Heavy Meddle

This is your government going way too far.

BofA Urged by Regulators to Revamp Board of Directors

Federal officials have pressured Bank of America Corp. to revamp its board by bringing in directors with more banking experience, as regulators place the bank under increasingly heavy government scrutiny.

The move represents unusual influence by the federal government over the workings of a financial institution in which it doesn’t own a stake. It’s particularly significant because many of the bank’s woes stem from its purchase of Merrill Lynch & Co. — an acquisition that was completed after heavy prodding by federal regulators. The Merrill deliberations were the beginning of regulators’ deepening involvement in the Charlotte, N.C., lender’s day-to-day operations.

The moves underscore the balancing act faced by the federal government as it tries to steer the banking sector through its crisis while also involved in a broader pattern of engagement in the operations of individual U.S. banks.

On May 7, a week after the Bank of America board named Walter Massey to replace Chief Executive Kenneth Lewis as chairman, Mr. Massey unveiled a committee to recommend changes to the board’s structure and size. The committee would also oversee the bank’s response to a federal “stress test” that showed the need for $33.9 billion in additional equity.

Prior to those moves, federal banking regulators — the Federal Reserve and the Office of the Comptroller of the Currency — had signaled to the bank’s leadership that such steps would be well received by the federal government. Government officials also suggested that the task of reshuffling the board be led by independent directors, and that the board needed more members with banking experience.

See also:
WSJ: Gov’t pressuring Bank of America board change
Pressure is increasing on Bank of America’s Lewis
Regulators urge Bank of America board overhaul
Bank of America Under Pressure

So, after bullying Ken Lewis into buying Merrill Lynch for much more than it was worth, which got Bank of America into financial trouble in the first place, now that same government is trying to tell BofA who can be on their board of directors. Nevermind that Bank of America shareholders just elected the board of directors at their annual meeting on April 29th. The government has absolutely no business sticking it’s nose into the internal affairs of a publicly traded corporation that it owns absolutely no stock in. And I don’t care that the government has loaned Bank of America money either, money that, by the way, Bank of America hopes to repay within a matter of months, that doesn’t make the government a shareholder, entitled to make decisions about who should run the company.

This big brother government interference in the private sector just has to stop and the sooner the better, before Obama and company get more than just there noses into the corporate tent. Hopefully, Bank of America will just say no and not cave in to the government pressure or maybe it will take a shareholder lawsuit to rebuff the nosy camel. In any case, someone needs to put their foot down while there still is something resembling a private sector and free markets.

/seriously, government encroachment like this should scare the [expletive deleted] out of everyone who still believes there is such a thing as capitalism

Veterans For Obama!

Well, it’s not like Democrats can tell the difference or anything.

Dems red-faced over veteran imposter

Rick Strandlof, executive director of the Colorado Veterans Alliance and the man most colleagues knew as Rick Duncan, was front and center during the 2008 political campaigns in Colorado.

He spoke at a Barack Obama veterans rally in front of the Capitol in July, co-hosted several events with then- congressional candidate Jared Polis and attacked Republican Senate candidate Bob Schaffer in a TV ad paid for by the national group Votevets.org.

And the mostly Democratic candidates he supported — looking for credibility on veterans issues and the war — lapped it up appreciatively.

Now, politicians are dealing with news that the man they believed to be a former Marine and war veteran wounded in Iraq by a roadside bomb, in fact, never served in the military — but did spend time in a mental hospital.

See also:
Whether man violated Stolen Valor Act up in air
Veterans’ group disbands after founder exposed as impostor
Colorado Democrats rushed to promote the phony Rick Duncan
The talented Mr. Duncan
Ex-Nevadan ousted; allegedly posing as ex-Marine
Liberal Activist Who Campaigned For Democrats As A Veteran Never Actually Served In The Military
Colorado Veterans Alliance
Votevets.org
VoteVets.org

As Instapundit said:

Doesn’t really matter. Election’s over, and he served his purpose. Meanwhile, advice for the future: If an antiwar “veteran” appears, do a background check. There have been so many fakes — Micah Wright, Jesse Macbeth, etc. — that you can’t just take their word for it.

/my question is, why do the fake veterans always seem to show up supporting and being embraced by the Democrats, or is that just a coincidence?