To get to the heart of what went wrong with the report released on January 27th, 2011 the Financial Crisis Inquiry Commission released its report on the Wall Street debacle and the pirated loot. On page 254 of the report, it is reported that the largest investor in a cash fund managed by Bank of America suddenly pulled out $20 billion of its money in November 2007.
This story was covered by Jonathan Weil (no relation to this author) on January 28th with little notice in the corporate media outlets.
Evidently, according to Weil, 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.
As Weil notes, the stated 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. So then why didn’t it? Why the cover-up? Who is being protected?
There can be only one reason the report failed to release names: to hide the identity of the rich and powerful and their intentions. In this way the whole stinking system that is controlled by the oligarchy is protected from claims of elite control and inside trading.
You can read Jonathan Weil’s article and the ‘report’ at http://www.bloomberg.com/news/2011-01-28/wall-street-s-collapse-to-be-mystery-forever-commentary-by-jonathan-weil.html