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Friday, August 13, 2010

Adelphia Was Coerced by Citigroup, Credit Suisse, Lawyer Says

Adelphia Was Coerced by Citigroup, Credit Suisse, Lawyer Says

By David Voreacos

Aug. 13 (Bloomberg) -- Adelphia Communications Corp. was illegally coerced through the use of commercial loans by Citigroup Inc., Credit Suisse Group AG and other banks trying to get lucrative investment banking work, a lawyer seeking recovery for the defunct cable television company’s creditors said.

The banks pressured Adelphia to tie loans, totaling $2.8 billion from 1999 to 2001, to promises of more fees for underwriting billions of dollars in bond debt and stock offerings, a lawyer for the Adelphia Recovery Trust told a judge yesterday in federal court in New York. More...

6 comments :

Anonymous said...

Citgroup,JP Morgan Chase,Bank of America along with a few others and the federal reserve control everything in America including policies the government puts in place via lobbyists.The great third president of the U.S.Thomas Jefferson once said."I believe that banking institutions are more dangerous to our liberties than standing armies.If the American people ever allow private banks to control the issue of their currency,first by inflation,then by deflation,the banks and corporations that will grow up around the banks will deprive the people of all property until thier children wake-up homless on the continent their fathers conquered.The issuing power should be taken from the banks and restored to the people,to whom it properly belongs."

Anonymous said...

Abolish the Federal Reserve (End the Fed), reinstate the Glass-Steagall Act, prevent banks from derivative gambling (there are not enough dollars out there to bail them out), prevent further looting of the Social Security funds, put America first instead of investing blood and money into Israel's wars. Educate yourself.

Anonymous said...

Too late. We've sold our soul to the Devil and now he's come to collect.

Anonymous said...

All 3 of you are absolutely correct. This isn't going to change any time soon, if ever. We have nowhere to go but further down, to our own demise.

Anonymous said...

Has it dawned on anyone that the real villains like Deloitte & Touche, Buchanan Ingersoll and these greedy bankers used politics or payoffs (Deloitte paid off the feds millions of dollars to avoid prosecution -- you can look it up!), while the clients who followed their advice and paid them millions to provide sound advice and keep them out of trouble are now behind bars in North Carolina?

Anonymous said...

Amen to the last blogger. Two men are paying for something they shouldn't. The rat that walks around town sold his sole and we all just sit around and do nothing. The Rigas' NEVER did anything wrong - however, there are many, many people out there that led them to the slaughter house. Shame!