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Single Mystery Investor Triggered Collapse of Key Bank of America Fund: Identity to Remain Secret

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Coin of the Realm?

COMMENT: In the recently released report about the Wall Street collapse, a single investor’s withdrawal of $20 billion from a key Bank of America fund played a decisive role. It appears that the precise identity of that individual investor will remain a secret.

Nice.

Evaluating the possibilities, one should not fail to examine the collapse of  Wall Street that was deliberately implemented the morning of 11/22/1963. Nor should one overlook the possibility that the short-selling that occurred in the run-up to 9/11 may also have been pulled off by the same interests.

“Wall Street’s Collapse to Be Mystery Forever: Jonathan Weil” by Jonathan Weil; bloomberg.com/news; 1/27/2011.

EXCERPT: To get to the heart of what went wrong with the report released yesterday by the Financial Crisis Inquiry Commission, check out its account on page 254 of how the largest investor in a cash fund managed by Bank of America suddenly pulled out $20 billion of its money in November 2007.

The withdrawal crippled the fund, which had $40 billion of assets at its peak, forcing Bank of America to step in and prop it up. The commission included a note about the episode in the back of its report.

“The identity of the investor has never been publicly disclosed,” it says. The note then referred readers to the source of the information: A couple of stories published in December 2007 by Bloomberg News and the New York Times.

And here I had thought the purpose of the commission’s inquiry was to uncover new facts that the public didn’t already know. Such as: The identity of the mystery investor that single- handedly kneecapped Bank of America’s Columbia Strategic Cash Portfolio, once the largest cash fund of its kind in the U.S. The commission had subpoena power. It should have been able to get this information. It didn’t, though. . . .

Discussion

One comment for “Single Mystery Investor Triggered Collapse of Key Bank of America Fund: Identity to Remain Secret”

  1. Dave!

    You need to read Michael Louis, The Big Short. Maybe also Liar’s Poker.

    Posted by obo | January 30, 2011, 9:28 am

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