What the H is going on? Whatever it is, it ain't honest. This regime knows no honesty.
When they crash, at least there will be a surge in temp jobs.....for robo-signers. The junk mortgages will have to be dumped on someone else.
“Is BOA the fall guy?”
This could well be the case.
When all of this came down, I saw an interview with the then CEO of BOA. I don’t remember the guy’s name...he is no longer CEO.
He indicated that BOA was forced to take government funds during this time. And “help” out with the other troubled entities.
I’m no fan of BOA, but if this guy was truthful..it really doesn’t seem right.
2009 : (BANK OF AMERICA ANNOUNCES IT HAS “SUSPENDED CURRENT COMMITMENTS” TO ITS CORPORATE PARTNER ACORN & WILL NOT ENTER INTO ANY FURTHER AGREEMENTS WITH ACORN OR ITS AFFILIATES)
NOVEMBER 30, 2010 : () -——Wikileaks Next Document Drop Will Probably Target Bank Of America, YAHOO Finance ^ | TUE November 30, 2010 | Katya Wachtel
NOVEMBER 30, 2010 : ()New York Attorney General Andrew Cuomo’s office refused to share some information with SEC lawyers...... -———Report: BofA First Got Favorable Deal From SEC On Merrill Settlement
By David Benoit
Of DOW JONES NEWSWIRES
“Looking at several posts about B of A recently, it makes me wonder...is B of A the designated fall guy?”
Bank of America is most definitely the designated fall guy. Before the 2008 financial crisis Charlotte, NC was emerging as a major financial center which threatened the stranglehold the New York Wall Street banks and the New York Federal Reserve have over the US financial system. Two things happened during the financial crisis. First the Federal Reserve chose the save Citibank, Goldman Sachs and JP Morgan and sacrifice Wachovia, the second largest Charlotte bank.
Second step, Bank of America on its own was going to survive so Bernanke and Paulson forced Bank of America to buy Merrill Lynch. Since then New York state (Cuomo as attorney general), the SEC, the Federal Reserve, the mainstream media, and the Treasury Department have hounded Bank of America in an effort to further weaken it. Note that Bank of America picked up most of its derivative exposure due to the Merrill Lynch acquisition, not due to its own actions prior to the big bailout.
Now Bank of America will be brought down and its good assets divided among the New York banks after the taxpayers cover the bad debt. Wall Street will once again have monopoly control over the US financial system and Charlotte will see its unemployment rate skyrocket with thousands of unemployed bankers having no place to go.
As an aside Wells Fargo is probably avoiding the Bank of America treatment this time around because it is headquartered in San Francisco, Pelosi’s hometown. However, Pelosi is in her 70’s so in a few years when she retires the Wall Street boys will find a way to bring down Wells. We cannot have competition in the financial sector in this country.
If we really wanted to reform the financial system we would separate investment banking from commercial banking again and we would break up the big New York banks. Instead we live in a world where what’s good for Goldman, JP Morgan, and Citibank is good for America!