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Friday, February 06, 2009

US Government is Illegitimate

because, like King John, it considers itself above the law. Time for a new Magna Carta:
http://online.wsj.com/article/SB123379687205650255.html?mod=testMod
Quoting from the above linked article:
"Messrs. Paulson and Bernanke forcefully urged Mr. Lewis not to walk away, praising the bank's earlier cooperation -- but warning that abandoning the deal would be a death sentence for Merrill. They said the move also could undercut confidence in Bank of America, both in the markets and among government officials. Despite the blunt talk, Bank of America executives interpreted the comments as a signal that the government was willing to work out a compromise.

Two days later, in a follow-up conference call, federal officials struck a harder tone. Mr. Bernanke said Bank of America had no justification for ditching Merrill, according to people who heard the remarks. A Federal Reserve official warned that if Mr. Lewis did so and needed more government money down the road, Bank of America could expect regulators to think hard about their confidence in management. Mr. Lewis was told that the government would consider ousting executives and directors, people close to the bank say."

"A month later, Mr. Lewis was at the Treasury Department along with eight other chief executives of large U.S. financial institutions, summoned there by Mr. Paulson. The Treasury secretary wanted the executives to accept a round of government capital totaling $125 billion as a way of shoring up confidence in the banking system.

Mr. Paulson explained that saying no wasn't an option, according to a person who attended the meeting."


Now, I have as little sympathy for Ken Lewis, chair of Bank of America, as anybody. He's guilty as sin for participating in the perversion of our capitalist system into a horrifying growth on the face of the federal government. But blackmail? And if the Wall Street Journal can print it, why isn't anybody important indicted yet?

Former Treas. Sec. Paulson should be well on his way to jail right now (current Treas. Sec. Geithner should probably follow him post haste). But he's not. Can anyone refer me to ANYONE in government who has even called for his indictment? Until Paulson and Bernanke are in jail on numerous counts, this government remains an illegitimate usurper of the people's authority.

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