People are throwing around the word bankruptcy way too loosely here. And Merrill Lynch should not be trusted at all, they have their own mortgage business and would like nothing better than to drive Countrywide out of business so they can increase their own market share. Nobody is talking about the massive conflict of interest held by Merrill, Lehman Bros., and other Wall Street investment houses that started their own mortgage companies in order to capture more of the profits from securitization. I am convinced these guys started this panic in order to drive out competition and enrich themselves.
indeed, I just finished a business article last week that said countrywide’s subprime exposure was much less than other’s in their sector
I am convinced these guys started this panic in order to drive out competition and enrich themselves.
Wow, you mean just like they destroyed all the small town agricultural banks in 1920-22??? Say it isn't so!