By Matt Schifrin FORBES
Oct. 25 2010 – 1:01 am
I pity CEO Brian Moynihan and the 284,000 other employees of Bank of America Corp (BAC). That includes 15,000 Merrill Lynch brokers who are still recovering from the financial crisis and now have to explain to their clients why they work for a firm that is at the epicenter of America’s housing crisis.
Not only have they seen $80 billion in stock market value evaporate since April but they also have to suffer the humiliation of having a parent company bone-headed enough to pay $4 billion for Countrywide, the financial firm created by subprime mortgage pimp Angelo Mozilo. That mess could wind up costing BAC $50 billion, excluding legal fees and brand value deterioration. Remember Countrywide originated $1.4 trillion in mortgages from 2005 to 2007 alone.
The latest ugly news for Bank of America is actually coming from Europe, where big institutional money managers and other mortgage securities buyers are now beginning to organize for an assault. This information comes from John Mauldin’s, Thoughts from the Frontline Weekly Newsletter. His e-letter is a must-read for many money managers and serious investors.
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It is clear who the people behind the curtain are wiling to through under the bus and BofA Moynihan is one of them…while Jammie prances around like a fox with the key to the hen house… then there is Foreclosure Mill Stern… what about Gerald Shapiro (aka LOGS ) the grand daddy of them all with foreclosure operations nationwide…
Moynihan & Stern are either the perfect patsy mark set up by their fellow BFF’s or are piling in cash into offshore accounts for taking the heat.
Perhaps some of those 300 people that have recently been given a “pink slip” by Stern will start “squealing like pigs to the slaughter”
PJ:
Could not have said it better! “while Jammie prances around like a fox with the key to the hen house”…”what about Gerald Shapiro (aka LOGS ) the grand daddy of them all with foreclosure operations nationwide”
What’s up with this? clue me in.
WOW-WOW- WOW – WOW – WOW – WOW
WHAT GOES AROUND COMES AROUND, BANK OF AMERICA I PRAY FOR YOU, SO THE LORD JESUS CAN TOUCH ALL OF YOUR HEARTS, FOR ALL THE EVIL YOU HAVE DONE, NOW YOU WILL EXPERIENCE,LITTLE BUT LITTLE, BY LITTE, WHAT ALL AMERICANS HAVE EXPERIENCE FOR THE LAS 3 YEARS, CHILDREN CRYING, MOTHERS PRAYING TO KEEP A ROOF OVER THEIR HEADS, FATHER TRYING TO FIND MONEY TO BRING FOOD TO THEIR TABLES, NOW BANK OF AMERICA YOU WILL FEEL, ALL THE SUFFERING WE ALL HAVE GONE THROUGH.
MY HEART IS WITH ALL THOSE AMERICANS THAT ARE SUFFERING DUE OF LACK OF JOBS, BUT GOD IS GOOD PEOPLE ALL THE TIME.
GOD BLESS AMERICA
Amazing! I just got a "request forbidden by twitter API" notice when I tried to favorite a tweet. Forbidden? Really? @twitter