Using Veritas to Construct the "Per…

29-04-2017 Hits:84641 BoomBustBlog Reggie Middleton

Using Veritas to Construct the "Perfect" Digital Investment Portfolio" & How to Value "Hard to Value" tokens, Pt 1

The golden grail of investing is to find that investable asset that provides the greatest reward with the least risk. Alas, despite how commonsensical that precept seems to be, many...

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The Veritas 2017 Token Offering Summary …

15-04-2017 Hits:79105 BoomBustBlog Reggie Middleton

The Veritas 2017 Token Offering Summary Available For Download and Sharing

The Veritas Offering Summary is now available for download, which packs all the information about Veritas in a single page. A step by step guide to purchasing Veritas can be downloaded here.

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What Happens When the Fund Fee Fight Hit…

10-04-2017 Hits:78950 BoomBustBlog Reggie Middleton

What Happens When the Fund Fee Fight Hits the Blockchain

A hedge fund recently made news by securitizing its LP units as Ethereum-based tokens and selling them as tradeable (thereby liquid) assets. This brings technology to the VC industry that...

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Veritaseum: The ICO That's Ushering in t…

07-04-2017 Hits:83438 BoomBustBlog Reggie Middleton

Veritaseum: The ICO That's Ushering in the Era of P2P Capital Markets

Veritaseum is in the process of building peer-to-peer capital markets that enable financial and value market participants to deal directly with each other on a counterparty risk-free basis in lieu...

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This Is Ground Zero for the 2017 Veritas…

03-04-2017 Hits:80002 BoomBustBlog Reggie Middleton

This Is Ground Zero for the 2017 Veritas Offering. Are You Ready to Get Your Key to the P2P Capital Markets?

This is the link to the Veritas Crowdsale landing page. Here is where you will be able to buy the Veritas ICO when it is launched in mid-April. Below, please...

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What is the Value Proposition For Verita…

01-04-2017 Hits:82309 BoomBustBlog Reggie Middleton

What is the Value Proposition For Veritas, Veritaseum's Software Token?

 A YouTube commenter asked a very good question that we will like to take some time to answer. The question was, verbatim: I've watched your video and gone through the slides. The exchange...

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This Real Estate Bubble, Like Some Relat…

28-03-2017 Hits:53285 BoomBustBlog Reggie Middleton

This Real Estate Bubble, Like Some Relationships, Is Complicated...

CNBC reports US home prices rise 5.9 percent to 31-month high in January according to S&P CoreLogic Case-Shiller. This puts the 20 city index close to an all time high, including...

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Bloomberg Chimes In With My Warnings As …

28-03-2017 Hits:81316 BoomBustBlog Reggie Middleton

Bloomberg Chimes In With My Warnings As Landlords Offer First Time Ever Concessions to Retail Renters

Over the last quarter I've been warning about the significant weakness in retailers and the retail real estate that most occupy (links supplied below). Now, Bloomberg reports: Manhattan Landlords Are Offering...

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Our Apple Analysis This Week - This Comp…

27-03-2017 Hits:81316 BoomBustBlog Reggie Middleton

Our Apple Analysis This Week - This Company Is Not What Most Think It IS

We will releasing our Apple forensic analysis and valuation this week for subscribers (click here to subscribe - lowest tier is the same as a Netflix subscription). As can be...

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The Country's First Newly Elected Lame D…

27-03-2017 Hits:81126 BoomBustBlog Reggie Middleton

The Country's First Newly Elected Lame Duck President Will Cause Massive Reversal Of Speculative Gains

Note: Subscribers should reference  the paywall material here for stocks that should give a good risk/reward scenario for bearish trades. The Trump administration's legislative outlook is effectively a political desert, with...

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Sears Finally Throws In The Towel Exactl…

22-03-2017 Hits:86980 BoomBustBlog Reggie Middleton

Sears Finally Throws In The Towel Exactly When I Predicted "has ‘substantial doubt’ about its future"

My prediction of Sears collapsing once interest rates started ticking upwards was absolutely on point.

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The Transformation of Television in Amer…

21-03-2017 Hits:84995 BoomBustBlog Reggie Middleton

The Transformation of Television in America and Worldwide

TV has changed more in the past 10 years than it has since it's inception nearly 100 years ago This change is profound, and the primary benefactors look and act...

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I have received many emails about the US big banking cartel being too big to defeat, uwise to short, and insiders taking over America. Pay attention everybody, what you are experiencing is the systematic dismantling of the Old Guard in Wall Street. This most recent disconnect has shaken the power structure to its very core. Let's take a look at the current situation of one CEO (at least thus far) of Bank of America, Ken Lewis. There was a time when the CEO of the biggest bank in America, who owns the largest brokerage firm in America and the largest mortgage company in America would have been thought of as unassailable by Wall Street groupies. Well, times have changed. Before we go on, here are some of my recent opinions on Bank of America and its CEO, Ken Lewis.

  1. Additional Anecdotal Observations of Bank of America
  2. It's about time to end the blatant favoritism 
  3. A Glance at the Bank of America recent quarter 
  4. An opinion for those who are doubting the efficacy of fundamental values, financially and ethically (in this post, I made it clear that the bank stock's price runup was more of a function of a giant cover up than improving fundamantals, and I was not wrong in being fundamentally bearish on the sector. Now, as the chickens start to come home to roost, we shall see how accurate I have truly been).

