Paulson's deception

Lewis Testifies U.S. Urged Silence on Deal:

Bank of America Chief Says Bernanke, Paulson Barred Disclosure

of Merrill Woes Because of Fears for Financial System

(4/23/09) http://online.wsj.com/article/SB124045610029046349.html

Paulson hasn't the authority to instruct anyone to commit securities fraud. No one does. Geithner lied on his taxes, like half his fellow nominees, and now we learn Paulson strong-armed fraud & deception at BofA regarding Merrill. Markets were already skeptical about the federales forthcoming(?) bank stress-test results. You can imagine what they'll believe now.

We'll need to replace the entire regulatory edifice to expunge all the moral hazards created since 1984's Continental Illinois fiasco. But we're more likely to end up with something even worse.

JRB

4/23/09