Gawain 0 #1 May 6, 2009 http://online.wsj.com/article/SB124158058615290821.html#mod=rss_whats_news_us I can read these whole articles on my BlackBerry, but can't link them to see the whole article here. Strange how the "stress test" developed is saying Bank of America needs to raise $35B. So, here's how the conversation is looking so far: Govt: Nice job cleaning up CountryWide Financial. That's saving us a huge headache. We also need you to buy Merrill Lynch. BofA: Why? They're not looking so good either. Govt: They're too important to fail. Don't worry, we'll cover your ass while you work through the financials. BofA: Shit, look at these $3.7B in bonuses they just paid out. Govt: Don't worry about it. In fact, don't talk about it or we'll have to discredit you and push you out of the game. BofA: Fine, hook us up with TARP. Govt: Hands TARP check for $45B over. BofA: Okay, we're leveling out for now. Govt: By the way, your report card came in, you are going to have to raise $35B in funding to cushion yourself against future economic woes. BofA: We can't sell enough stock or assets to raise that much. Govt: Oh, well, guess you'll have to convert our TARP preferred shares into common stock. BofA: Thus making your our largest shareholder, and diluting the shares of our current shareholders...ummm.. Govt: Don't worry, President Obama, SecTreas Geithner and Fed Bernanke, all while never having actually run a real business before will "help" you. We'll just shift management here and there. BofA: I think you're overestimating the capital figures. Remember, we saved you from some pretty messy clean-ups with CountryWide and Merrill... Govt: We know best... BofA: Yeah, well the cat's out of the bag... Couldn't have written better political theater folks...of course, it's all coincidence that the government determined that BofA had to raise more than possible...more than they could sell in assets, stocks, bonds... BofA will be forced to convert to a government owned common-share. When that happens, one of my basic savings accounts will leave the BofA family.So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
jerryzflies 0 #2 May 6, 2009 Quote one of my basic savings accounts will leave the BofA family. Every interaction I've had with BofA has been negative. I wouldn't want my savings with them.If you can't fix it with a hammer, the problem's electrical. Quote Share this post Link to post Share on other sites
MikeMcLean 0 #3 May 6, 2009 QuoteQuote one of my basic savings accounts will leave the BofA family. Every interaction I've had with BofA has been negative. I wouldn't want my savings with them. Every interaction I've had with BofA has been extremely positive. When I was house shopping a little over a year ago their mortgage department was responsive and responsible. My primary checking account (with bill-pay, Quicken downloads, etc.) has been with them since 2003 which I told Wachovia to fark off.It wouldn't hurt you to think like a fucking serial killer every once in a while - just for the sake of prevention Quote Share this post Link to post Share on other sites
StreetScooby 5 #4 May 6, 2009 Obama and his guys are hell bent on dictating industrial policy. I see it getting worse before, if ever, it gets better.We are all engines of karma Quote Share this post Link to post Share on other sites
marks2065 0 #5 May 6, 2009 QuoteObama and his guys are hell bent on dictating industrial policy. I see it getting worse before, if ever, it gets better. Quotejust hope Obama doesn't win another election. I see a far right swing needed to ofset what has been done to this point. Quote Share this post Link to post Share on other sites
Amazon 7 #6 May 6, 2009 QuoteQuoteObama and his guys are hell bent on dictating industrial policy. I see it getting worse before, if ever, it gets better. Quotejust hope Obama doesn't win another election. I see a far right swing needed to ofset what has been done to this point. Uh.. the only reason that Obama was a shoe in.. was the performance of the right wing fucknuggets that thought wars of convienience were a good idea... while giving a shit about domestic economic factors....all of this brought on by fringe right politics that you and your fellow travellers foisted on this country... its going to be a generation before the American people will allow the same kind of idiocy. Quote Share this post Link to post Share on other sites
Gawain 0 #7 May 7, 2009 QuoteQuote one of my basic savings accounts will leave the BofA family. Every interaction I've had with BofA has been negative. I wouldn't want my savings with them. Well, the account started with an outfit that was acquired by BofA, but I didn't bother changing it out because the interest rate was decent at the time and it hasn't been "converted" to BofA as of yet. I'll move it out eventually...of course, if the govt takes a common share equity, I'll move it faster...So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
Krip 2 #8 May 7, 2009 Hi G Didn't BoA take over Countrywide before the the last election? I don't think BoA is going to miss your business. A lot of C.U.'s (military included) take better care of their customers than BoA. I've been happy with the service I've recieved from the Pentagon Credit union. Try iy you might like it One Jump Wonder Quote Share this post Link to post Share on other sites
Gawain 0 #9 May 7, 2009 Quote Hi G Didn't BoA take over Countrywide before the the last election? I don't think BoA is going to miss your business. A lot of C.U.'s (military included) take better care of their customers than BoA. I've been happy with the service I've recieved from the Pentagon Credit union. Try iy you might like it I've already got my portfolio with USAA (majority of business), a Credit Union (long term customer) and two banks (interest rate shops for basic products). I'm in good shape. So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
marks2065 0 #10 May 8, 2009 QuoteQuoteQuoteObama and his guys are hell bent on dictating industrial policy. I see it getting worse before, if ever, it gets better. Quotejust hope Obama doesn't win another election. I see a far right swing needed to ofset what has been done to this point. Uh.. the only reason that Obama was a shoe in.. was the performance of the right wing fucknuggets that thought wars of convienience were a good idea... while giving a shit about domestic economic factors....all of this brought on by fringe right politics that you and your fellow travellers foisted on this country... its going to be a generation before the American people will allow the same kind of idiocy. Quoteand it will be 3 generations before we get done paying for the dem congress and Obama's spending will be paid for. Quote Share this post Link to post Share on other sites
kelpdiver 2 #11 May 8, 2009 Quote Quoteand it will be 3 generations before we get done paying for the dem congress and Obama's spending will be paid for. In 3 generations we're unlikely to have gotten to the 10T in GOP debt, so yeah, no chance of getting to the debt spent by the current reign. Quote Share this post Link to post Share on other sites
