Bank of America to Buy Countrywide for $4billion

[Coronita]

Well, looks like it's officially official.  

NEW YORK (Reuters) – Bank of America Corp (NYSE:BAC – News) said on Friday it agreed to acquire battered mortgage lender Countrywide Financial Corp (NYSE:CFC – News) in a $4 billion transaction that could help avert one of the biggest collapses from the U.S. housing crisis.

The purchase constitutes another major but risky acquisition for Bank of America Chief Executive Kenneth Lewis, who has spent more than $100 billion through mergers to create the second-largest U.S. bank.

It may provide a lifeline for Countrywide, which has been battered by mounting losses, borrower defaults, and a slew of lawsuits and regulatory probes into its lending practices, and for the compensation of longtime Chief Executive Angelo Mozilo. Countrywide's market value was $26 billion less than a year ago.

"I'm breathing a big sigh of relief," said Nancy Bush, managing member of NAB Research LLC in Aiken, South Carolina. "This takes out a major point of uncertainty in the industry. It's certainly good for financial stocks overall."

Shares of Countrywide fell 82 cents, or 10.5 percent, to $6.93 in pre-market trading, after rising 51.4 percent on Thursday in anticipation of the transaction. Bank of America rose 75 cents to $40.05 in pre-market trading.

Countrywide shareholders would receive 0.1822 of a Bank of America share in exchange for each of their shares.

The transaction values Countrywide at $7.16 per share, a 7.6 percent discount to the Thursday closing price.

RISKS

If the transaction goes through, Charlotte, North Carolina-based Bank of America may be able to salvage a $2 billion preferred stock investment it made in Calabasas, California-based Countrywide in August. That transaction had lost more than half its value on paper.

"We don't feel like we're anywhere near out of the woods in this whole mortgage market, housing market, subprime morass," said Michael Mullaney, who helps invest about $10 billion at Fiduciary Trust Co in Boston. "I'm hoping it's not a save-face action from Ken Lewis."

On a conference call, Lewis acknowledged "near-term challenges" in mortgages, with expectations that volumes will fall amid "continued weakness in housing throughout 2008."

Still, he said Bank of America conducted "extensive due diligence" on Countrywide, calling the purchase a "one-time opportunity" to buy a powerful mortgage lender at "very attractive" terms.

Bank of America expects a $1.2 billion restructuring charge from the transaction, and said it will need a couple of billion dollars of new capital to help preserve its capital ratios.

It expects by 2011 to realize $670 million of after-tax cost savings, or 11 percent of the combined companies' mortgage expenses.

The bank expects the transaction to close in the third quarter, and add to earnings per share in 2009. It also said the thrift status of Countrywide's banking unit means the addition of the company's $61 billion of deposits would not cause Bank of America to breach a 10 percent federal cap on deposits.

LIGHTNING ROD

Mozilo a butcher's son from the South Bronx who co-founded Countrywide in 1969, has been a lightning rod for critics who say he encouraged loose lending practices that contributed heavily to the housing crisis.

Lewis said he would like the 69-year-old Mozilo to stay with Countrywide until the merger closes, after which "I would guess he would want to go have some fun." He also said he would like to retain "a number" of senior Countrywide executives.

Countrywide made $408 billion of mortgages in 2007, roughly one in six U.S. home loans. It also handles billings on some $1.48 trillion of mortgages in its servicing portfolio.

However, it made far fewer loans as the year wore on after it lost access to credit markets. It stopped making most of the variable-rate and subprime mortgages that caused many of its problems in the first place.

Countrywide lost $1.2 billion in the third quarter, and on Wednesday said defaults and late payments in its servicing portfolio reached the highest on record.

"It's naive to think we are at the end of the process in terms of recognizing losses from the mortgage crisis," said Rick Meckler, president of LibertyView Capital Management, a Jersey City, New Jersey, investment firm.

Countrywide essentially stopped making subprime home loans, and Bank of America, which has not made those loans since 2001, said the combined company will not make them either.

Mozilo has also been faulted for collecting hundreds of millions of dollars in compensation this decade, including millions after it was clear the housing crisis had begun. He could receive another $36.4 million if the merger goes through, according to regulatory filings and compensation experts.

Bank of America's own bankers and the law firms Cleary, Gottlieb, Steen & Hamilton LLP and K&L Gates advised the bank on the merger. Sandler O'Neill & Partners LP, Goldman Sachs & Co and the law firm Wachtell Lipton Rosen & Katz advised Countrywide. Sandler also advised Countrywide's board of directors.

(Reporting by Jonathan Stempel; Additional reporting by Joseph A. Giannone, Christian Plumb and Caroline Valetkevitch; Editing by Derek Caney and Dave Zimmerman)

[Coronita]

Favorite line from Ken Lewis in this article:

Lewis said he would like the 69-year-old Mozilo to stay with Countrywide until the merger closes, after which "I would guess he would want to go have some fun."

Lol. Next time i need to let go someone on a project, I'm going to use that line. "Why don't you leave and go have some fun?"

 [img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

 

—– Sour grapes for everyone!

[bsrsharma]

Very good news for taxpayers. If Countrywide had failed and loans taken over by Federal agencies, it would have hurt; now BofA enjoys the role of asbestos cleanup crew.

[bsrsharma]

Very good news for taxpayers. If Countrywide had failed and loans taken over by Federal agencies, it would have hurt; now BofA enjoys the role of asbestos cleanup crew.

[bsrsharma]

Very good news for taxpayers. If Countrywide had failed and loans taken over by Federal agencies, it would have hurt; now BofA enjoys the role of asbestos cleanup crew.

[bsrsharma]

Very good news for taxpayers. If Countrywide had failed and loans taken over by Federal agencies, it would have hurt; now BofA enjoys the role of asbestos cleanup crew.

[bsrsharma]

Very good news for taxpayers. If Countrywide had failed and loans taken over by Federal agencies, it would have hurt; now BofA enjoys the role of asbestos cleanup crew.

[Allan from Fallbrook]

FLU: I caught that one, too. I thought the corporate-speak phrase was: “Leaving to pursue other interests”. Or, my fave: “Leaving to spend more time with his/her family”.

I guess in this case, they think staving off dozens of class-action lawsuits for shareholder fraud is fun. Those banking guys are a hoot!

