Skip to content

David Rosenfeld, Lawyer

I think it’s important that we know the actual people involved in the current massive scams in the US. One identified in a article is David Rosenfeld, a lawyer for the Securities and Exchange Commission (the SEC).

In a nutshell, Bank of America used $45 billion in taxpayer funds to take over the failed brokerage house Merrill Lynch. As part of that deal, six hundred ninety-six executives (696) “who helped run Merrill into the ground were granted more than a million bucks each” as bonuses. That’s a lot more than $696 million of your tax dollars. IN ADDITION TO THAT, another 39,000 Merrill employees were given an average bonus of $91,000 (just in case you were thinking it was a small number of elite bankers getting big bonuses). And this was apparently not disclosed to shareholders nor the public, which was apparently illegal.

The SEC lawyer David Rosenfeld appeared before a judge asking to fine Bank of America for misleading its shareholders, but that fine was less thanĀ  the bonus received by just ONE Merrill Lynch executive. On your behalf, funded by your government, this lawyer cut a deal to allow them your tax money, in exchange for a small fine.

I think we should fire David Rosenfeld and his boss for incompetence.

I think it is increasingly important for everyone to identify and recognize the individuals behind all of the confusion obfuscating the raiding of the US tax dollars. I agree with many of the capitalists amongst us that the rich aren’t defacto responsible for funding the poor. However, I also recognize how easy it is to slip theft, corruption, and abuse of the public trust past us while we are distracted by propaganda along those lines. Maybe we should hold the people responsible, accountable.


  1. deleted wrote:

    It’s unbelievable that this malpratice is something that apparently is condoned by people inside Bank of America. How can they do this?! This makes me really angry. Give some money to the people without jobs living in tents! And why this extreme amounts of money?….

    Friday, August 14, 2009 at 7:43 am | Permalink
  2. deleted wrote:

    There is something sinister at work and no mistake. When Bernanke can say “No” to congress when asked to explain where the money went, we know who is really in charge of the country.

    Wednesday, August 19, 2009 at 8:19 am | Permalink
  3. Anna Green wrote:

    These banks have got well out of hand. They need to wake up and join the real world! As long as this sort of thing goes on there will always be huge class divides its time an end was put to it all…

    Thursday, August 20, 2009 at 9:05 am | Permalink