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Taibbi writes: "In this long-awaited interrogation...Moynihan does a full Star Trek special, boldly going where no deponent has ever gone before."

Matt Taibbi. (photo: Current TV)
Matt Taibbi. (photo: Current TV)


B of A CEO Apparently Can't Remember Anything

By Matt Taibbi, Rolling Stone

28 November 12

 

hank God for Bank of America CEO Brian Moynihan. If you're a court junkie, or have the misfortune (as some of us poor reporters do) of being forced professionally to spend a lot of time reading legal documents, the just-released Moynihan deposition in MBIA v. Bank of America, Countrywide, and a Buttload of Other Shameless Mortgage Fraudsters will go down as one of the great Nixonian-stonewalling efforts ever, and one of the more entertaining reads of the year.

In this long-awaited interrogation - Bank of America has been fighting to keep Moynihan from being deposed in this case for some time - Moynihan does a full Star Trek special, boldly going where no deponent has ever gone before, breaking out the "I don't recall" line more often and perhaps more ridiculously than was previously thought possible. Moynihan seems to remember his own name, and perhaps his current job title, but beyond that, he'll have to get back to you.

The MBIA v. Bank of America case is one of the bigger and weightier lawsuits hovering over the financial world. Prior to the crash, MBIA was, along with a company called Ambac, one of the two largest and most reputable names in what's called the "monoline" insurance business.

The monolines sell a kind of investment insurance - if you invest in a municipal bond or in mortgage-backed securities backed or "wrapped" by a monoline, you have backing in case the investment goes south. If a municipality defaults on its bond payments, or homeowners in a mortgage-backed security default on their mortgage payments, the investors in those instruments can collect from the monoline insurer.

When companies like Countrywide issued their giant piles of crappy subprime mortgages and then chopped them up and turned them into AAA-rated securities to sell to suckers around the world, they often had these mortgage-backed securities insured by companies like MBIA or Ambac, to make their customers feel doubly safe about investing in their product.

The pitch firms like Countrywide made went like this: not only are these mortgages triple-A rated by reputable ratings agencies like Moody's, they're fully insured by similarly reputable insurance companies like MBIA. You can't lose!

With protection like that, why shouldn't your state pension fund or foreign trade union buy billions' worth of these mortgage-backed products? It's not like it would ever turn out that Countrywide made those products by trolling the cities of America stuffing mortgages in the pockets of anything with a pulse.

After 2007-8, when all of those mortgage-backed securities started blowing up, suddenly all of those insurance companies started having to pay out billions in claims. Ambac went bankrupt and MBIA was downgraded from AAA to near-junk status. The entire monoline industry was shattered.

The analogy one could make is that Countrywide sold a million flood-insured houses in New Orleans and Biloxi even though they could already see Katrina gathering in the Caribbean. Then, after the storm, the insurers decided to sue.

MBIA sued Bank of America (which acquired Countrywide in 2008), claiming that Countrywide lied to MBIA about its supposedly strict underwriting standards, when in fact the firm was cranking out mortgages hand over fist, without doing any real due diligence at all. (Whether the monolines should have known better, or its agents perhaps did know better and sold the mountains of insurance anyway, is another matter). In its suit, MBIA claimed that Countrywide turned itself into a veritable machine of mortgage approvals:

Countrywide Home Loans' senior management imposed intense pressure on underwriters to approve mortgage loans, in some instances requiring underwriters to process 60 to 70 mortgage loan applications in a single day and to justify any rejections...

As a result of all of this, MBIA got stuck insuring a Himalayan mountain range of dicey mortgages. When the securities those mortgages backed started to fail, MBIA ended up paying out $2.2 billion in claims, helping crack the hull of the formerly staid, solid, AAA-rated firm.

Suits like this have the whole financial world on edge. The possibility that the banks might still have to pay gigantic claims to companies like MBIA (among a wide range of other claimants) has left Wall Street in a state of uncertainty about the future of some of the better-known, Too-Big-To-Fail companies, whose already-strained balance sheets might eventually be rocked by massive litigation payouts.