The biggest question here is: Did BofA guess right, or wrong? The acquisition was at a considerable discount from the previous market cap, but the company is in disarray, with many thinking the worst is yet to come. It will be interesting to see how this plays out.

[TheBreeze]

My guess is they overpaid by about $104 billion.

[TheBreeze]

My guess is they overpaid by about $104 billion.

[TheBreeze]

My guess is they overpaid by about $104 billion.

[TheBreeze]

My guess is they overpaid by about $104 billion.

[TheBreeze]

My guess is they overpaid by about $104 billion.

[mydogsarelazy]

I have some questions for Kenneth D. Lewis, the CEO of Bank of America:

1) Are you really going to pay Angelo Mozillo’s country club membership fees through 2011?

2) Why are you giving Mr. Mozillo — a failed executive — $115 million in severance pay?

3) Will Countrywide’s India based customer service employees be taught the phrase “Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage.”

4) Why are you buying one of America’s most evil companies?

Nothing good will come of this deal. B of A will be humbled as Countrywide’s assets deteriorate further over time.

JS

[Coronita]

I have some questions for Kenneth D. Lewis, the CEO of Bank of America:

1) Are you really going to pay Angelo Mozillo's country club membership fees through 2011?

2) Why are you giving Mr. Mozillo — a failed executive — $115 million in severance pay?

3) Will Countrywide's India based customer service employees be taught the phrase "Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage."

4) Why are you buying one of America's most evil companies?

Nothing good will come of this deal. B of A will be humbled as Countrywide's assets deteriorate further over time.

JS

Why did Carly Fiorina get her severance for mucking up HP/Compaq for so long?? It's called a golden parachute. It might not appear fair, but it is what it is.

 

 

3) Will Countrywide's India based customer service employees be taught the phrase "Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage."

Hmmm, Indian call center workers teaching some Americans basic math skills for free…That wouldn't be a bad thing would it? Who else would these people learn from here in the States? 🙂

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I have some questions for Kenneth D. Lewis, the CEO of Bank of America:

1) Are you really going to pay Angelo Mozillo's country club membership fees through 2011?

2) Why are you giving Mr. Mozillo — a failed executive — $115 million in severance pay?

3) Will Countrywide's India based customer service employees be taught the phrase "Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage."

4) Why are you buying one of America's most evil companies?

Nothing good will come of this deal. B of A will be humbled as Countrywide's assets deteriorate further over time.

JS

Why did Carly Fiorina get her severance for mucking up HP/Compaq for so long?? It's called a golden parachute. It might not appear fair, but it is what it is.

 

 

3) Will Countrywide's India based customer service employees be taught the phrase "Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage."

Hmmm, Indian call center workers teaching some Americans basic math skills for free…That wouldn't be a bad thing would it? Who else would these people learn from here in the States? 🙂

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I have some questions for Kenneth D. Lewis, the CEO of Bank of America:

1) Are you really going to pay Angelo Mozillo's country club membership fees through 2011?

2) Why are you giving Mr. Mozillo — a failed executive — $115 million in severance pay?

3) Will Countrywide's India based customer service employees be taught the phrase "Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage."

4) Why are you buying one of America's most evil companies?

Nothing good will come of this deal. B of A will be humbled as Countrywide's assets deteriorate further over time.

JS

Why did Carly Fiorina get her severance for mucking up HP/Compaq for so long?? It's called a golden parachute. It might not appear fair, but it is what it is.

 

 

3) Will Countrywide's India based customer service employees be taught the phrase "Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage."

Hmmm, Indian call center workers teaching some Americans basic math skills for free…That wouldn't be a bad thing would it? Who else would these people learn from here in the States? 🙂

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I have some questions for Kenneth D. Lewis, the CEO of Bank of America:

1) Are you really going to pay Angelo Mozillo's country club membership fees through 2011?

2) Why are you giving Mr. Mozillo — a failed executive — $115 million in severance pay?

3) Will Countrywide's India based customer service employees be taught the phrase "Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage."

4) Why are you buying one of America's most evil companies?

Nothing good will come of this deal. B of A will be humbled as Countrywide's assets deteriorate further over time.

JS

Why did Carly Fiorina get her severance for mucking up HP/Compaq for so long?? It's called a golden parachute. It might not appear fair, but it is what it is.

 

 

3) Will Countrywide's India based customer service employees be taught the phrase "Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage."

Hmmm, Indian call center workers teaching some Americans basic math skills for free…That wouldn't be a bad thing would it? Who else would these people learn from here in the States? 🙂

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I have some questions for Kenneth D. Lewis, the CEO of Bank of America:

1) Are you really going to pay Angelo Mozillo's country club membership fees through 2011?

2) Why are you giving Mr. Mozillo — a failed executive — $115 million in severance pay?

3) Will Countrywide's India based customer service employees be taught the phrase "Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage."

4) Why are you buying one of America's most evil companies?

Nothing good will come of this deal. B of A will be humbled as Countrywide's assets deteriorate further over time.

JS

Why did Carly Fiorina get her severance for mucking up HP/Compaq for so long?? It's called a golden parachute. It might not appear fair, but it is what it is.

 

 

3) Will Countrywide's India based customer service employees be taught the phrase "Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage."

Hmmm, Indian call center workers teaching some Americans basic math skills for free…That wouldn't be a bad thing would it? Who else would these people learn from here in the States? 🙂

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[mydogsarelazy]

I have some questions for Kenneth D. Lewis, the CEO of Bank of America:

1) Are you really going to pay Angelo Mozillo’s country club membership fees through 2011?

2) Why are you giving Mr. Mozillo — a failed executive — $115 million in severance pay?

3) Will Countrywide’s India based customer service employees be taught the phrase “Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage.”

4) Why are you buying one of America’s most evil companies?

Nothing good will come of this deal. B of A will be humbled as Countrywide’s assets deteriorate further over time.

JS

[mydogsarelazy]

I have some questions for Kenneth D. Lewis, the CEO of Bank of America:

1) Are you really going to pay Angelo Mozillo’s country club membership fees through 2011?

2) Why are you giving Mr. Mozillo — a failed executive — $115 million in severance pay?

3) Will Countrywide’s India based customer service employees be taught the phrase “Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage.”

