Round One to Obama

The Fed told Ken Lewis, Bank of America CEO, to go through with the purchase of Merrill Lynch or he would lose his job. Lewis did proceed with the purchase of Merrill and was forced, by Obama’s people, to take TARP monies. Now a over a year later, B of A wants to repay the first tranche of TARP – the Feds won’t allow it.  

Lewis was named Banker of the Year in 2001, and was the same year honored as Top Chief Executive Officer, according to US Banker. In 2007, Lewis was listed among the 100 Most Influential People in the world by Time Magazine. He was again named Banker of the Year in 2008, according to Wikipedia who conveniently leaves out all Federal involvement in the Merrill takeover. 

Lewis saw the handwriting on the wall and announced his retirement September 30, 2009.  This week the Obama’s Pay Czar, Kenneth R. Feinberg announced salaries and bonuses will be slashed by 90% in some cases – averaging a 50% cut to all top CEO’s of Bank of America, CitiGroup, American International Group, GM and Chrysler. 

Heavy handed tactics like these are being reported daily in this country where Freedom once rang out loudly in the Home of the Brave. How long until the Federal Government tells you what you can earn or where you can work? And where are the brave anyway?