In the case of Bank of America, MBIA has long wanted to depose Moynihan because it was precisely Moynihan who went public with comments about how B of A was going to make good on the errors made by its bad-seed acquisition, Countrywide. "At the end of the day, we'll pay for the things Countrywide did," was one such comment Moynihan made, in November of 2010.

As it turns out, Moynihan was deposed last May 2. But the deposition was only made public this week, when it was filed as an exhibit in a motion for summary judgment. In the deposition, attorney Peter Calamari of Quinn Emmanuel, representing MBIA, attempts to ask Moynihan a series of questions about what exactly Bank of America knew about Countrywide's operations at various points in time.

Early on, he asks Moynihan if he remembers the B of A audit committee discussing Countrywide. Moynihan says he "doesn't recall any specific discussion of it."

He's asked again: In the broadest conceivable sense, do you recall ever attending an audit committee meeting where the word Countrywide or any aspect of the Countrywide transaction was ever discussed? Moynihan: I don't recall.

Calamari counters: It's a multi-billion dollar acquisition, was it not?

Moynihan: Yes, it was. Well, isn't that the kind of thing you would talk about?

Moynihan: not necessarily . . .

This goes on and on for a while, with the Bank of America CEO continually insisting he doesn't remember ever talking about Countrywide at these meetings, that you'd have to "get the minutes." Incredulous, Calamari, a little sarcastically, finally asks Moynihan if he would say he has a good memory.

"I would - I could remember things, yes," Moynihan deadpans. "I have a good memory."

Calamari presses on, eventually asking him about the state of Countrywide when Moynihan became the CEO, leading to the following remarkable exchange, in which the CEO of one of the biggest companies in the world claims not to know anything about the most significant acquisition in the bank's history (emphasis mine):

Q: By January 1st, 2010, when you became the CEO of Bank Of America, CFC - and I'm using the initials CFC, Countrywide Financial Corporation - itself was no longer engaged in any revenue-producing activities; is that right?

Moynihan: I wouldn't be the best person to ask about that because I don't know.

There are no sound effects in the transcript, but you can almost hear an audible gasp at this response. Calamari presses Moynihan on his answer.

"Sir," he says, "you were CEO of Bank Of America in January, 2010, but you don't know what Countrywide Financial Corporation was doing at that time?"

In an impressive display of balls, Moynihan essentially replies that Bank of America is a big company, and it's unrealistic to ask the CEO to know about all of its parts, even the ones that are multi-billion-dollar suckholes about which the firm has been engaged in nearly constant litigation from the moment it acquired the company.

"We have several thousand legal entities," is how Moynihan puts it. "Exactly what subsidiary took place [sic] is not what you do as the CEO. That is [sic] other people's jobs to make sure."

The exasperated MBIA lawyer tries again: If it's true that Moynihan somehow managed to not know anything about the bank's most important and most problematic subsidiary when he became CEO, well, did he ever make an effort to correct that ignorance? "Do you ever come to learn what CFC was doing?" is how the question is posed.

"I'm not sure that I recall exactly what CFC was doing versus other parts," Moynihan sagely concludes.

The deposition rolls on like this for 223 agonizing pages. The entire time, the Bank of America CEO presents himself as a Being There-esque cipher who was placed in charge of a Too-Big-To-Fail global banking giant by some kind of historical accident beyond his control, and appears to know little to nothing at all about the business he is running.

In the end, Moynihan even doubles back on his "we'll pay for the things Countrywide did" quote. Asked if he said that to a Bloomberg reporter, Moynihan says he doesn't remember that either, though he guesses the reporter got it right.

Well, he's asked, assuming he did say it, does the quote accurately reflect Moynihan's opinion?

"It is what it is," Moynihan says philosophically.

There's nothing surprising about any of this - it's natural that a Bank of America executive would do everything he could to deny responsibility for Countrywide's messes. But that doesn't mean it's not funny. By about the thirtieth "I don't recall," I was laughing out loud.

It's also more than a little infuriating. In the pre-crash years, Countrywide was the biggest, loudest, most obvious fraud in a marketplace full of them, and the legion of complainants who've since sued (ranging from the U.S. government to Norway's Sovereign Wealth Fund to state pension funds in Iowa and Oregon, among others) have found it painstaking work trying to get Bank of America to do the right thing and pay back the money its subsidiary took in its various ripoffs. And with executives boasting such poor memories, this story is going to drag on and on even longer.


