The Truth on John Thain - Exposed: John Thain & the Other 9 "Culprits of the Financial Crisis"
“The bank’s shares have been pummeled in recent days following the disclosure of the bank’s first quarterly loss in 17 years”
Let me get this straight...up until just now they were a profitable company...and they have one bad quarter and are set to go broke. By that standard, GM would have been bankrupt dozens of times by now.
No...the real reason is that the banks are able to cook their books and keep showing a profit, even as they fall off the cliff. Clearly, if this bank is broke after showing its first loss, just think about the rest of the banks.
The next phase of this meltdown is now starting.
Seems to me we were already part way to nationalization when the government, thanks to ACORN, “encouraged” the banks to make loans to people who couldn’t afford to pay them back.
I’m willing to sacrifice for the good of the country. I’d be willing to work for BofA for only $500k a year.
He’s right about nationalization.
Of course the way the bank has been run for years is also ridiculous, and I say that as a former employee.
If the banks are nationalized, they only have themselves to blame.
At least someone has the stones to stand up against 0bama, eh Joe?
You'll be the last to know, Ken. Clear your desk and box everything up to save yourself some time.