To be sure, Ken Lewis is now done for. Each and every arm of the government is currently gunning for him. Click graphic to enlarge...

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The events in chronological order leading up to this point:

  1. S.E.C. Defends Deal in Merrill Takeover (September 10, 2009)
  2. Judge Rejects Settlement Over Merrill Bonuses (September 15, 2009)
  3. Cuomo Is Said to Issue Subpoenas in Merrill Case (September 17, 2009)
  4. and now...

From the NY Times: Congress Aims to Force Bank of America to Give Details on Merrill

WASHINGTON — For months, Bank of America has been trying to keep secret its legal conversations at the

 More Bank Shenanigans Uncovered through BoomBustBlog

  1. The Fed Believes Secrecy is in Our Best Interests. Here are Some of the Secrets
  2. Why Doesn't the Media Take a Truly Independent, Unbiased Look at the Big Banks in the US?
  3. As the markets climb on top of one big, incestuous pool of concentrated risk...
  4. Any objective review shows that the big banks are simply too big for the safety of this country
  5. Why hasn't anybody questioned those rosy stress test results now that the facts have played out?
  6. A Must Read:

JPM Public Excerpt of Forensic Analysis Subscription JPM Public Excerpt of Forensic Analysis Subscription 2009-09-18 00:56:22 488.64 Kb 

end of last year about its coming merger with Merrill Lynch. So far, it has succeeded, mainly by arguing that those conversations should remain confidential because they are protected by attorney-client privilege.

But now, the bank is facing questions from a House panel, the Committee on Oversight and Government Reform, whose chairman, Representative Edolphus Towns, has told the bank that it cannot use attorney-client privilege when dealing with Congress.

If Mr. Towns has his way, Bank of America would be forced to reveal information that would then affect a range of other investigations into the merger, including one by the attorney general of New York and another by the Securities and Exchange Commission.

In a sternly worded letter on Friday, Mr. Towns, a New York Democrat, said the bank must divulge when it became aware of the enormous losses at Merrill last year, when it received a commitment from the federal government for a second round of bailout money and what legal advice its management received about whether it had to disclose those developments to the bank’s shareholders.

Mr. Towns gave the bank until noon on Monday to provide answers and relevant legal documents. He said it seemed that the bank was “hiding information.” The bank replied to Mr. Towns’s committee late on Saturday, asking him to delay that request until after Tuesday, when Mr. Towns meets with Anne Finucane, the bank’s chief strategy and marketing officer, who oversees public policy at the bank. But a spokesman for Mr. Towns said on Sunday that he was sticking to the deadline.

“We appreciate and take very seriously the committee’s important oversight role and have nothing but the strongest intent to work with the committee to help it understand these events,” Kenneth D. Lewis, the bank’s chief executive, said in a letter to Mr. Towns.

...

The inquiry by the House panel is just one of many tussles involving the bank’s merger with Merrill Lynch, and the bank noted in its reply to Mr. Towns’s committee that any steps it takes before Congress could affect the other investigations. In particular, the bank said, if it voluntarily provides Congress with the legal advice that it received related to the merger, then it might waive the right to keep its legal advice private in its case before the S.E.C., which is scheduled to go to trial in February. The merger is also being examined by Andrew M. Cuomo, the attorney general of New York.

“What makes it complicated is it’s not just two parties, it’s not just three parties, it’s six or seven parties,” said David Skeel, a law professor at the University of Pennsylvania who has studied Judge Jed S. Rakoff, who is overseeing the S.E.C. case. “It’s like a multiplayer chess game where each party is making different moves from a different strategic position and each party has a huge amount at stake.”

There is also a maze of issues underlying the investigations. While the S.E.C. case focused only on the bonuses paid out at Merrill before the merger, Mr. Towns and Mr. Cuomo are looking at surprise losses at Merrill as well as Bank of America’s suggestion that it considered backing out of the deal last year as a result of the losses. Mr. Towns instructed the bank to tell its current and former employees that they should not assert attorney-client privilege when they are interviewed by his committee.

The Association of Corporate Counsel came to Bank of America’s defense this month when Mr. Cuomo asked the bank to give up its claim that its legal advice should remain private. The group issued a statement saying that it would be an “outrageous precedent” for other public companies if the bank had to give up its right to legal privacy.

While Bank of America acknowledged that Congress had the authority to disregard attorney-client privilege, the bank’s Washington law firm, WilmerHale, argued that that would set a bad precedent and referred Mr. Towns’s staff to the Attorney-Client Privilege Protection Act, which passed in the House but never became law.

This summer, Mr. Towns’s committee held three prominent hearings about the merger, calling Mr. Lewis to testify as well as Ben S. Bernanke, the chairman of the Federal Reserve, and Henry M. Paulson Jr., the former secretary of the Treasury...

While the S.E.C. is focused on whether the bank’s shareholders were wronged by the bank’s actions, Mr. Towns’s committee also has an eye on the $20 billion in additional taxpayer money that was given to the bank just after the merger. His office interviewed Joe Price, the bank’s chief financial officer, last month and may ultimately publicize its findings in a report.

What makes it interesting is that although he is the CEO of this big and powerful company, I suspect that he is simply a pawn in a much larger game, and there are much larger fish to fry in this pond.I don't mean trout or catfish either. It would not surprise me if a much more critical eye was cast upon Hank Paulson and Ben Bernanke as Ken Lewis goes down.

  Congressional link of interest...