 

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+135 # Vermont Grandma 2012-11-28 14:40
Why is Brian Moynihan not in jail along with other Countrywide executives? If not that, what can possibly the thinking of the BofA board in keeping on a CEO who is so obviously completely out of touch with the company's potential liabilities? On another topic, I wouldn't be surprised to find out that Brian Moynihan, like Carly Fiorino, thinks that union members' pensions are too big, but not that his own is.
 
 
+64 # fdawei 2012-11-28 22:14
Yes, Vermont, completely agree. He should be forced to do the perp walk in front of all his tight-lipped thieving colleagues and paraded in front of all the TV networks in America with the event broadcast live to the world.

He seems a ripe candidate for the drug companies to conduct testing for a "lost memory" syndrome or ailment or affliction.

Or perhaps for enhanced interrogation at Gitmo.
 
 
+11 # mdhome 2012-11-29 11:54
I like the last line of your post, fdawei
 
 
+55 # Trueblue Democrat 2012-11-29 04:56
Why is Brian Moynihan not in jail along with other Countrywide executives?

That's easy: he's rich.

Haven't you read Glenn Greenwald's With Liberty and Justice for Some?

Or to put it another way - it's far easier for a rich man to enter the kingdom of kleptocracy than to enter a U S prison.
 
 
+18 # mdhome 2012-11-29 11:54
Just what the HELL does the CEO do? Apparently in the case of the CEO of BOA - NOTHING. I find it hard to find any reason he receives a paycheck of any amount!! Can anyone justifying why he does not go to jail for fraud, if for no other reason that he was getting paid for doing nothing!
 
 
+1 # AndreM5 2012-12-03 20:25
"If not that, what can possibly the thinking of the BofA board in keeping on a CEO who is so obviously completely out of touch with the company's potential liabilities?"

My Gosh, Moynihan is NOT out of touch at all and he was hired and retained by the Board PRECISELY because he will lie with impunity.
 
 
+148 # river turtle 2012-11-28 17:30
Matt, I treasure your reporting. Keep it up. True news is hard to find these days. Thanks ever so much.
 
 
+13 # fdawei 2012-11-28 22:14
Yes, Vermont, completely agree. He should be forced to do the perp walk in front of all his tight-lipped thieving colleagues and paraded in front of all the TV networks in America with the event broadcast live to the world.

He seems a ripe candidate for the drug companies to conduct testing for a "lost memory" syndrome or ailment or affliction.

Or perhaps for enhanced interrogation at Gitmo.
 
 
+29 # fdawei 2012-11-28 22:16
Yes, river turtle, Matt is the one leading light in journaliswm to go to for accurate, clear, logical and spot-on reporting with all facts easy to support, without exception.
 
 
+13 # bingers 2012-11-29 08:14
Quoting fdawei:
Yes, river turtle, Matt is the one leading light in journaliswm to go to for accurate, clear, logical and spot-on reporting with all facts easy to support, without exception.


Don't forget Greg Palast.
 
 
+29 # sdraymond 2012-11-28 21:14
This sounds a lot like Reagan answering questions about Iran/Contra. But then, he had alzheimers. Maybe Moynihan has the same problem.
 
 
+2 # giraffee2012 2012-12-01 11:39
Quoting sdraymond:
This sounds a lot like Reagan answering questions about Iran/Contra. But then, he had alzheimers. Maybe Moynihan has the same problem.


When I rob a bank - oh wait, they have cameras - and get caught - "I can't remember" should get me off, right?

Polygraphs would make me out a liar but too big to jail must have immunity to any source of "finding truth" for those who are 'TOO BIG TO JAIL'
 
 
+19 # Secular Humanist 2012-11-28 21:58
Great article, as always. But there's one problem with the Katrina analogy: Countrywide would not only have seen the storm gathering, but would have knowingly been largely responsible for its formation -but have been keeping the storm and its participation therein a secret.
 