4) Why are you buying one of America’s most evil companies?

Nothing good will come of this deal. B of A will be humbled as Countrywide’s assets deteriorate further over time.

JS

[mydogsarelazy]

I have some questions for Kenneth D. Lewis, the CEO of Bank of America:

1) Are you really going to pay Angelo Mozillo’s country club membership fees through 2011?

2) Why are you giving Mr. Mozillo — a failed executive — $115 million in severance pay?

3) Will Countrywide’s India based customer service employees be taught the phrase “Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage.”

4) Why are you buying one of America’s most evil companies?

Nothing good will come of this deal. B of A will be humbled as Countrywide’s assets deteriorate further over time.

JS

[mydogsarelazy]

I have some questions for Kenneth D. Lewis, the CEO of Bank of America:

1) Are you really going to pay Angelo Mozillo’s country club membership fees through 2011?

2) Why are you giving Mr. Mozillo — a failed executive — $115 million in severance pay?

3) Will Countrywide’s India based customer service employees be taught the phrase “Bank of America/Countrywide regrets that you were not adequately informed of the terms of your mortgage.”

4) Why are you buying one of America’s most evil companies?

Nothing good will come of this deal. B of A will be humbled as Countrywide’s assets deteriorate further over time.

JS

[Coronita]

The biggest question here is: Did BofA guess right, or wrong? The acquisition was at a considerable discount from the previous market cap, but the company is in disarray, with many thinking the worst is yet to come. It will be interesting to see how this plays out.

My guess is that they won't be doing the cleanup without assistance from the Gov. I'm sure they'll get some deal from the Fed. Fed will just use BofA as a proxy to do the toxic cleanup. I wasn't kidding in the previous post about all BofA doing "one time restructing charges" for the next couple of quarters or years….They'll just keep playing the game "we beat estimates before the one time charges", but here are the one time charges related to the CFC acquisition. You spread the loss over a couple of quarters over a few years, with the assistance of cash infusion from Fed or foreign companies ,possibly sell off some of this toxic waste at a huge discount to offshore investors, and in a few years, problem magically goes away. Lol….

 

They're already starting to play this game:

Bank of America expects a $1.2 billion restructuring charge from the transaction, and said it will need a couple of billion dollars of new capital to help preserve its capital ratios.

The next time, it will be another 1.2 billion. Do this across 8 quarters, you got a nice 10.6 billion in charges you just passed through over the course of 2 years, while still being able to look great to wall street ("it was only the one time restructuring charges".) This would be great for BofA to clean their own house too, everything bad is related to the restructuring. 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

The biggest question here is: Did BofA guess right, or wrong? The acquisition was at a considerable discount from the previous market cap, but the company is in disarray, with many thinking the worst is yet to come. It will be interesting to see how this plays out.

My guess is that they won't be doing the cleanup without assistance from the Gov. I'm sure they'll get some deal from the Fed. Fed will just use BofA as a proxy to do the toxic cleanup. I wasn't kidding in the previous post about all BofA doing "one time restructing charges" for the next couple of quarters or years….They'll just keep playing the game "we beat estimates before the one time charges", but here are the one time charges related to the CFC acquisition. You spread the loss over a couple of quarters over a few years, with the assistance of cash infusion from Fed or foreign companies ,possibly sell off some of this toxic waste at a huge discount to offshore investors, and in a few years, problem magically goes away. Lol….

 

They're already starting to play this game:

Bank of America expects a $1.2 billion restructuring charge from the transaction, and said it will need a couple of billion dollars of new capital to help preserve its capital ratios.

The next time, it will be another 1.2 billion. Do this across 8 quarters, you got a nice 10.6 billion in charges you just passed through over the course of 2 years, while still being able to look great to wall street ("it was only the one time restructuring charges".) This would be great for BofA to clean their own house too, everything bad is related to the restructuring. 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

The biggest question here is: Did BofA guess right, or wrong? The acquisition was at a considerable discount from the previous market cap, but the company is in disarray, with many thinking the worst is yet to come. It will be interesting to see how this plays out.

My guess is that they won't be doing the cleanup without assistance from the Gov. I'm sure they'll get some deal from the Fed. Fed will just use BofA as a proxy to do the toxic cleanup. I wasn't kidding in the previous post about all BofA doing "one time restructing charges" for the next couple of quarters or years….They'll just keep playing the game "we beat estimates before the one time charges", but here are the one time charges related to the CFC acquisition. You spread the loss over a couple of quarters over a few years, with the assistance of cash infusion from Fed or foreign companies ,possibly sell off some of this toxic waste at a huge discount to offshore investors, and in a few years, problem magically goes away. Lol….

 

They're already starting to play this game:

Bank of America expects a $1.2 billion restructuring charge from the transaction, and said it will need a couple of billion dollars of new capital to help preserve its capital ratios.

The next time, it will be another 1.2 billion. Do this across 8 quarters, you got a nice 10.6 billion in charges you just passed through over the course of 2 years, while still being able to look great to wall street ("it was only the one time restructuring charges".) This would be great for BofA to clean their own house too, everything bad is related to the restructuring. 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

The biggest question here is: Did BofA guess right, or wrong? The acquisition was at a considerable discount from the previous market cap, but the company is in disarray, with many thinking the worst is yet to come. It will be interesting to see how this plays out.

My guess is that they won't be doing the cleanup without assistance from the Gov. I'm sure they'll get some deal from the Fed. Fed will just use BofA as a proxy to do the toxic cleanup. I wasn't kidding in the previous post about all BofA doing "one time restructing charges" for the next couple of quarters or years….They'll just keep playing the game "we beat estimates before the one time charges", but here are the one time charges related to the CFC acquisition. You spread the loss over a couple of quarters over a few years, with the assistance of cash infusion from Fed or foreign companies ,possibly sell off some of this toxic waste at a huge discount to offshore investors, and in a few years, problem magically goes away. Lol….

 

They're already starting to play this game:

Bank of America expects a $1.2 billion restructuring charge from the transaction, and said it will need a couple of billion dollars of new capital to help preserve its capital ratios.

