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 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.