 
+44 # Secular Humanist 2012-11-28 22:10
I wish the deposing attorney had asked, at some point, "Since you appear to not asked or have been informed about the largest and most controversial components of the BOA empire, can you tell me just what is you did do or know about in exchange for the multimillion dollar salary you received? And can you tell me just who in the company would be the person who would know the actual answers to the questions I've asked? If not, can you tell me just who would be able to identify those persons?
 
 
+6 # mdhome 2012-11-29 11:58
RFBeltran, That is a good question and one I find how is it they don't hire some homeless person off the street to not remember anything for them, could save a lot of money for BOA.
 
 
+25 # AReber 2012-11-28 23:11
And how much does this man get paid a year to not know anything about the company he runs?
 
 
+24 # Rascalndear 2012-11-28 23:17
Maybe Moynihan has had a brain replacement since he came in. Obviously stonewalling is the new technique for taking no responsibility. What's more, I bet he will get a nice golden parachute for this Oscar-quality performance.
 
 
+21 # grouchy 2012-11-28 23:20
Since these corporate crooks essentially own us, just guess how this will come out! For example, just what percent of the damage of the Gulf oil spill will eventually be paid by the jerks responsible? I'm not betting very much after their lawyers work out their deals with our government (which is largely owned by them).
 
 
+2 # Vern Radul 2012-11-28 23:20
Brian Moynihan Replaces Jamie Dimon As Obama’s Favorite Banker

New York Magazine, May 13, 2010
http://nymag.com/daily/intel/2010/05/brian_moynihan_replaces_jamie.html
..................................
Less than a month into his tenure as CEO, Moynihan attended a dinner at the Treasury with Geithner and other administration officials and the heads of several banks, including Bank of New York Mellon Corp., US Bancorp and BB&T Corp. Throughout the Jan. 20 dinner, some executives criticized what they described as the administration’ s populist tone toward Wall Street, an attendee says.

Moynihan was more attuned to the public anger toward his industry and called on the group to help restore trust in banks, the attendee says.
...................................
 
 
+4 # mdhome 2012-11-29 12:00
This is what I have found to be the most distressing about Obama and I voted for him, because the alternative was truly much more frightening.
 
 
-4 # Vern Radul 2012-11-30 08:43
Well, a lot of people are mindreaders apparently, and think they know what romney "would" do. Most of them also conveniently have vision problems and can't see what obama IS doing.

They had a choice. Between voting for good, or voting for evil.

If they voted for romney or for obama they chose evil. And they won. They got what you voted for. Deal with it.

They won not having to spend 4 years pretending all over again to be opposed to imperial wars, murder of innocent kids around the world with hellfire missiles, global US Govt. state sponsored terrorism, huge handouts being shoveled out the Treasuries door for insurance CEO's and wall street, corporate ownership of a puppet in the oval office, torture of American prisoners in American prisons, etc., etc., and all the other bullsh*t obama has been getting away with so effortlessly that neither Romney nor any other republican would ever have a hope in hell of putting over on people without every democrat screaming for impeachment for 4 years, while the country continues it's ever more rapid slide over the edge.

And he won't have to listen to it while he forges a grand bargain to give Wall Street control of Social Security so they can get rich bankrupting it with fees till it's time for them to organize another "crash' so Obama can bail them out again. With guess whose money...

More people now have more hope for more real change they can believe in than ever before.
 
 
+31 # photodeb 2012-11-28 23:29
Matt, I seem to recall that Wiki leaks was about to release some damming information about Bank of America right before Julian Assange was arrested or detained. That seems very suspicious. The supposed information never came out. With your great investigative skills maybe you can find out what that was all about. I think B of A was on the verge of collapse and may still be teetering.
 
 
+22 # bluebluesdancer 2012-11-28 23:45
Seems to me he just admitted that he was incompetent... so perhaps he should return the money that he 'earned' during the time that he was CEO...?
 
 
+22 # forthepeople 2012-11-28 23:47
I am actually surprised that Matt TAIBBI IS SURPRISED by ANYTHING Moynihan or any other of this Banksters Peers said in defense of their Criminal Enterprises and Conspiracies. The shock is, or ought to be, that none have been hauled in by ANY OF THE POLICING AGENCIES CHARGED WITH PROTECTING THE PUBLIC. CLEARLY THERE IS NO EQUALITY OF JUSTICE IN THESE UNITED STATES.
 
