Comments on: Bob Kelly CEO of Bank of New York Mellon Quits Citing “differences in approaches to managing the company”

By: talktotennessee

talktotennessee — Thu, 01 Sep 2011 16:30:26 +0000

Yes, Kelly was probably given a choice to save ‘face’ in the BNY takeover.
Note today’s story from AP:
“2nd U.S. Circuit Court of Appeals concluded that a trustee’s calculation of the investors’ losses was legally sound.”
Madoff investors can’t recoup fake profits.” Translate this to fake investment products hawked by banks like B of A, Countrywide, Chase, Citi, Wells Fargo to insurers and investment banks like BNYMellon, Deutsche, AIG and others as “sound” products that grow in value either through amortized interest or escalation of market value.
Neither should investors expect more than initial dollar investment or better still subject to today’s underwater market value for these flawed products. Banks are being sued now for their deception against investor banks in civil court as in major suits by AIG and BNYM. Perhaps if they get to actual trial, which I doubt, we might find something helpful for homeowners if SOL has not expired..

By: lvent

lvent — Thu, 01 Sep 2011 16:06:28 +0000

Bloomberg is also reporting this and there was a disagreement between the CEO and some board members..My take is these banks know they are all in alot of trouble and reality is sinking in. Foreclosuregate is failing. They are raining cats and dogs of mortgage fraud as someone at CNBC said about BOFA last week…too much liability.. If the Government does anything else to help them at this point it is going to get out and the people are going to go ape shit and Foreclosuregate is going to blow up in a big way…!!!! MAKE WALL STREET PAY!!!

By: Readdocs

Readdocs — Thu, 01 Sep 2011 15:28:54 +0000

The message here is you either quit or retire, or we’re going to fire you.
One too many lawsuits against the bank?
That’s no lateral move, that’s a boot out the door!