company leaders. The idea was to install executives who were tried and true loyalists to the cryptocracy. To this end an unprecedented number of executives have been show the door. Among them are Chief Executive Officers at Morgan Stanley, Bear Stearns, Merrill Lynch (fired by Lewis), Lehman Brothers, Washington Mutual, American International Group, Wachovia, and Citigroup.

If you thought the cryptocracy was not ruthless, think again.

Government-Controlled Economy, in Today's News 07.16.09

Government-Controlled Economy. Four column headline on Page C1 of today's Wall Street Journal, "U.S. Regulators to BofA: Obey or Else". Lead paragraph, "Bank of America Corp. is operating under a secret regulatory sanction that requires it to overhaul its board and address perceived problems with risk and liquidity management, according to people familiar with the situation."

The cryptocracy really has something against Bank of America. Their drive to get Chief Executive Kenneth Lewis and the bank is back in full-force after a short respite recently.

"The MOU (memorandum of understanding with BofA) is the most serious proedural action taken against Bank of America by federal regulators since the financial crisis erupted. Citigroup Inc. has been operating since last year under a similar order with the Office of the Comptroller of the Currency..."

The cryptocracy is dead serious about ruling through a government-controlled economy. Step by step they are bringing their goal into reality. If you don't go along, they will slap you with enforcement orders to make it impossible to do business unless you comply.

It seems that the centrally planned economy in the Soviet Union is the model that cryptocracy desires. The only difference now is that in the Soviet Union if you disagreed with an order from the central planners, you would be pushing up daisies. Here, so far, if you disagree, the central planners just make your life extremely difficult.

By the way, Kenneth Lewis is no pushover. So far he has countered every attack by the cryptocracy. When they tried to move Merrill Lynch wonder-boy John Thane into a position to replace Lewis, Lewis simply fired Thane. When the cryptocracy tried to use a congressional hearing to undermine Lewis, he adeptly turned the hearing against his accusers. 

All this Bank of America business may stem from the Merrill Lynch-Bank of America merger which the central planners strongly pushed. Evidently the planners had some specific ideas about what was to happen and Lewis had his own. A lot of bad blood occurred during the negotiations. Ever since the central planners have been trying to get their revenge.

Bank of America, in Today's News 06.11.09

Bank of America. Today's news reveals a little of the reason for the cryptocracy's drive to undermine Kenneth Lewis, BoA Chief Executive. (See previous commentary on this issue here.)

The WSJ today quotes a number of statements and emails that indicate the central planners (Federal Reserve Chairman Bernanke and then Treasurer Secretary Paulson) were near-apoplectic about Lewis' attempt to back out of the purchase of Merrill Lynch, which Bernanke, Paulson and others had pressured BoA to undertake.

Lewis is now finding out that it isn't wise to get cross-wise with the cryptocracy on one of their high priority projects. The cryptocracy doesn't forget and now Lewis will have to pay the consequences for his temerity.  

Citigroup & Bank of America, in Today's News 06.05.09

Citigroup and Bank of America.  Boy, it sure doesn't pay to get on the wrong side of the owners of the world's wealth-generating machine. They are relentless and without conscience. Ever since the beginning of the economic crisis, a campaign has been waged against Citigroup and its chief officer Vikran Pandit, and against Bank of American and its chief officer Kenneth Lewis. Today's news shows that the campaign is far from over.

(Why these two banks have been targeted remains murky. The cryptocracy is the CRYPTocracy because secrecy is its mode of operation and it never reveals its true aims to the public. Perhaps in these cases, one group of families is trying to make a grab for the banks by changing the executive structure to better reflect the families' interests. Who knows? In contrast Jamie Dimon, the chief officer of JP Morgan Chase & Co seems to be blessed and can do no wrong. He and his bank face no campaign to get them whatsoever.)

Citigroup. WSJ: "The Federal Desposit Insurance Corp. is pushing for a shake-up of Citigroup Inc.'s top management, imperiling Chief Executive Vikram Pandit, people familiar with the matter said." Moreover, Sheila Blair, Chair of the FDIC recently pressed a fellow regulator to the lower the government's confidential ranking of Citi's health. And moreover, "Federal officials have reached out to Jerry Grundhofer, the former U.S. Bancorp CEO who recently joined the Citigroup's board, to gauge his interest in the top [Citigroup] job..."  

Citigroup can't catch a break. The powers-that-be are still out to break Citigroup despite the bank's extensive efforts to shrink the bank and clean up any perceived problems. Citigroup even performed better than expected on the Federal Reserve's (read Rothschild's) 'stress test.'

One complication for Pandit is his wild battle with Blair over Citigroup's failed effort to buy Wachovia Corp. It took a while for Pandit to realize he can't win such a battle. He sought to smooth things over, but it looks like his gesture is too late.

