The Criminal Case Against Merrill Lynch: “Sinister,” “Whores,” “Beards”
Instead of being criminally prosecuted, Merrill received secret revolving loans from the Federal Reserve totaling $1.775 trillion cumulatively, while frequently offering junk bonds and stock as collateral to the Fed – both of which were in a market free-fall at the time.
The Dodd-Frank financial reform legislation, heavily influenced by Wall Street’s lobbyists and law firms, was signed into law on July 21, 2010. The details of the unprecedented trillions of dollars secretly funneled by the Federal Reserve to resuscitate the criminal enterprises on Wall Street would not be released in the GAO audit until July 21, 2011. The FCIC’s report on its investigation of the Wall Street collapse would not be released to the public until January 27, 2011. And the deep trove of smoking-gun documents and criminal referrals would not be released to the public by the National Archives until March of 2016 — eight long years after the crash when the public’s memories of the details had blurred and outrage had significantly subsided.
In effect, reforming Wall Street has been hobbled by what looks like a well-orchestrated strategy to diffuse and deflect.
http://wallstreetonparade.com/2019/04/the-criminal-case-against-merrill-lynch-sinister-whores-beards/