It’s beginning to sound a lot like Lehman! Massive layoffs probably coming soon…
On a web broadcast published on KingWorldNews, he advocates “the classical American way of dealing with this problem”– complete and total restructuring through Chapter 11. Before its too late.
His point: Countrywide’s bond trusts are worthless, were never properly constructed, and don’t protect investors at all. Bank of America is on the hook for all of that, and while its subsidiaries are well capitalized, the parent company is bust. The only thing to do to fix this problem is to unmake $100s of billions worth of bond contracts.
Read more: [BUSINESS INSIDER]