Quantcast
Connect with us

Has Bank of America declared Obama administration outlaws?

Published

on

Bank of America, the nation’s largest bank and the recipient of $45 billion of taxpayers’ money through the TARP bailout, has suggested that the Obama administration are outlaws.

“Since when does law apply to this administration?” asked BofA spokesman Bob Stickler, as quoted by CNN.

ADVERTISEMENT

Stickler was discussing the issue of pay for the bank’s outgoing CEO, Ken Lewis. As the Wall Street Journal reported, Lewis, who announced his retirement from the bank last month, has agreed not to take any compensation for his work as CEO this year on the urging of President Barack Obama’s new “pay czar,” Kenneth Feinberg.

Though Feinberg reportedly pressured Lewis not to take any compensation for 2009, Lewis will still walk away with a total of $69 million in compensation, because that was negotiated before the position of pay czar was created, so Feinberg has no jurisdiction over those payments.

But, in the CNN report, the BofA expressed doubt as to whether the Obama administration would allow Lewis’ $69-million golden handshake to stand. “Since when does law apply to this administration?” Stickler asked, musing about the possibility Lewis would lose his compensation package.

“This accusation should not go unanswered, especially when it comes from a taxpayer-bailed-out bank,” opines blogger Teddy Partridge at FireDogLake. “Will House Financial Services Committee chairman Barney Frank call Mr. Stickler up to Capitol Hill to ask him exactly what laws he thinks the Obama Administration has violated?”

ADVERTISEMENT

Bank of America has been the target of consumer outrage over the past year, as it collected $45 billion in taxpayers’ money, on top of more than $100 billion in loan guarantees it secured from the government.

In January of this year, consumer’s rights advocates were dismayed to discover that BofA had used some 75 percent of a $20-billion bailout installment to pay bonuses to executives at Merrill Lynch, the brokerage BofA purchased in 2008.

ADVERTISEMENT

Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and legal efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. And unlike other news outlets, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from billionaires and corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you. Click to donate by check.

Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



Report typos and corrections to: [email protected]. Send news tips to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Facebook

Trump has been ‘insulated’ by his wealth to never have to learn from his mistakes: biographer

Published

on

President Donald Trump's inherited wealth has meant he's never had to learn from his mistakes, Trump biographer Tim O'Brien told MSNBC's Brian Williams on Thursday.

"Bloomberg Opinion writer and our next guest Tim O’Brien writes today, 'Yes, of course, you need a certain kind of appalling narcissism to be comfy promoting yourself as heaven-sent in a televised press briefing and as a deity on Twitter. It’s doubly unhinged when you’re doing this as president,'" Williams said. "He goes on 'The Trump of the past few weeks is the same disordered figure of the past several decades with, I suspect, a big dollop of something new blended in: unbridled and unmanageable panic.'"

Continue Reading

Facebook

‘Both Putin and Xi will be voting Trump in 2020’: NYT columnist says Russia and China want ‘turmoil and chaos’

Published

on

The Russian Federation and the People's Republic of China are both rooting for President Donald Trump to win re-election in 2020, a New York Times columnist argued on MSNBC on Thursday.

Thomas Friedman was interviewed by Lawrence O'Donnell on "The Last Word."

"What do we know about how the leaders of other countries see Donald Trump at this stage in their dealings with him?" O'Donnell asked. "Especially this weekend, when it comes at the end of a week in which they’ve heard him call himself the King of Israel, they have heard him say he is The Chosen One. They have heard all the crazy things that everyone here has heard the president say."

Continue Reading
 

Facebook

Trump is ‘not a stable genius’: GOP strategist says the president ‘doesn’t remember who and where he is’

Published

on

President Donald Trump's mental fitness is lacking, a top Republican strategist explained on "The Last Word" with Lawrence O'Donnell.

Rick Wilson, the author of the 2018 bestselling book Everything Trump Touches Dies: A Republican Strategist Gets Real About the Worst President Ever, blasted the commander-in-chief.

"Rick Wilson, your assessment of where the president stands as he heads off to the G7 summit?" O'Donnell asked.

"I think Donald Trump has had a week in which he is proving that this isn’t 87-dimensional chess game, this isn't some masterful strategy of communications or persuasion," Wilson replied. "This is an old man who is sick and who has problems and who has mental disconnects and who has aphasias and who has moments where he doesn’t remember who and where he is."

Continue Reading
 
 

Thank you for whitelisting Raw Story!

As a special thank you, from now until August 31st, we're offering you a discounted rate of $5.99/month to subscribe and get ad-free access. We're honored to have you as a reader. Thank you. :) —Elias, Membership Coordinator
LEARN MORE
close-link
close-image