Mish’s Global Economic Trend Analysis: Let the Criminal Indictments Begin: Paulson, Bernanke, Lewis.
Mish gets on the indictments bandwagon. His point however is not about forcing non-disclosure of material information to shareholders, but about forcing the merger with Merrill to go through under threat of removing the CEO and Board. Since when does the Treasury Secretary have the power to fire a CEO and entire Board of Directors?
In an interview with this Office, Secretary Paulson largely corroborated Lewis’s account. On the issue of terminating management and the Board, Secretary Paulson indicated that he told Lewis that if Bank of America were to back out of the Merrill Lynch deal, the government either could or would remove the Board and management.
If Obama wants to prosecute former Bush officials to satisfy his base, Paulson would be a good place to start.
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