Bank of America's $14 Billion Deal

[grannywils]

This was in today's news: Don't know who saw this , but I found it interesting. I'm posting the link as it is rather lengthy: http://www.theatlantic.com/business/archive/2011/06/bank-of-americas-14-billion-deal-everything-you-need-to-know/241204/

 

Be sure to follow the links within the article to get a full view of how BofA got to the point of having to pay this $14,000,000,000., particularly the "could have been worse" link

[HeyYou]

So, basically, they made 424 billion dollars off this deal, and are being forced to pay back less than 2% of it.

 

The wrote bad loans. Not surprisingly, those bad loans turned sour. The government bailed them out. They foreclosed on the homes that secured the bad loans....... So, they get the profit, they get the bailout, they get the properties, which they will resell, and who gets screwed in all this mess? The folks that bought the houses...... Typical.

[grannywils]

So, basically, they made 424 billion dollars off this deal, and are being forced to pay back less than 2% of it.

 

The wrote bad loans. Not surprisingly, those bad loans turned sour. The government bailed them out. They foreclosed on the homes that secured the bad loans....... So, they get the profit, they get the bailout, they get the properties, which they will resell, and who gets screwed in all this mess? The folks that bought the houses...... Typical.

 

 

 

hmmm

[Deleted472477User]

The Consumerist recently voted them one of the Worst Company of the Year or somesuch. They managed to get beat only by BP, and I think that's only because of the oil spill last year.