Wouldn’t that be another Obama downgrade?
It couldn’t happen to a more deserving bank.
Couldn’t happen to a nicer bank...
Wonder how that giving credit cards to illegals worked out for them?
how does this affect the consumer level? Mega-lo bank is my bank (unfortunately)... on a side note... we still have some stocks(from back in the good ‘ole days) and I have really been wondering if we need to cash them in and do like my grandfather did.... cash in a safe......
AIG and others are responsible for their own actions. Perhaps they would have researched risk before preparing CDS and other sure things.
Pity.
They were always so helpful and focused on their customers’ wellbeing.
1) I think that was Paulson/Bush with TARP.
2) How was AIG bailed out? The name and hierarchy remain, but the stockholders in AIG, which ARE the company, were DESTROYED!!!
3) The shell that AIG became was the needed washing machine so that Paulson/Bush could launder money that was suppossed to pay for "toxic assets" but was instead directly infused into banks foreign and domestic.
I do continue to make payments on it, and I am not behind.
It was 2008 when AIG almost detonated. Ergo, it was Obama's illustrious predecessor, George Dubya Bush who rescued AIG.
Much of that money has now been repaid by AIG which has managed to unwind many of its derivatives and sell off some of its profitable operations.
I can't imagine why AIG would go after BoA. I mean BoA only bought mega CDS on a bunch of crap mortgages while telling AIG that they were rock solid. Fraud is no big deal, is it?
I closed my B of A account years ago when I recognized their corruption. Since TARP, I no longer accept checks drawn on B of A. They are (like GM/Chrysler) under a permanent boycott. I will celebrate when this sleazy company dies a well-deserved death. If DC bails it out, anyone who votes for the bailout is also under a permanent boycott and will never get my vote or support. They’ve had a chance to rethink the Bailout/TARP, and anyone who supports that stupidity a second time does not belong in office.
By who? The author of the article?
This is journalism?
*
I remember when NationsBank merged with BankAmerica in 1998. Stories in the San Francisco Chronicle at the time said that the CEO of Bank of America was duped by the CEO of NationsBank into accepting a merger on terms that NationsBank later reneged on.
BofA lawsuit charges merger plot-Stockholder says top execs withheld crucial data
Charging that deception by top officers concealed the true nature of the NationsBank-BankAmerica merger, a San Mateo BofA stockholder has sued to recover the millions that it allegedly cost him and other investors.Gregory Baker, a dentist who owned 100 shares of BofA stock before the Sept. 30 merger, is seeking class-action status for the lawsuit, which was filed in San Francisco County Superior Court last week.
Baker contends that the banks' officers colluded in a scheme to conceal the true nature of the merger. It was not, as they insisted at the time, one of equals. Rather, alleges Barker, NationsBank was taking over BofA.
Baker alleges that the proxy statement mailed to shareholders Aug. 12, 1998, was intentionally false and misleading, contained serious misrepresentations and omitted critical material that could have changed the merger vote.
-PJ
I like how karma has played out with BOA....lovely stuff.
They just bought my mortgage refi, does that mean I don’t have to pay it back???
The community organizers supportive house of cards is coming down