 
+8 # mdhome 2012-11-29 12:03
My hope is that Elizabeth Warren will put a lot of pressure on these crooks. I am not sure how much she can do, but getting as many as we can in there to bring these guys down is a good thing. She has Bernie Sanders on her side, anyone else?
 
 
+22 # wwway 2012-11-28 23:48
Matt, you are a stellar investigative reporter. A rare gem in a society that demands and thrives on sleze rather than real information.
If Moynihan's memory is that bad why is he a CEO? He can't crunch numbers either. His example says a lot about corporate values doesn't it? There's a lot of money to be made creating financial schemes to rip off customers, investors and skimming off employee pensions and benefits then have no recollection how you did it.
I really want to see these guys in jail but I don't think our leaders have the will or the inclination. That means another disaster awaits us in another 10 years, I predict.
 
 
+19 # Pancho 2012-11-29 00:06
I find it hard to believe that Moynihan broke Attorney General Alberto Gonzales' "I can't recall" repeated the most times in a single session of questioning. Gonzales tried to pull a John Gotti, pretending he had Alzheimer's. I'm surprised he didn't show up for the Senate hearing in a bathrobe.
 
 
+7 # Dave45 2012-11-29 00:20
The potentially tragic flip-side of Mr. Taibbi's portrayal is the unnerving possibility that this cipher of the world of industry was unwittingly telling the truth while yet being totally unaware that he was thereby admitting to a level of rank incompetence that, though beyond the reach of our usual capacities of imagination, seems to be all too integral a part of the "too big to fail" default philosophy of Corporate America and their shills in the Obama administration.
 
 
+16 # James Klimaski 2012-11-29 01:49
And how much are they paying this guy? I would have asked him what he does to justify his salary and bonuses.
 
 
+4 # mdhome 2012-11-29 12:06
It seems that repeating "I don't know" is what he gets paid for.
 
 
+16 # DIAMONDMARGE 2012-11-29 02:26
And WHEN -if-ever- is it appropriate that a judge offer HIS comment of "You are in contempt of court"?
 
 
+4 # bingers 2012-11-29 08:18
Quoting DIAMONDMARGE:
And WHEN -if-ever- is it appropriate that a judge offer HIS comment of "You are in contempt of court"?


Always.
 
 
+7 # Vermont Grandma 2012-11-29 10:53
Well, clarify a little, depositions are conducted with the attorneys for the parties and the witness and a court reporter. Unless things get REALLY heated, there is virtually never a judge at a deposition (such as Matt Taibi has written about).

On the issue of a judge ruling on his own that someone is in contempt of court, if the contemptuous conduct has occurred in the judge's presence, he can rule someone in contempt of court right off. I've thought that this would be an appropriate way to go after attorneys and banking institutions which file fraudulent foreclosures with the courts. It wouldn't take too many instance of the presiding judges finding that the attorneys and their banker clients are in contempt of court, with, perhaps, a bit of jail time for the lawyers and those who signed the fraudulent documents to see a lot of cleanup going on. (And in the instance of those who signed the fraudulent docs, it would likely require a separate contempt proceeding than an immediate ruling from the bench, but could still be doable and efficacious.
 
 
+3 # dovelane1 2012-12-01 04:50
As long as there are no immediate and monetary consequences to their actions, why should these bankers change?

If lying is all Moynihan has to do to avoid such consequences, why should he change? He's just doing what he's learned to do, which is to keep making money off the misery of others.

He's shown himself to be a coward. Perhaps that is the point that needs to be hammered home on a regular basis, that he is weak and immoral, and how much of a coward he is given his refusal to be responsible for the consequences of his decisions.

Here in the middle class, we are expected to be responsible for the consequences of our decisions. "The buck stops here" should be the standard for these shysters as much as it is for the president.

But they are too weak and cowardly to accept responsibility. And then there is the fact of how much money is at stake for him to accept responsibility.

Yeah, Moynihan, it probably is the money, you greedy, immoral coward.
 