The next time, it will be another 1.2 billion. Do this across 8 quarters, you got a nice 10.6 billion in charges you just passed through over the course of 2 years, while still being able to look great to wall street ("it was only the one time restructuring charges".) This would be great for BofA to clean their own house too, everything bad is related to the restructuring. 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

The biggest question here is: Did BofA guess right, or wrong? The acquisition was at a considerable discount from the previous market cap, but the company is in disarray, with many thinking the worst is yet to come. It will be interesting to see how this plays out.

My guess is that they won't be doing the cleanup without assistance from the Gov. I'm sure they'll get some deal from the Fed. Fed will just use BofA as a proxy to do the toxic cleanup. I wasn't kidding in the previous post about all BofA doing "one time restructing charges" for the next couple of quarters or years….They'll just keep playing the game "we beat estimates before the one time charges", but here are the one time charges related to the CFC acquisition. You spread the loss over a couple of quarters over a few years, with the assistance of cash infusion from Fed or foreign companies ,possibly sell off some of this toxic waste at a huge discount to offshore investors, and in a few years, problem magically goes away. Lol….

 

They're already starting to play this game:

Bank of America expects a $1.2 billion restructuring charge from the transaction, and said it will need a couple of billion dollars of new capital to help preserve its capital ratios.

The next time, it will be another 1.2 billion. Do this across 8 quarters, you got a nice 10.6 billion in charges you just passed through over the course of 2 years, while still being able to look great to wall street ("it was only the one time restructuring charges".) This would be great for BofA to clean their own house too, everything bad is related to the restructuring. 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Allan from Fallbrook]

FLU: I caught that one, too. I thought the corporate-speak phrase was: “Leaving to pursue other interests”. Or, my fave: “Leaving to spend more time with his/her family”.

I guess in this case, they think staving off dozens of class-action lawsuits for shareholder fraud is fun. Those banking guys are a hoot!

The biggest question here is: Did BofA guess right, or wrong? The acquisition was at a considerable discount from the previous market cap, but the company is in disarray, with many thinking the worst is yet to come. It will be interesting to see how this plays out.

[Allan from Fallbrook]

FLU: I caught that one, too. I thought the corporate-speak phrase was: “Leaving to pursue other interests”. Or, my fave: “Leaving to spend more time with his/her family”.

I guess in this case, they think staving off dozens of class-action lawsuits for shareholder fraud is fun. Those banking guys are a hoot!

The biggest question here is: Did BofA guess right, or wrong? The acquisition was at a considerable discount from the previous market cap, but the company is in disarray, with many thinking the worst is yet to come. It will be interesting to see how this plays out.

[Allan from Fallbrook]

FLU: I caught that one, too. I thought the corporate-speak phrase was: “Leaving to pursue other interests”. Or, my fave: “Leaving to spend more time with his/her family”.

I guess in this case, they think staving off dozens of class-action lawsuits for shareholder fraud is fun. Those banking guys are a hoot!

The biggest question here is: Did BofA guess right, or wrong? The acquisition was at a considerable discount from the previous market cap, but the company is in disarray, with many thinking the worst is yet to come. It will be interesting to see how this plays out.

[Allan from Fallbrook]

FLU: I caught that one, too. I thought the corporate-speak phrase was: “Leaving to pursue other interests”. Or, my fave: “Leaving to spend more time with his/her family”.

I guess in this case, they think staving off dozens of class-action lawsuits for shareholder fraud is fun. Those banking guys are a hoot!

The biggest question here is: Did BofA guess right, or wrong? The acquisition was at a considerable discount from the previous market cap, but the company is in disarray, with many thinking the worst is yet to come. It will be interesting to see how this plays out.

[kev374]

Lol. Next time i need to let go someone on a project, I’m going to use that line. “Why don’t you leave and go have some fun?”

With $83 million severence and all the money he made selling his CFC stockpiles when it was $20-25/share I think he is in for some serious fun!

[kev374]

Lol. Next time i need to let go someone on a project, I’m going to use that line. “Why don’t you leave and go have some fun?”

With $83 million severence and all the money he made selling his CFC stockpiles when it was $20-25/share I think he is in for some serious fun!

[kev374]

Lol. Next time i need to let go someone on a project, I’m going to use that line. “Why don’t you leave and go have some fun?”

With $83 million severence and all the money he made selling his CFC stockpiles when it was $20-25/share I think he is in for some serious fun!

[kev374]

Lol. Next time i need to let go someone on a project, I’m going to use that line. “Why don’t you leave and go have some fun?”

With $83 million severence and all the money he made selling his CFC stockpiles when it was $20-25/share I think he is in for some serious fun!

[kev374]

Lol. Next time i need to let go someone on a project, I’m going to use that line. “Why don’t you leave and go have some fun?”

With $83 million severence and all the money he made selling his CFC stockpiles when it was $20-25/share I think he is in for some serious fun!

[Coronita]

Favorite line from Ken Lewis in this article:

Lewis said he would like the 69-year-old Mozilo to stay with Countrywide until the merger closes, after which "I would guess he would want to go have some fun."

Lol. Next time i need to let go someone on a project, I'm going to use that line. "Why don't you leave and go have some fun?"

 [img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

 

—– Sour grapes for everyone!

[Coronita]

Favorite line from Ken Lewis in this article:

Lewis said he would like the 69-year-old Mozilo to stay with Countrywide until the merger closes, after which "I would guess he would want to go have some fun."

Lol. Next time i need to let go someone on a project, I'm going to use that line. "Why don't you leave and go have some fun?"

 [img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

 

—– Sour grapes for everyone!

[Coronita]

Favorite line from Ken Lewis in this article:

Lewis said he would like the 69-year-old Mozilo to stay with Countrywide until the merger closes, after which "I would guess he would want to go have some fun."

Lol. Next time i need to let go someone on a project, I'm going to use that line. "Why don't you leave and go have some fun?"

 [img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

 

—– Sour grapes for everyone!

[Coronita]

Favorite line from Ken Lewis in this article:

Lewis said he would like the 69-year-old Mozilo to stay with Countrywide until the merger closes, after which "I would guess he would want to go have some fun."

Lol. Next time i need to let go someone on a project, I'm going to use that line. "Why don't you leave and go have some fun?"

 [img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

 

—– Sour grapes for everyone!

