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Not With a Bang, But a Whimper: Bank of America's Death Rattle


Business  (tags: abuse, americans, banking and BOA, business, consumers, corporate, corruption, dishonesty, finance, foreclosures, government, investments, investors, lies, money, politics, society )

Kit
- 2830 days ago - commondreams.org
During this crisis, Ken Lewis went on a buying spree designed to allow him to brag that his was not simply bigger, but the biggest. Bank of America's holding company - BAC - became the acquirer of last resort. Lewis began his war on BAC's shareholders->



   

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Comments

Terry King (113)
Saturday October 22, 2011, 4:30 pm
I mourn the loss of A.P. Gianinni's vision! He would be horrified to see what Bank of America has become!
 

Kit B (276)
Saturday October 22, 2011, 4:34 pm

I agree, Terry. This article is graphically chilling. Corporation runs deep, I just can't remember a time when it was so open and determined to take us all down.
 

Past Member (0)
Saturday October 22, 2011, 7:53 pm
My bank is treating me GOOD!
 

LeMoyn Salmonsen (88)
Saturday October 22, 2011, 7:53 pm
To big to fail has got to equate too to big to exist. Havenít we learned that lesson yet? Why do we let them keep dragging us through the same swamps as alligator bate over and over?
 

Douglas S (1)
Sunday October 23, 2011, 6:31 am
Go local!
 

Terry King (113)
Sunday October 23, 2011, 12:04 pm
When I opened my first B of A account it was local!
 

Shirley H (49)
Sunday October 23, 2011, 12:35 pm
Very interesting and timely article. TY Kit. I posted on my Facebook page.
Shirley H.
 

Claudia O (73)
Sunday October 23, 2011, 12:37 pm
I used to be proud of being part of Bank of America. Now I am just embarrassed.
 

Mary Donnelly (47)
Sunday October 23, 2011, 1:58 pm
Thanks Kit.
 

Gloria H (88)
Sunday October 23, 2011, 2:06 pm
Watched waaay too many horror movies, somehow the evil being manages to pop back up from the dead, to take down a few of the unwary. When closing your B of A account, don't forget to take a garland of garlic, holy water, silver bullet (a dime will do in a pinch, if you have any money left) and a nice sharp stake.
 

Sheryl G (359)
Sunday October 23, 2011, 3:08 pm
I agree Hawkeye. These too big to fail can't be part of history fast enough for me. I agree Claudia, I removed my accounts from BOA awhile back, before the big messes. I hadn't started with them, they bought out the smaller bank I was with. I didn't stay long with them as they kept making mistakes and the personal feel I had with the other bank left along with everything else I liked about the smaller bank.
 

Bill Eagle (41)
Sunday October 23, 2011, 4:45 pm
Small banks are better than dealing with the big boys. I would still suggest taking one's money out and putting it in a credit union. Credit unions are not gambling on Wall Street with your money.
 

Carol H (229)
Sunday October 23, 2011, 5:59 pm
thanks Kit, noted
 

(0)
Sunday October 23, 2011, 6:34 pm
My understanding was that B of A was going to buy Lehman Bros. (when the banks were summoned to the Fed and told they better fix the problem - weekend prior to bankruptcy) but when Merrill realized that they were next, they did a back door deal with the B of A, leaving Lehman out in the cold. I also understand that the head of Merrill was out on the sidewalk negotiating his deal while he was supposed to find a solution to Lehman Bros. woes. I understand that Dick Fuld was not gentlemanly in his language when finding this out. Again, "no honour among thieves" certainly describes this bunch.
 

Kit B (276)
Monday October 24, 2011, 7:35 am

Those who have not read or at least seen the movie "Too Big too Fail" what you are missing are many details that have been left out of the conversation.

"Too Big too Fail" by by Andrew Ross Sorkin most cleverly and for obvious reasons tagged as a novel. All names and conversations are real - based on fact.
 

Rita White (55)
Monday October 24, 2011, 7:49 am
Great Post ~ Thank you !
 

Sue Matheson (79)
Monday October 24, 2011, 7:58 am
thanks.
 

MmAway M (520)
Monday October 24, 2011, 8:15 am
Thank you Kit! Unbelievable, but , YES I DO BELIEVE IT! Also, saw that Movie "To Big to Fail" with William Hurt on HBO last month.

Personally, I wish I would of grown up in the Jefferson age! Thankfully, I am older, but sadly not OLD ENOUGH, Tragic for the younger generation...and Disasterous for our World!
 

pam M (98)
Monday October 24, 2011, 1:27 pm
This is figgin' unbelievable . . no it's not. Countrywide was the biggest cess pool of all the mortgagors holding the worst paper. These are the a-holes that created the "Fast and Easy Loans". Come on in as long as you had a 700 + fico you could get a 100% LTV loan with no income verification. What brainless knuckle dragging suit thought this was a good idea? Forget a bank . . where's my mattress.
 

Tim Redfern (581)
Monday October 24, 2011, 2:57 pm
This article makes me nauseous.
BofA is Capitalism run rampant
in front of a mindless, soulless
corporation. I do indeed hope this
is BofA's death rattle. I will take a sick
pleasure in seeing them go down.
Thanks, Kit.
noted.
 
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