 
+28 # tpmco 2012-11-29 03:41
This article brings up a memory of mine from 1972. I was visiting in Washington, D.C., and attended a hearing regarding the appointment of Richard Kleindeist to be Attorney General being held at the U.S Senate. An executive of International Telephone and Telegraph, Ned Garrity, was the witness, and Sen. Ted Kennedy was the questioner. Mr. Garrity uttered the phrase "I don't recall" so many times, I was literally startled.

The time frame was a couple months before the Watergate Break-In hit the news. Nobody knew anything at the time.

Things haven't changed much over the years. This is what these people do. And our judicial system is so rigged that it can't ever get to the bottom of it.

Keep on this story, Mr. Taibbi, and I hope you get an army to help you, because these bankers will walk without you. And watch your back.
 
 
+19 # skipb48 2012-11-29 04:34
This whole thing might be funny if so many peoples money wasn't at stake. The whole bunch of them should be in jail. Where is this administration' s Justice Department now?
 
 
+19 # RLF 2012-11-29 04:51
So...Let me get this straight...thes e insurance companies didn't pay attention because they were pulling in insurance fees like mad and this insurance allowed countrywide to sell their crap to investors. The insurance probably knew all along that they would just shut their doors when the bubble burst and sue. Time for the investors who bought the crap to counter sue the insurers right when they win...pensions get back a little!
 
 
+25 # walt 2012-11-29 05:06
What an outrage! Thousands of victims of the mortgage frauds lost homes and yet the likes of these people can behave like this when on trial.

"Bad for America" was an appropriate alternative name for the BOA! They deserve to be prosecuted!
 
 
+14 # wrknight 2012-11-29 05:43
My guess is that BofA doesn't have enough money to pay for all the damage done by Countrywide and Moynihan is scared shitless. It's a wonder he didn't plead the 5th.
 
 
+2 # mdhome 2012-11-29 12:08
Quoting wrknight:
My guess is that BofA doesn't have enough money to pay for all the damage done by Countrywide and Moynihan is scared shitless. It's a wonder he didn't plead the 5th.

It was about the same thing.
 
 
+17 # abstract668 2012-11-29 07:09
Can someone post Moynihan's compensation package here? And perhaps the compensation of a teller or a branch manager for comparison?
 
 
+13 # Mannstein 2012-11-29 07:34
These criminals feel entitled and everyone else they feel is a leech.
 
 
+14 # Philothustra 2012-11-29 08:19
But Countrywide and Merrill Lynch were foisted off on BofA in that big meeting with Paulson et al at the depth of the financial crisis. BofA was told by the Bush financial gurus that after Lehmann and Bear Stearns, the two or three banks left standing would have to absorb
the hit from countrywide and other mortgage scams. Moynihan is now being asked to rat on the very biggest banksters of them all, and is
too scared to do so. Why ask why?
 
 
+10 # mjc 2012-11-29 08:42
Apparently the much too big to fail corporations, banks especially, are a guarantee that "no CEO can be expected to know everything about the organization (paraphrasing). And these turkeys want their tax rate and the corporate tax rate to go down??? If that happens, there will be no doubt who is exactly in charge of our nation. Like the rest of the CEOs, Moynihan is a criminal and should be fined and treated as such.
 
 
+5 # mdhome 2012-11-29 12:10
MayQuoting mjc:
Apparently the much too big to fail corporations, banks especially, are a guarantee that "no CEO can be expected to know everything about the organization (paraphrasing). And these turkeys want their tax rate and the corporate tax rate to go down??? If that happens, there will be no doubt who is exactly in charge of our nation. Like the rest of the CEOs, Moynihan is a criminal and should be fined and treated as such.

be i t is time we ask to have the guillotine be used , like they did in the french revolution.
 
 
+13 # oakes721 2012-11-29 09:14
Any judge worth his gavel would reprimand this man to jail for any number of charges: for such a memorable performance displaying contempt of court, perjury, etc. There, he might have time to recall how many lives he continues to hurt.
 
