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Bank of America pays Warren Buffet to become largest stake holder.

2011-08-26T21:44:00.002-04:00

After much fan fare to do about nothing market sold off bank stocks on the news Berkshire Hathaway was loaning Bank of America 5 billion dollars at 6 percent interest through a 50,000 shares purchase of preferred stock with a liquidation value of $100,000 per share in a private offering. BAC also tossed in about 700 million shares worth of warrants at an exercise price of just over $7.14. This in effect would make him the largest share holder while diluting everyone else’s shares. Why BAC did not offer loyal bank customers the same deal and save share holder equity is beyond me. Share holders get screwed, customers get screwed, and buffet does the screwing.

Cordially Sean Foleno

Today's Heqdlines April 17, 2011

2011-04-17T15:35:00.002-04:00

Bank of America Hiring Government Insiders to Help Hide Housing Scandal
The largest bank by deposits just lost its chief financial officer and just hired one of the most connected regulatory lawyers in the U.S.
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Thursday April 14, 2011

2011-04-14T00:00:00.015-04:00

California Limits Sizes of New Homes
"An ordinance signed by Mayor Antonio Villaraigosa last week limits new hillside homes to about 3,000 square feet (280 square meters) on a typical 5,000-square-foot lot. Developers had been allowed to build a 7,000-square-foot, multilevel home on a 5,000-square-foot lot", Weitzer said.
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TSA Under Fire for Frisking 6 Year Old Girl
"We struggle to teach our kids to protect themselves, to say 'no, it's not ok to touch me in this way in this area," the girl's mother, Selena Drexel, said. "Yet here we are saying it's ok for these people." If we don't find other ways we're making them more vulnerable, she said
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US Airstrikes On Lybia Continue Despite Obama's Claims
"Administration officials previously said that the U.S. had halted strike sorties on April 4, several days after turning over command of the air campaign to the NATO alliance, and that attacks on Libyan tanks and other ground units would be handled by aircraft from Britain, France and other allies.

But the limited U.S. role has grown increasingly controversial in recent days.

Libyan opposition leaders and some NATO allies publicly complained about the intensity and scope of the air campaign against Kadafi's forces since the U.S. announced that American warplanes would cease participating in the mission to protect civilians".

Tuesday April 12, 2011

2011-04-12T14:55:00.026-04:00

Pakistan Tells Washington; CIA to Stop Drone Attacks
That arrangement appears to be unraveling. Pakistani civilian, military and intelligence officials have sent private messages in recent weeks objecting to the strikes, complaining they have gone too far and undercut the government's public standing.
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Bankers Continue to Get Away With Massive Crimes
Split up the banks? Shut them down? Make them move elsewhere? No. The commission came up with some irrelevant, complex and hard-to-enforce rules aimed at raising capital ratios and separating their retail from investment arms.
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'Capital must protect itself in every possible way, both by combination and legislation. Debts must be collected, mortgages foreclosed as rapidly as possible. When, through process of law, the common people lose their homes, they will become more docile and more easily governed through the strong arm of the government applied by a central power of wealth under leading financiers.

These truths are well known among our principal men, who are now engaged in forming an imperialism to govern the world. By dividing the voter through the political party system, we can get them to expend their energies in fighting for questions of no importance. It is thus, by discrete action, we can secure for ourselves that which has been so well planned and so successfully accomplished.'

- Montagu Norman, Governor of The Bank Of England, addressing the United States Bankers' Association, New York, 1924.