Saturday, February 27, 2010
BANKSTA OF AMERICA'S RECORD PAYOUT TO EX-GOLDMAN SQUID PIRATE
Dirty Butch, formerly global co-head of securities at Goldman Squid before he was hired by Goldman alumnis and former Merrill CEO Johnny (the Loo) Thain, was awarded the pay-out in spite of the fact that, for the majority of last year, Banksta of America owed the US Treasury $45bn in capital payments and had an $118bn loan-loss guarantee from federal regulators.
WB7: Are you happy that your government put Banksta of America on life support so this scallywagging Wall Street bucaneer can take $29.9 million home off a bad year? Now do you feel like a captive killer whale?
Ok me hearties, here's the secret:
1. Merrill Lynch was one of the leading purveyors of securitized toxic garbage that came within a nanosecond of sucking it down the same hazardous waste disposal tube as Lehman.
2. Dirty Butch Montag was hired by Johhny the Loo Thain to reconfigure Merrill's investment banking/trading operations.
3. He lead Merrill's traders as they essentially doubled down on Merrill's subprime bets after the meltdown began and the BAC merger was announced.
4. Merrill sustained boatloads of losses which came within a nanosecond of sucking Bank of America down the tubes, absent billions of bailout dollars courtesy of Ben the Money Printer and Hank the Bailout Bank.
5. Butchy is one of the lucky Merrill bankers that got paid a big multi million dollar cash bonus before the merger was consummated.
6. BAC and Ken Screwless Lewis are now being investigated by Andrew Cuomo for lying to the bank's shareholders about this whole squalid state of affairs.
7. Now look which skallywagger is getting paid $30 million (give or take $100 grand) of government financed prop trading loot one year later.
If this tired series of events is not financial piracy, what is it?--'Savy business' acumen according to President Obankster.
Obankster does'nt get it. Former Morgan Stanley CEO John Mack gets it:
“I still don’t think the industry gets it,” Mack said yesterday during an appearance in Charlotte, North Carolina. “The issue is not structure, it is amount.”
And Dirty Butchy Montag certainly got his. Arghhhhh!