 
+15 # moby doug 2012-11-29 09:14
As bad as Moynihan is, far worse was his predecessor Ken Lewis, who acquired Countrywide for $4 billion (it may end up costing Bank of America ten times that much) in 2008. Lewis also made the disastrous acquisition of Merrill Lynch for $50 billion. The Countrywide acquisition has been called the worst financial transaction in the history of American banking. Nonetheless, Lewis walked away with $300 million plus in loot when he resigned in disgrace from BofA in Dec 2009. Apparently all American financial sector CEO's are sociopaths....a nd worse. And none are EVER punished.
 
 
+2 # mdhome 2012-11-29 12:11
Quoting moby doug:
As bad as Moynihan is, far worse was his predecessor Ken Lewis, who acquired Countrywide for $4 billion (it may end up costing Bank of America ten times that much) in 2008. Lewis also made the disastrous acquisition of Merrill Lynch for $50 billion. The Countrywide acquisition has been called the worst financial transaction in the history of American banking. Nonetheless, Lewis walked away with $300 million plus in loot when he resigned in disgrace from BofA in Dec 2009. Apparently all American financial sector CEO's are sociopaths....and worse. And none are EVER punished.

Apparently all American financial sector CEO's are sociopaths....a nd worse. And none are EVER punished
 
 
+6 # Skeeziks 2012-11-29 10:22
You'd think that one who doesn't remember anything about what he should be remembering about, would be one without the sightest chance in heaven or hell being a CEO.

Most all CEOS should be just given the lowest wage in their company and a small desk with a rotary phone.
 
 
+10 # ladybug 2012-11-29 11:44
Another good reason to downsize Too-Big-To Fail banks and companies: any company that is too big for it's CEO to know what's going on, should downsize to a manageable, knowable, accountable size. These guys are paid millions to not know what's going on?
 
 
+7 # jwb110 2012-11-29 12:21
Moynihan is a theaving Mick and deserves jail. He is pompous and smug and thinks he is above the law. His performance in form of the Senate Banking Committee at the beging of the stealing spree made me stop banking with his institution, one I had banked with for almost 60 years.
If he can't remember anything he has no business heading up a bank.
 
 
+4 # afrizunk 2012-11-29 15:57
Peacock today, feather-duster tomorrow.
 
 
+4 # hoodwinkednomore 2012-11-29 16:01
It is inconceivable that he did not know. In other words, he does recall and exactly, why doesn't he fess up....There is much more going on here: a conspiracy amongst the richest liars ever. We will know, one of these days but it is interesting that just before wikileaks was going to leak BOA's dirty rotten secrets...well, we all know what happened. One thing for sure, Moynihan's nose is hitting the opposite side of every room he walks into--if he knows to answer "I don't recall" then clearly he does not have dementia, nor alzheimers. Time to nail 'em, so-to-speak.
 
 
+2 # mdhome 2012-11-29 17:59
He gets to be a rich thief by lying about his stealing from the poor suckers that are trying to live the American dream by doing the honest work, only to have faith in their fellow man ruined.
 
 
+1 # Vermont Grandma 2012-11-29 19:43
Just watched the film "Park Avenue: Money, Power, & the American Dream" on VPT. It's also available on-line, for free at http://www.hulu.com/watch/417228 - watch it! It gives context to this conversation and is a great film to share with Tea Party friends. "Park Avenue: Money, Power & the American Dream"
 
 
+3 # Urbancurmudgeon 2012-11-30 06:17
I may be naive but how can Calamari go in to this hearing with an obviously hostile witness without having acquired all the minutes of all the meetings, about which, he was going to question the witness.Is Calamari so dumb that he expected Moynihan to be cooperative. He should have had the answers to his questions at his fingertips and framed the questions in the form of, did you say this or not, thereby forcing Moynihan to admit or deny the answers to the questions under penalty of perjury. There's no way this scurve should not do jail time.
 
 
+1 # dovelane1 2012-12-01 05:05
Urban - Your question, and all of the info given so far, make me wonder if there is some legal reason Calamari was not allowed access to this information. Aren't the prosecuting attorneys supposed to have access to information such as the meetings mentioned?

Perhaps this should be the basis for contempt of court charges - lack of access to records of meetings.
 
 
+3 # oakes721 2012-11-30 15:05
Sit his tail in JAIL indefinitely ~ without being charged with a crime (that the court can remember), only explaining to him that, "It is what it is."
 

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