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


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.


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. . . .


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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