Reuters reports that NY State AG Andrew Cuomo is demanding a listing of bonuses paid off by Bank of America to its top officers, and the Socialist witch hunt trials of the American bourgeois officially begins…
NEW YORK (Reuters) – New York’s top legal officer on Thursday demanded Bank of America Corp Chief Executive Kenneth Lewis provide names of Merrill Lynch executives who received 2008 bonuses, and how much they got, before the bank’s takeover of the firm in January.
Executive compensation is a burning issue in the financial industry and challenges to pay are being led by New York Attorney General Andrew Cuomo, whose office deposed former Merrill CEO John Thain on Tuesday for a second time over $3.6 billion in bonuses.
“I answered all the questions to the best of my knowledge and hopefully brought some clarity,” Lewis told reporters after he gave a deposition in Manhattan to Cuomo’s lawyers on Thursday that lasted about four hours.
“It’s been a long evening and I’m tired,” said Lewis, who was served a subpoena for the list of names.
A Bank of America spokesman, who was with Lewis during the deposition, said he had not been given an indication of whether Lewis would have to return for further questioning.
Cuomo’s special assistant, Benjamin Lawsky, said on Thursday night that the office was “very disappointed” that the Charlotte, North Carolina-based bank had not provided the information previously.
“We’ve been asking for a list of who got what,” said Lawsky.
Cuomo began questioning bonus plans in October after nine banks received $125 billion in U.S. Treasury funds.
It is not the business of government to “demand” information about how companies remunerate their employees. They claim however, that having given them monies in the “bailout”, they now have the right to demand that information from these banks.
Then again, it wasn’t within the government’s Constitutional power to take money from the people, and hand it over to private businesses. Nowhere in the Constitution is that power granted to the Federal government. And Andrew Cuomo doesn’t work for the Federal government, so he has less than no right to demand anything from anyone.
Any history buff worth their salt will recognize Cuomo’s inquiry as a Marxist populist trial.
According to Marxist thought, anyone who is a property owner is considered wealthy and as such exploitive of the working class. Lenin called those people the bourgeois, and Comrade Obama and his Demobolsheviks appear to be doing that very same thing. Listen closely to the Chairman Barack’s speech to Congress, and you’ll clearly hear the subtle message…private industry is at fault for this economic mess, but the government is going to fix all they did, and protect us all from the evil being known as a “Wall Street executive.”
As bad as this economic downturn is, as much as people have lost these past few months, the amount of wealth lost by America is dwarfed by the amount of wealth created by Wall Street since the Depression, and that amount is insignificant when compared to the trillions of dollars squandered by Washington.
What politicians in DC are NOT telling anyone is that when accounting for future obligations that the US is already committed to pay out (Medicare, Social Security, etc) the US debt is a staggering 65 trillion dollars.
So, our only hope for the future lies with those who CREATE wealth, those evil Wall Street executives, and NOT with a government who fails to understand that this economic downturn was caused by amassing debt that we were incapable of paying off. In fact, it is a known fact that governments cannot create wealth, they can only seize it, squander it, or redistribute it.
Washington is trying to bring us out of a crisis brought about by out of control borrowing that we are incapable of paying off, by cranking up the debt frenzy again. And no stimulus plan, no government bailout is going to help when that debt comes due.
The only capital we will have left to pay it with will be our freedom, and that’s the hidden strings of Comrade Obama’s Socialist agenda.