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	<title>Observer &#187; Ken Lewis to Andrew Cuomo: Quit Looking to &#039;Assign Blame&#039;</title>
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		<title>Observer &#187; Ken Lewis to Andrew Cuomo: Quit Looking to &#039;Assign Blame&#039;</title>
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		<title>Ken Lewis to Andrew Cuomo: Quit Looking to &#039;Assign Blame&#039;</title>

		<comments>http://observer.com/2010/08/ken-lewis-to-andrew-cuomo-quit-looking-to-assign-blame/#comments</comments>
		<pubDate>Fri, 20 Aug 2010 22:36:00 -0400</pubDate>
					<link>http://observer.com/2010/08/ken-lewis-to-andrew-cuomo-quit-looking-to-assign-blame/</link>
			<dc:creator>Max Abelson</dc:creator>
				
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		<description><![CDATA[<p><img class="alignleft" src="http://nyoobserver.files.wordpress.com/2011/06/lewis.jpg?w=300&h=268" />When former Bank of America CEO Ken Lewis <a href="http://www.charlotteobserver.com/2010/08/20/1633993/filings-bank-of-america-executives.html">denied</a> N.Y. Attorney General Andrew Cuomo's fraud charges in court documents this week, he did not strike a particularly humble tone.&nbsp;"Some have looked to assign blame for every aspect of the financial crisis, even where there is no evidence of misconduct," he and his lawyers wrote in the&nbsp;newly-released papers. "This case is a product of that dynamic and does not withstand either legal or factual scrutiny."</p>
<p>And  then, in what might have become one of the great executive slogans of  the financial crisis, but won't because its glib dismissiveness has  become so common lately, he <a href="http://in.reuters.com/article/idINIndia-50975420100820" target="_blank">called</a> the gubernatorial nominee's version  of the financial crisis' events "inconsistent, selectively presented,  and often nonsensical."</p>
<p>That wonderfully smug putdown comes after a long line of them.&nbsp;"When I read this, <a href="/2010/wall-street/repo-men&rsquo;s-new-lehman-shrug">I giggle</a> a little bit," a former Lehman Brothers managing director told <em>The Observer</em> this year after the firm's Repo 105 accounting scandal broke, for example. "$50 billion is a drop in the ocean."</p>
<p>Somehow, a kind of mild and quietly caustic <a href="/2010/wall-street/never-having-say-you&rsquo;re-sorry">semi-regret</a> has become the norm on Wall Street this year. As the months have rolled along, the consensus among bankers and executives is that there aren't <a href="/2010/wall-street/end-villainy">any huge villains</a> to blame&nbsp;the financial crisis on, because it was just too complicated and systematically enormous. So the idea is that people like Mr. Cuomo, or the <a href="/2010/wall-street/circus-fabulous">members</a> of the Senate Permanent Subcommittee on Investigations, have no business trying to point fingers.</p>
<p>Mr. Lewis and Joseph Price, the bank's former chief financial officer, also a defendant in the fraud case, asked that the suit be dismissed.</p>
]]></description>
		<content:encoded><![CDATA[<p><img class="alignleft" src="http://nyoobserver.files.wordpress.com/2011/06/lewis.jpg?w=300&h=268" />When former Bank of America CEO Ken Lewis <a href="http://www.charlotteobserver.com/2010/08/20/1633993/filings-bank-of-america-executives.html">denied</a> N.Y. Attorney General Andrew Cuomo's fraud charges in court documents this week, he did not strike a particularly humble tone.&nbsp;"Some have looked to assign blame for every aspect of the financial crisis, even where there is no evidence of misconduct," he and his lawyers wrote in the&nbsp;newly-released papers. "This case is a product of that dynamic and does not withstand either legal or factual scrutiny."</p>
<p>And  then, in what might have become one of the great executive slogans of  the financial crisis, but won't because its glib dismissiveness has  become so common lately, he <a href="http://in.reuters.com/article/idINIndia-50975420100820" target="_blank">called</a> the gubernatorial nominee's version  of the financial crisis' events "inconsistent, selectively presented,  and often nonsensical."</p>
<p>That wonderfully smug putdown comes after a long line of them.&nbsp;"When I read this, <a href="/2010/wall-street/repo-men&rsquo;s-new-lehman-shrug">I giggle</a> a little bit," a former Lehman Brothers managing director told <em>The Observer</em> this year after the firm's Repo 105 accounting scandal broke, for example. "$50 billion is a drop in the ocean."</p>
<p>Somehow, a kind of mild and quietly caustic <a href="/2010/wall-street/never-having-say-you&rsquo;re-sorry">semi-regret</a> has become the norm on Wall Street this year. As the months have rolled along, the consensus among bankers and executives is that there aren't <a href="/2010/wall-street/end-villainy">any huge villains</a> to blame&nbsp;the financial crisis on, because it was just too complicated and systematically enormous. So the idea is that people like Mr. Cuomo, or the <a href="/2010/wall-street/circus-fabulous">members</a> of the Senate Permanent Subcommittee on Investigations, have no business trying to point fingers.</p>
<p>Mr. Lewis and Joseph Price, the bank's former chief financial officer, also a defendant in the fraud case, asked that the suit be dismissed.</p>
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