[XBoxBoy]

When I read about this story on various blogs, I often see suggestions that the Fed was behind this deal, twisting BofA’s arm to make it happen. Anyone have any idea how the fed twists a large banks arm? What leverage can they use other than to ask pretty please with cream and sugar and a cherry on top?

Inquiring minds want to know.

XBoxBoy

[Fearful]

Carrot: The Fed can offer to take questionable collateral for loans to BofA.

Stick: The Fed can say they will scrutinize BofA more closely before new loans.

The Fed has BofA’s nuts firmly in their grip. Not that they can actually twist hard, but they can squeeze, or they can relax. Either way is worth some serious cash to BofA.

[cr]

Mozillo must have some major dirt on B of A. I still say once the rest of the housing crash plays out they will regret this big time. That billion $ cash infusion a few months ago didn’t work, why would this?

[Doofrat]

Hmmm, Indian call center workers teaching some Americans basic math skills for free…That wouldn’t be a bad thing would it? Who else would these people learn from here in the States? 🙂

That’s hilarious FLU!

[kewp]

I think the big carrot is that gubbmint is going to be more likely to green-light further acquisitions by BOA if they do a good job cleaning up CW.

In a few years, “Bank of America” may be a literal description.

[kev374]

What happens to Countrywide bank, are they are separate entity? I’m sure this banks’ balance sheet is dismal as well. Any chances they will go under?

[drunkle]

here’s one opinion of boa’s gains:

http://money.cnn.com/2008/01/11/news/companies/sloan_countrywide.fortune/index.htm?postversion=2008011114

spend a dollar to make 50 cents? or tax breaks plus whatever earnings cw provides > cost?

[Coronita]

Drunkle,

That's exactly what I'm expecting. The Fed is using BofA as a proxy to achieve a bailout. BofA gets benefits and gets to grow..Though the appearance to the regular Joe is we have a corporate bailout by another company, not by the U.S. gov.

Perception is reality. 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[drunkle]

well, i was actually expecting more… exceptional tax credits or “tax incentives” or a new corporate tax break, etc. if nothing has changed, no new tax breaks or anything and boa is doing this under the existing rules and still making money… more power to em.

[drunkle]

well, i was actually expecting more… exceptional tax credits or “tax incentives” or a new corporate tax break, etc. if nothing has changed, no new tax breaks or anything and boa is doing this under the existing rules and still making money… more power to em.

[drunkle]

well, i was actually expecting more… exceptional tax credits or “tax incentives” or a new corporate tax break, etc. if nothing has changed, no new tax breaks or anything and boa is doing this under the existing rules and still making money… more power to em.

[drunkle]

well, i was actually expecting more… exceptional tax credits or “tax incentives” or a new corporate tax break, etc. if nothing has changed, no new tax breaks or anything and boa is doing this under the existing rules and still making money… more power to em.

[drunkle]

well, i was actually expecting more… exceptional tax credits or “tax incentives” or a new corporate tax break, etc. if nothing has changed, no new tax breaks or anything and boa is doing this under the existing rules and still making money… more power to em.

[Coronita]

Drunkle,

That's exactly what I'm expecting. The Fed is using BofA as a proxy to achieve a bailout. BofA gets benefits and gets to grow..Though the appearance to the regular Joe is we have a corporate bailout by another company, not by the U.S. gov.

Perception is reality. 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Drunkle,

That's exactly what I'm expecting. The Fed is using BofA as a proxy to achieve a bailout. BofA gets benefits and gets to grow..Though the appearance to the regular Joe is we have a corporate bailout by another company, not by the U.S. gov.

Perception is reality. 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Drunkle,

That's exactly what I'm expecting. The Fed is using BofA as a proxy to achieve a bailout. BofA gets benefits and gets to grow..Though the appearance to the regular Joe is we have a corporate bailout by another company, not by the U.S. gov.

Perception is reality. 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Drunkle,

That's exactly what I'm expecting. The Fed is using BofA as a proxy to achieve a bailout. BofA gets benefits and gets to grow..Though the appearance to the regular Joe is we have a corporate bailout by another company, not by the U.S. gov.

Perception is reality. 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[sdrealtor]

Just antoher heroic measure to save the housing market and US economy aimed at mitigating the damage. Not the first and certainly not he last we will see.

[sdrealtor]

Just antoher heroic measure to save the housing market and US economy aimed at mitigating the damage. Not the first and certainly not he last we will see.

[sdrealtor]

Just antoher heroic measure to save the housing market and US economy aimed at mitigating the damage. Not the first and certainly not he last we will see.

[sdrealtor]

Just antoher heroic measure to save the housing market and US economy aimed at mitigating the damage. Not the first and certainly not he last we will see.

[sdrealtor]

Just antoher heroic measure to save the housing market and US economy aimed at mitigating the damage. Not the first and certainly not he last we will see.

[drunkle]

here’s one opinion of boa’s gains:

http://money.cnn.com/2008/01/11/news/companies/sloan_countrywide.fortune/index.htm?postversion=2008011114

spend a dollar to make 50 cents? or tax breaks plus whatever earnings cw provides > cost?

[drunkle]

here’s one opinion of boa’s gains:

http://money.cnn.com/2008/01/11/news/companies/sloan_countrywide.fortune/index.htm?postversion=2008011114

spend a dollar to make 50 cents? or tax breaks plus whatever earnings cw provides > cost?

[drunkle]

here’s one opinion of boa’s gains:

http://money.cnn.com/2008/01/11/news/companies/sloan_countrywide.fortune/index.htm?postversion=2008011114

spend a dollar to make 50 cents? or tax breaks plus whatever earnings cw provides > cost?

[drunkle]

here’s one opinion of boa’s gains:

http://money.cnn.com/2008/01/11/news/companies/sloan_countrywide.fortune/index.htm?postversion=2008011114

spend a dollar to make 50 cents? or tax breaks plus whatever earnings cw provides > cost?

[kev374]

What happens to Countrywide bank, are they are separate entity? I’m sure this banks’ balance sheet is dismal as well. Any chances they will go under?

[kev374]

What happens to Countrywide bank, are they are separate entity? I’m sure this banks’ balance sheet is dismal as well. Any chances they will go under?

[kev374]

What happens to Countrywide bank, are they are separate entity? I’m sure this banks’ balance sheet is dismal as well. Any chances they will go under?

