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This is so bizarre, it's normal today.
- Citigroup Inc. offered to buy troubled Wachovia Bank for $2.1B, with the assistance of Fannie Mae. I mean the FDIC.
- Wells Fargo agreed to purchase Wachovia in a $14.8 billion deal that included no taxpayer liability.
- Citigroup Inc. then accused Wells Fargo of trying to cut off its earlier takeover offer (DUH)
- New York State Supreme Court Justice Charles Ramos issued the order blocking the sale of Wachovia Corp.
WTF? In 2003 Wachovia challenged Connecticut's authority to license and supervise
Wachovia Mortgage Corporation, a state-chartered mortgage lender. More
generally, the case raised the issue of whether states have authority to
license and regulate state-chartered nonbank subsidiaries of national
banks. Wachovia claimed in its suit that federal law preempts the
authority of state officials to regulate their mortgage subsidiary.
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On April 17, 2007, the United States Supreme Court upheld the decision of the U.S. Court of Appeals for the Sixth Circuit in Watters v. Wachovia Bank, N.A. that a national bank’s operating subsidiary was shielded by federal law from state oversight [Wachovia v Burke]
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Like Sara Palin and John McCain, I'm no lawyer, but if Wachovia is ruled shielded in Burke, how does a New York judge get off
stopping the sale of Wachovia [incorporated in North Carolina]?
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Must be money in it for the fat cats in DC tied in with Citi Corp.What you think, we want be told there will be more lies told. That will be ignored by the media,by politicians on both sides,by Americans,by everyone nobody cares of about the lies. Thats is whats wrong with the system. A judge makes a ruling that has no bases in law what so ever its a lie. He is not called on it by his fellow judges because its accepted behavior in Washinton with the liberals. I find it totally unacceptable but the liberals and most of America seems to have no problem with their politicians lying to them .
ReplyDeleteSpanky
Yeah, always follow the money. The Citi-Bank/Gummint offer was way below market, obviously, which would - I bet - translate into an immediate profit that would go to into that fabled congressional "lockbox."
ReplyDelete"Americans detest all lies except lies spoken in public or printed lies.” - Edgar Watson Howe
ReplyDeleteGrinfilledCelt