Bank of America. "Bank of America Corp. Chief Risk Officer Amy Woods Brinkley and director Robert Tillman are leaving the bank amid a U.S.-mandated review, casting the spotlight once again on the government's role in decision making at the lender." Moreover, the House Committee on Oversight and Government Reform will hold a hearing, summoning CEO Lewis to testify. "People familiar with the [congressional] probe have said investigators are focusing on possible discrepancies between Mr. Lewis's public statements, his testimony to New York Attorney General Andrew Cuomo and what he told Bank of America's board." And moreover, "...federal regulators are pressuring [Bank of America] to improve its governance and management following a recent stress test showing a need for $33.9 billion in new equity as a buffer against future loses."

If Kenneth Lewis hasn't received the message yet that the cryptocracy is out for his scalp, he better learn fast.  It looks like the dogs of war have been called out to go after Lewis and the BoA.

If all these machinations remind anyone of the behavior in the Soviet Union's leading circles, their recollections are correct.  The Obama administration, carrying out the mandate of the cryptocracy, has taken giant steps to establish a government-run economy, very similar to Soviet Union.  Individual corporations, be it banks, auto companies, or insurance companies, are no longer free to govern themselves.  All major decisions now have to meet the approval of the government's central planners.  (In this regard the Obama administration today announced they are about to appoint a pay Czar, a "Special Master for Compensation.")

The American public, whether they know it or not, now finds itself in a totally new reality.  Soviet-style bureaucracy and central planning are now an established part of American life. 

in Today's News 05.15.09

1.  The New Government-Controlled Economy.  (WSJ)  "The Treasury Department will make federal bailout funds available to a number of U.S. life insurers...The Treasury is prepared to inject up to $22 billion into the insurers ..."

The administration and the media no longer even bother to crisis-monger. They simply declare a crisis, pass out the lucre, and assert their dominion over the crisis-ee.

The auto, banking, and insurance sectors are now firmly under government supervision and restraint.  Or, in other words, the cryptocracy is making sure that the American economy is closely managed by its direct representatives.  It no longer is willing to take the risk that these companies or industry might make mistakes on their own now and then.

All this shows, of course, that the system doesn't work.  When the cryptocracy is unwilling to let things flow naturally and when they have to hold it together through government edict, you may conclude that the system is in a fundamental crisis, and not the one the media talks about.

One wonders when Obama will announce his five-year plan.

2.  Bank of America.  See previous item on BoA here.  (WSJ) "Bank of America has been pressured by federal officials to revamp its board by bringing in directors with more banking experience."

The cryptocracy really has a thing about BoA.  First was the campaign to get Chief Executive Kenneth Lewis which was only partially successful.  Now comes the next phase:  trying to force BoA to change the board of directors to include "more banking experience" (read: individuals who are committed to the cryptocracy's interests.)

What the cryptocracy has against BoA and Kenneth Lewis is so far being kept secret.  But, observing the machinations is an instructive example of how the cryptocracy goes about achieving its goals.

3. Pope in Holy Land and Israel.  News reports indicate that the Pope has spoken about on all aspects of the situation in the mideast: condemning the wall between Israel and Palestine, attempting to please muslims and jews, calling for an end to terrorism, and supporting a two-state solution to the Israel-Palestine situation.

The one thing that he has not mentioned, and the failure renders all the other remarks meaningless, is the recently concluded blood-bath in Gaza by Israeli armed forces.  To anyone who examines what happened in Gaza it becomes clear that this aggression was one of the most egregious crimes of this century;  a crime where innocents were slaughtered, starved, and made homeless.

That the Pope of the Catholic Church cannot bring himself to condemn this outrage against some of the most down-trodden people in the world, tells a lot about the Pope's orientation.  Shoah Catholicism is alive and well.

Bank of America

One of the goals of those producing the current economic crisis has been to force the Bank of America to better toe the line set by the cryptocracy.  Part of this project has been to get rid of BoA chairman Kenneth Lewis.  Why the cryptocracy wants this is best known by them, but it is apparent that Lewis was not fully a member of the 'club'.  His maverick ways were upsetting to the central owners of the economy.  (Most recently, Lewis had the temerity to publicly attack Treasury Secretary and central economic planner Geithner.)

Lewis saw the drive to get him coming.  He took pre-emptive action by firing cryptocracy golden boy, John Thane, a former Goldman Sachs executive who came to BoA through the Merrill Lynch merger.  Lewis, no dummy, saw that Thane was being primed to replace him as the chief officer of BoA.  So, Lewis dumped him before momentum could start building.

The firing set the central planners back a bit.  It took them a little time to regroup. This week we are seeing a renewal of the campaign to get Lewis.  First, Thane had a highly featured interview with the Wall Street Journal where he called Lewis a liar.  Next, today, an effort is being mounted at the BoA stockholders meeting to force Lewis out as Chairman of BoA.  The effort will probably fall short, but Lewis can't help but see the handwriting on the wall.

What the cryptocracy wants is pretty clear in today's WSJ.  A commentary by one Peter Eavis today spells it out:  "Mr. Lewis's star rose during a long era of consolidation and excess in banking.  Now BoA needs an operator who can successfully and profitably run a giant financial firm in a more sober, regulated environment."

In other words, 'we now have a government-run banking industry and you ain't the one we want in this key position.'

If anyone doubts that cryptocracy pays very close attention to its domain, think again.