[kev374]

What happens to Countrywide bank, are they are separate entity? I’m sure this banks’ balance sheet is dismal as well. Any chances they will go under?

[VoZangre]

ka ching!!!!!!!!

BRSHARMA gets props for the “asbestos cleanup crew” comment. Starting off the new year sarcastic is always good!

Kewp is scarily close with the prediction..

” The United Banks of America” replace 50 stars w/ one big’un.

ciao for now…

Voz

[VoZangre]

ka ching!!!!!!!!

BRSHARMA gets props for the “asbestos cleanup crew” comment. Starting off the new year sarcastic is always good!

Kewp is scarily close with the prediction..

” The United Banks of America” replace 50 stars w/ one big’un.

ciao for now…

Voz

[VoZangre]

ka ching!!!!!!!!

BRSHARMA gets props for the “asbestos cleanup crew” comment. Starting off the new year sarcastic is always good!

Kewp is scarily close with the prediction..

” The United Banks of America” replace 50 stars w/ one big’un.

ciao for now…

Voz

[VoZangre]

ka ching!!!!!!!!

BRSHARMA gets props for the “asbestos cleanup crew” comment. Starting off the new year sarcastic is always good!

Kewp is scarily close with the prediction..

” The United Banks of America” replace 50 stars w/ one big’un.

ciao for now…

Voz

[VoZangre]

ka ching!!!!!!!!

BRSHARMA gets props for the “asbestos cleanup crew” comment. Starting off the new year sarcastic is always good!

Kewp is scarily close with the prediction..

” The United Banks of America” replace 50 stars w/ one big’un.

ciao for now…

Voz

[kewp]

I think the big carrot is that gubbmint is going to be more likely to green-light further acquisitions by BOA if they do a good job cleaning up CW.

In a few years, “Bank of America” may be a literal description.

[kewp]

I think the big carrot is that gubbmint is going to be more likely to green-light further acquisitions by BOA if they do a good job cleaning up CW.

In a few years, “Bank of America” may be a literal description.

[kewp]

I think the big carrot is that gubbmint is going to be more likely to green-light further acquisitions by BOA if they do a good job cleaning up CW.

In a few years, “Bank of America” may be a literal description.

[kewp]

I think the big carrot is that gubbmint is going to be more likely to green-light further acquisitions by BOA if they do a good job cleaning up CW.

In a few years, “Bank of America” may be a literal description.

[Doofrat]

Hmmm, Indian call center workers teaching some Americans basic math skills for free…That wouldn’t be a bad thing would it? Who else would these people learn from here in the States? 🙂

That’s hilarious FLU!

[Doofrat]

Hmmm, Indian call center workers teaching some Americans basic math skills for free…That wouldn’t be a bad thing would it? Who else would these people learn from here in the States? 🙂

That’s hilarious FLU!

[Doofrat]

Hmmm, Indian call center workers teaching some Americans basic math skills for free…That wouldn’t be a bad thing would it? Who else would these people learn from here in the States? 🙂

That’s hilarious FLU!

[Doofrat]

Hmmm, Indian call center workers teaching some Americans basic math skills for free…That wouldn’t be a bad thing would it? Who else would these people learn from here in the States? 🙂

That’s hilarious FLU!

[cr]

Mozillo must have some major dirt on B of A. I still say once the rest of the housing crash plays out they will regret this big time. That billion $ cash infusion a few months ago didn’t work, why would this?

[cr]

Mozillo must have some major dirt on B of A. I still say once the rest of the housing crash plays out they will regret this big time. That billion $ cash infusion a few months ago didn’t work, why would this?

[cr]

Mozillo must have some major dirt on B of A. I still say once the rest of the housing crash plays out they will regret this big time. That billion $ cash infusion a few months ago didn’t work, why would this?

[cr]

Mozillo must have some major dirt on B of A. I still say once the rest of the housing crash plays out they will regret this big time. That billion $ cash infusion a few months ago didn’t work, why would this?

[Fearful]

Carrot: The Fed can offer to take questionable collateral for loans to BofA.

Stick: The Fed can say they will scrutinize BofA more closely before new loans.

The Fed has BofA’s nuts firmly in their grip. Not that they can actually twist hard, but they can squeeze, or they can relax. Either way is worth some serious cash to BofA.

[Fearful]

Carrot: The Fed can offer to take questionable collateral for loans to BofA.

Stick: The Fed can say they will scrutinize BofA more closely before new loans.

The Fed has BofA’s nuts firmly in their grip. Not that they can actually twist hard, but they can squeeze, or they can relax. Either way is worth some serious cash to BofA.

[Fearful]

Carrot: The Fed can offer to take questionable collateral for loans to BofA.

Stick: The Fed can say they will scrutinize BofA more closely before new loans.

The Fed has BofA’s nuts firmly in their grip. Not that they can actually twist hard, but they can squeeze, or they can relax. Either way is worth some serious cash to BofA.

[Fearful]

Carrot: The Fed can offer to take questionable collateral for loans to BofA.

Stick: The Fed can say they will scrutinize BofA more closely before new loans.

The Fed has BofA’s nuts firmly in their grip. Not that they can actually twist hard, but they can squeeze, or they can relax. Either way is worth some serious cash to BofA.

[XBoxBoy]

When I read about this story on various blogs, I often see suggestions that the Fed was behind this deal, twisting BofA’s arm to make it happen. Anyone have any idea how the fed twists a large banks arm? What leverage can they use other than to ask pretty please with cream and sugar and a cherry on top?

Inquiring minds want to know.

XBoxBoy

[XBoxBoy]

When I read about this story on various blogs, I often see suggestions that the Fed was behind this deal, twisting BofA’s arm to make it happen. Anyone have any idea how the fed twists a large banks arm? What leverage can they use other than to ask pretty please with cream and sugar and a cherry on top?

Inquiring minds want to know.

XBoxBoy

[XBoxBoy]

When I read about this story on various blogs, I often see suggestions that the Fed was behind this deal, twisting BofA’s arm to make it happen. Anyone have any idea how the fed twists a large banks arm? What leverage can they use other than to ask pretty please with cream and sugar and a cherry on top?

Inquiring minds want to know.

