Deep Politics Forum

Sacraficial lambs? Limited hang out? Or the first of many?


Bank Of America (And Its Executives) To Be Tried By Jury



Submitted by Tyler Durden on 10/07/2009 20:01 -0500



In an ominous, one sentence disclosure just filed in Southern District Court of New York, the SEC has advised that it will demand a trial by jury for "all issues so triable." It appears the common man will finally have his say. Woe to ex-CEO Ken Lewis.

http://www.zerohedge.com/article/bank-am...tried-jury

Magda Hassan Wrote:Sacraficial lambs? Limited hang out? Or the first of many?


Bank Of America (And Its Executives) To Be Tried By Jury



Submitted by Tyler Durden on 10/07/2009 20:01 -0500



In an ominous, one sentence disclosure just filed in Southern District Court of New York, the SEC has advised that it will demand a trial by jury for "all issues so triable." It appears the common man will finally have his say. Woe to ex-CEO Ken Lewis.

http://www.zerohedge.com/article/bank-am...tried-jury

Just sounds too good to be true.....I think there must be a Catch-22 in this somewhere.....cynical me. :bebored: AIG and Goldman-with-the-stacks need to be tried - along with all their fellows and protectors......that'll be the day...

Fingers crossed! It's the sort of thing that is needed (the first of many) if any public regard is ever to return to the financial markets.

Here's wishing...

Cynic that I am, I assume it means that the relevant BoA execs are dispensable and don't dare spill the beans.

Enron's Kenneth Lay thought he was a made man, a Bush Family insider. Jed had phoned Argentina's President to tell him to sell the country's national grid to Enron - in the interests of market liberalization, ya know. Dubya knew Lay as "Kenny boy".

When Enron blew, Lay was arrested and handcuffed on camera, for primetime viewing, and then Kenny Boy had a very timely heart attack.

Whatever, I doubt Lay had the cojones to tell the truth.....

I don't think Kenny Boy is really dead......Yeah,I'm way cynical too.

:captain:

Keith Millea Wrote:I don't think Kenny Boy is really dead......Yeah,I'm way cynical too.

:captain:

I don't either. I think he's livin' la dolce morte somewhere in South America.

I am cynical enough to think that certain scapegoats are given
new lives in foreign countries to keep otherwise facts hidden.

The trial and execution of McVeigh seemed peculiar to me.

Others are just paid blackmail, like the Zapruder family. Some
people have made provisions to keep themselves safe...like
blackmail material stashed with attorneys.

Jack

Bear Stearns ex-managers on trial

http://news.bbc.co.uk/1/hi/business/8304236.stm

Quote:Two former managers at investment bank Bear Stearns are appearing in court in New York facing fraud charges.



Ralph Cioffi and Matthew Tannin, who managed two failed hedge funds that collapsed in June 2007, could be jailed for 20 years if convicted.

They deny allegations that they knew of the funds' problems but did not inform investors, who lost $1.4bn (£709m).

They are among the first financial executives to face charges since the global financial crisis began.

The hedge funds bet on the high-risk sub-prime mortgage market in the US before they collapsed.

Their closure was one of the first signs of the problems in the sub-prime market, which triggered a massive loss of confidence in financial markets.

Both men deny charges of fraud and conspiracy, while Mr Cioffi has denied an additional charge of insider trading.

Proceedings in Brooklyn federal court have begun with the selection of the jury getting under way. Opening arguments are expected later in the week.

Sub-prime 'worry'

The BBC's Michelle Fleury in New York says prosecutors intend to use the two men's own words against them, thanks to e-mails obtained by investigators and quoted in the indictment.

These include an e-mail that Mr Cioffi sent to Mr Tannin in March 2007 in which he states: "The worry for me is that sub-prime losses will be far worse than anything people have modelled."

According to the papers, the two men subsequently told senior Bear Stearns personnel that the funds were "in good shape and would continue to be successful".

Sub-prime mortgages, which are loans issued to people with a poor credit history, were repackaged as securities and sold across the globe.

The collapse of these hedge funds preceded Bear Stearns' own demise in 2008.

It was later bought by JP Morgan, with the backing of the US Federal Reserve.

Bear Stearns was one of the most high-profile victims of the credit crunch, which was triggered by bank losses linked to the US housing market.

Keith Millea Wrote:I don't think Kenny Boy is really dead......Yeah,I'm way cynical too.

:captain:

Interesting you should mention that.....I used to live in Aspen and knew his home in Snowmass. Isolated in a small community. Would be VERY easy to fake his death, fly him out via local airport in private plane and disappear to some S. Sea Island et al. No autopsy. No officials saw the body. Private service...etc. Probably has a new identity with which to spend others money.