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-- for more on the Ken -- emails I'm joined by fox is your -- dentistry dot com founder Charles Payne.
And Rodney Anderson is the markets analyst and managing partner of Rodney Anderson lending services good morning gentlemen the morning morning.
What Charlotte goodness wow.
You don't even know where to start with this OK here you know to create lots of oranges gotta be careful what you put -- me now.
Because here is it's all over the newspaper not either one of the emails either coming at the Federal Reserve Bank or Ken Lewis -- Bank of America.
That I guess -- I don't revealing but it's not necessarily as though they've done something wrong it just means there was a lot of -- for cat.
Feels like is it feels like a smoking gun to me though Alexis I mean this is what Ken Lewis has been -- the whole time by the way no one's innocent all of this and I'm gonna kill Louis did the did this even if the Fed made him do this.
If if he did it just to save his job.
That was obviously the wrong thing to do you sort of fall on the sword -- -- -- sake of those shareholders in the company but.
The fact of the matter is is there's no innocence here but to me it seems like a major smoking gun and I'm what I'm worried about -- here we are an atmosphere where regulators are getting more power government is getting bigger they're gonna be this heavy hand it would businesses who's gonna watch the regulator.
-- yeah because because when you first said smoking gun there to Nina smoking gun here.
I bought me is is the government's assertion.
That that they are going to step -- and perhaps threaten jobs perhaps threaten government help or intervention.
If they don't see what they want to see happen now this question as to whether or not Ken -- did his proper due diligence but there's a -- -- here coming out of the fat.
Well Ken Lewis had a -- on his hands because number one Merrill Lynch included included Merrill Lynch was first Franklin mortgage.
And that was had huge losses to loans that they were doing.
Were tremendous risk couple that together with the acquisition of countrywide months before -- just months before.
Huge losses -- so Kim Lewis.
Was in them in that area where two companies two major companies were looking at them monumental losses I think Alexis that.
Heat got caught in a rock and hearts -- -- looking and Charles and you know but the both people are wrong here OK there's one inside of me that says hey can listen to deal in September.
Okay why -- -- by mid December you weren't sure -- the assessed risks involved granted the market's completely changed.
On a week by week they don't want our.
Hourly by our -- back then yeah I mean so so -- that point and say OK Ken Lewis I would give you that on the other hand here.
You got the Federal Reserve Bank that they knew who can't even go through the Merrill Lynch deal they -- had another Lehman Brothers situation on -- And this brings us to what a lot of people worried about with respect to the government intervening -- large corporations last week we saw General Motors -- bankrupt company.
Being a conduit for two billion dollars from the US government to of -- out in California.
To -- Delphi we saw AIG being used as a conduit to pay off European banks a hundred billion dollars at par.
And it was sort of way that they Goldman -- included Goldman Sachs also so we're seeing large corporations becoming pawns of the government to to push their agenda if you will.
When it's it's something -- -- right about that you know particularly in this new era of transparency.
And the interesting thing here Rodney is TED hill trail we've been showing emails as we're as we're discussing here.
The emails trail really started -- -- out in mid December.
There is even suggest -- in here.
That perhaps they could do something the government with intervention that could be announced in January.
-- round -- earnings and the closure of the deal I mean.
I know that's -- the world like collusion.
It is it is and I mean it is so crazy what's went on during that period of time and the reason being Alexis is because.
They -- they knew what was there I really feel that the Fed knew what was there but they.
Had to do something because Lehman Brothers and already failed Bear Stearns -- already failed.
And the next one was Merrill Lynch strictly because of their sub prime exposure.
So -- so.
What happens today Charles to Ken Lewis as a result of this he's been stripped of his chairman role when he steps up to the plate today is his job at risk again love.
Courses at risk and it has been -- and almost but they've had like five members of the board leave and and I think it's -- that the that the -- does the countdown clock for pillows has been really it's probably a few minutes away from midnight so.
Eventually I think he's going to be out but what I'm wondering is if Webber comes in will be able to.
Have the ability to fight for for Bank of America and its shareholders and in the push back against the government that if you diamond has directed this artist forty billion -- -- actually safer -- you know what.
-- wasn't alone.
If it was used -- -- to writings point to save the entire system and we were just sort of the content with that we shouldn't consider that alone you know we don't wanna pay that back because he just used us for that to save the system which is fine if we want our.
Little -- by the way that additional twenty billion the 25 initial injection was up 5% dividend that twenty billion believes in nine per cent dividend so that's expensive.
And it didn't go to save an event that they argument has from the government that really go to -- Bank of America but -- to say -- -- financial system that perhaps it shouldn't be.
All the -- 10 AM house congressional overnight too -- it's going to be a good one hour shift after.
Yeah health emails and you know it's a careful emails are at Charles and -- -- -- that they into having.
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