XBoxBoy

[XBoxBoy]

When I read about this story on various blogs, I often see suggestions that the Fed was behind this deal, twisting BofA’s arm to make it happen. Anyone have any idea how the fed twists a large banks arm? What leverage can they use other than to ask pretty please with cream and sugar and a cherry on top?

Inquiring minds want to know.

XBoxBoy

[asragov]

Mozilo’s letter to employees:

http://www.reuters.com/article/etfNews/idUSN1132319220080111

Some other thoughts on this deal:

http://www.portfolio.com/views/blogs/market-movers/2008/01/11/why-bofa-bought-countrywide

http://blogs.marketwatch.com/greenberg/2008/01/the-real-story-on-countrywide/

http://blogs.marketwatch.com/greenberg/2008/01/the-real-story-on-countrywide-contd/

[Coronita]

http://www.reuters.com/article/marketsNews/idUKN1131716320080111?rpc=44&pageNumber=3&virtualBrandChannel=0&sp=true

Fed claims they we're active in the deal… Yeah, right 🙂

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

http://www.reuters.com/article/marketsNews/idUKN1131716320080111?rpc=44&pageNumber=3&virtualBrandChannel=0&sp=true

Fed claims they we're active in the deal… Yeah, right 🙂

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

http://www.reuters.com/article/marketsNews/idUKN1131716320080111?rpc=44&pageNumber=3&virtualBrandChannel=0&sp=true

Fed claims they we're active in the deal… Yeah, right 🙂

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

http://www.reuters.com/article/marketsNews/idUKN1131716320080111?rpc=44&pageNumber=3&virtualBrandChannel=0&sp=true

Fed claims they we're active in the deal… Yeah, right 🙂

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

http://www.reuters.com/article/marketsNews/idUKN1131716320080111?rpc=44&pageNumber=3&virtualBrandChannel=0&sp=true

Fed claims they we're active in the deal… Yeah, right 🙂

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[asragov]

Mozilo’s letter to employees:

http://www.reuters.com/article/etfNews/idUSN1132319220080111

Some other thoughts on this deal:

http://www.portfolio.com/views/blogs/market-movers/2008/01/11/why-bofa-bought-countrywide

http://blogs.marketwatch.com/greenberg/2008/01/the-real-story-on-countrywide/

http://blogs.marketwatch.com/greenberg/2008/01/the-real-story-on-countrywide-contd/

[asragov]

Mozilo’s letter to employees:

http://www.reuters.com/article/etfNews/idUSN1132319220080111

Some other thoughts on this deal:

http://www.portfolio.com/views/blogs/market-movers/2008/01/11/why-bofa-bought-countrywide

http://blogs.marketwatch.com/greenberg/2008/01/the-real-story-on-countrywide/

http://blogs.marketwatch.com/greenberg/2008/01/the-real-story-on-countrywide-contd/

[asragov]

Mozilo’s letter to employees:

http://www.reuters.com/article/etfNews/idUSN1132319220080111

Some other thoughts on this deal:

http://www.portfolio.com/views/blogs/market-movers/2008/01/11/why-bofa-bought-countrywide

http://blogs.marketwatch.com/greenberg/2008/01/the-real-story-on-countrywide/

http://blogs.marketwatch.com/greenberg/2008/01/the-real-story-on-countrywide-contd/

[asragov]

Mozilo’s letter to employees:

http://www.reuters.com/article/etfNews/idUSN1132319220080111

Some other thoughts on this deal:

http://www.portfolio.com/views/blogs/market-movers/2008/01/11/why-bofa-bought-countrywide

http://blogs.marketwatch.com/greenberg/2008/01/the-real-story-on-countrywide/

http://blogs.marketwatch.com/greenberg/2008/01/the-real-story-on-countrywide-contd/

[Coronita]

Things get interesting by the minute. Anyone else thinkings we're living in exciting times? I think this is history in the making.

 

 

WSJ: Citi May Get Cash From Saudi Prince
Friday January 11, 6:49 pm ET

Citi May Get Investments From Saudi Prince, China Development Bank,

http://biz.yahoo.com/ap/080111/citigroup_investment.html

 

Can you say, U.S. bank fire sale? 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[HereWeGo]

The kitchen sink seems to be growing. Is October 1 really that long ago? I guess to holders of C common it is.

It looks to me like C is writing off a little more than a year’s revenue, and the old revenue model is surely significantly impaired.

[LuckyInOC]

This reminds me of a few good quotes…

“I have two great enemies, the southern army in front of me and the financial institutions, in the rear. Of the two, the one in the rear is the greatest enemy….. I see in the future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until wealth is aggregated in a few hands and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of the war. – Abraham Lincoln”

“If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and the corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. – Thomas Jefferson, The Debate Over The Recharter Of The Bank Bill, (1809)”

“Whoever controls the volume of money in any country is absolute master of all industry and commerce. – James A. Garfield, 20th US President”

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. – Henry Ford”

“Let me issue and control a nation’s money and I care not who writes the laws. – Mayer Amschel Rothschild, 1790”

“Money plays the largest part in determining the course of history. – Karl Marx (Communist Manifesto)”

“I believe that banking institutions are more dangerous to our liberties than standing armies. – Thomas Jefferson”

Could it be that China and Saudi has some other motives or intentions?

Lucky In OC

[kewp]

Could it be that China and Saudi has some other motives or intentions?

I often wondered this. They stop buying treasuries, collapse our economy then buy up the majority of US companies for pennies on the dollar.

They could even send over their own people to run them, as there will be plenty of empty houses to put them in!

[kewp]

Could it be that China and Saudi has some other motives or intentions?

I often wondered this. They stop buying treasuries, collapse our economy then buy up the majority of US companies for pennies on the dollar.

They could even send over their own people to run them, as there will be plenty of empty houses to put them in!

[kewp]

Could it be that China and Saudi has some other motives or intentions?

I often wondered this. They stop buying treasuries, collapse our economy then buy up the majority of US companies for pennies on the dollar.

They could even send over their own people to run them, as there will be plenty of empty houses to put them in!

[kewp]

Could it be that China and Saudi has some other motives or intentions?

I often wondered this. They stop buying treasuries, collapse our economy then buy up the majority of US companies for pennies on the dollar.

They could even send over their own people to run them, as there will be plenty of empty houses to put them in!

