Perhaps this is a move to control the implosion?
Nothin’ to see here, folks. This would not have happened if only they could have foreclosed on the deadbeats...
/sarc
This goes a long way to ‘splaining Gross’ purchase of RMBS paper on margin tho.
Wasn’t BofA the one bank that didn’t go along with Bambi’s first round of “bailouts” (i.e., hostile takeovers)? I think the attacks on B of A are basically payback from Obama.
They deserve what they get. Off-shoring, purposefully structuring their services to attract the business of illegals, using the bait and switch tactics on their clients, involved in the sub prime mess................ If there is something dubious where a bank is technically legal, yet morally reprehensible and skirting the rules to make a buck, bet your money that BoA is already doing it.
Control of the whole market today has seemed a bit shakier than most days under 0.
I was involved in an IT project where two divisions of an F100 company were suing each other.