Kucinich Urges Expanded Probe of Merrill Deal
OPS_admin | Aug 05, 2009 | Comments 0
Kucinich Urges Expanded Probe of Merrill Deal – – NYTimes.com
Dennis J. Kucinich, Democrat of Ohio, pressed the Securities and Exchange Commission on Tuesday to expand its investigation of possible violations of securities laws by Bank of America in its shotgun marriage to Merrill Lynch.
In a letter to Mary Schapiro, the chairwoman of the S.E.C., Mr. Kucinich said documents he had reviewed revealed that high-ranking officials at the Federal Reserve believed that Bank of America withheld material information about the deteriorating financial health of Merrill from shareholders in advance of the shareholder vote and that those actions could be violations of securities laws.
The documents show that the Fed’s general counsel, Scott Alvarez, believed that Bank of America could have broken securities laws by failing to update its proxy solicitation and public statements it had made about the merger after learning about Merrill’s losses before the shareholder vote on Dec. 5, Mr. Kucinich said.
via Kucinich Urges Expanded Probe of Merrill Deal – DealBook Blog – NYTimes.com.
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If we don't change our ways soon...
A new report by the Royal Society, chaired by Nobel prize-winning biologist Sir John Sulston warns that world population must be stabilized and consumption in wealthy nations must be reduced or the entire planet is in big trouble. As the report reads: "The number of people living on the planet has never been higher, their levels of consumption are unprecedented and vast changes are taking place in the environment. We can choose to rebalance the use of resources to a more egalitarian pattern of consumption... or we can choose to do nothing and to drift into a downward spiral of economic and environmental ills leading to a more unequal and inhospitable future."This is the same warning that President Jimmy Carter gave Americans back in the 1970's - but it was ignored when Ronald Reagan came to power with a "more positive" message basically telling Americans we can do whatever we want. And then after 9/11 - Bush told us all we should go shopping and consume ever more.And now with corporations calling the shots in Washington - long-term sustainability of the planet takes a back seat to short-term profits. If we don't change our ways soon - and embrace clean, alternative energy and educate women around the plant - then we all could be headed for a rough century.-Thom(Is there any chance we will learn in time? Tell us here.) -
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