[kewp]

Could it be that China and Saudi has some other motives or intentions?

I often wondered this. They stop buying treasuries, collapse our economy then buy up the majority of US companies for pennies on the dollar.

They could even send over their own people to run them, as there will be plenty of empty houses to put them in!

[LuckyInOC]

This reminds me of a few good quotes…

“I have two great enemies, the southern army in front of me and the financial institutions, in the rear. Of the two, the one in the rear is the greatest enemy….. I see in the future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until wealth is aggregated in a few hands and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of the war. – Abraham Lincoln”

“If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and the corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. – Thomas Jefferson, The Debate Over The Recharter Of The Bank Bill, (1809)”

“Whoever controls the volume of money in any country is absolute master of all industry and commerce. – James A. Garfield, 20th US President”

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. – Henry Ford”

“Let me issue and control a nation’s money and I care not who writes the laws. – Mayer Amschel Rothschild, 1790”

“Money plays the largest part in determining the course of history. – Karl Marx (Communist Manifesto)”

“I believe that banking institutions are more dangerous to our liberties than standing armies. – Thomas Jefferson”

Could it be that China and Saudi has some other motives or intentions?

Lucky In OC

[LuckyInOC]

This reminds me of a few good quotes…

“I have two great enemies, the southern army in front of me and the financial institutions, in the rear. Of the two, the one in the rear is the greatest enemy….. I see in the future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until wealth is aggregated in a few hands and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of the war. – Abraham Lincoln”

“If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and the corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. – Thomas Jefferson, The Debate Over The Recharter Of The Bank Bill, (1809)”

“Whoever controls the volume of money in any country is absolute master of all industry and commerce. – James A. Garfield, 20th US President”

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. – Henry Ford”

“Let me issue and control a nation’s money and I care not who writes the laws. – Mayer Amschel Rothschild, 1790”

“Money plays the largest part in determining the course of history. – Karl Marx (Communist Manifesto)”

“I believe that banking institutions are more dangerous to our liberties than standing armies. – Thomas Jefferson”

Could it be that China and Saudi has some other motives or intentions?

Lucky In OC

[LuckyInOC]

This reminds me of a few good quotes…

“I have two great enemies, the southern army in front of me and the financial institutions, in the rear. Of the two, the one in the rear is the greatest enemy….. I see in the future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until wealth is aggregated in a few hands and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of the war. – Abraham Lincoln”

“If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and the corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. – Thomas Jefferson, The Debate Over The Recharter Of The Bank Bill, (1809)”

“Whoever controls the volume of money in any country is absolute master of all industry and commerce. – James A. Garfield, 20th US President”

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. – Henry Ford”

“Let me issue and control a nation’s money and I care not who writes the laws. – Mayer Amschel Rothschild, 1790”

“Money plays the largest part in determining the course of history. – Karl Marx (Communist Manifesto)”

“I believe that banking institutions are more dangerous to our liberties than standing armies. – Thomas Jefferson”

Could it be that China and Saudi has some other motives or intentions?

Lucky In OC

[LuckyInOC]

This reminds me of a few good quotes…

“I have two great enemies, the southern army in front of me and the financial institutions, in the rear. Of the two, the one in the rear is the greatest enemy….. I see in the future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until wealth is aggregated in a few hands and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of the war. – Abraham Lincoln”

“If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and the corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. – Thomas Jefferson, The Debate Over The Recharter Of The Bank Bill, (1809)”

“Whoever controls the volume of money in any country is absolute master of all industry and commerce. – James A. Garfield, 20th US President”

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. – Henry Ford”

“Let me issue and control a nation’s money and I care not who writes the laws. – Mayer Amschel Rothschild, 1790”

“Money plays the largest part in determining the course of history. – Karl Marx (Communist Manifesto)”

“I believe that banking institutions are more dangerous to our liberties than standing armies. – Thomas Jefferson”

Could it be that China and Saudi has some other motives or intentions?

Lucky In OC

[HereWeGo]

The kitchen sink seems to be growing. Is October 1 really that long ago? I guess to holders of C common it is.

It looks to me like C is writing off a little more than a year’s revenue, and the old revenue model is surely significantly impaired.

[HereWeGo]

The kitchen sink seems to be growing. Is October 1 really that long ago? I guess to holders of C common it is.

It looks to me like C is writing off a little more than a year’s revenue, and the old revenue model is surely significantly impaired.

[HereWeGo]

The kitchen sink seems to be growing. Is October 1 really that long ago? I guess to holders of C common it is.

It looks to me like C is writing off a little more than a year’s revenue, and the old revenue model is surely significantly impaired.

[HereWeGo]

The kitchen sink seems to be growing. Is October 1 really that long ago? I guess to holders of C common it is.

It looks to me like C is writing off a little more than a year’s revenue, and the old revenue model is surely significantly impaired.

[Coronita]

Things get interesting by the minute. Anyone else thinkings we're living in exciting times? I think this is history in the making.

 

 

WSJ: Citi May Get Cash From Saudi Prince
Friday January 11, 6:49 pm ET

Citi May Get Investments From Saudi Prince, China Development Bank,

http://biz.yahoo.com/ap/080111/citigroup_investment.html

 

Can you say, U.S. bank fire sale? 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Things get interesting by the minute. Anyone else thinkings we're living in exciting times? I think this is history in the making.

 

 

WSJ: Citi May Get Cash From Saudi Prince
Friday January 11, 6:49 pm ET

Citi May Get Investments From Saudi Prince, China Development Bank,

http://biz.yahoo.com/ap/080111/citigroup_investment.html

 

Can you say, U.S. bank fire sale? 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Things get interesting by the minute. Anyone else thinkings we're living in exciting times? I think this is history in the making.

 

 

WSJ: Citi May Get Cash From Saudi Prince
Friday January 11, 6:49 pm ET

Citi May Get Investments From Saudi Prince, China Development Bank,

http://biz.yahoo.com/ap/080111/citigroup_investment.html

 

Can you say, U.S. bank fire sale? 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Things get interesting by the minute. Anyone else thinkings we're living in exciting times? I think this is history in the making.

 

 

WSJ: Citi May Get Cash From Saudi Prince
Friday January 11, 6:49 pm ET

Citi May Get Investments From Saudi Prince, China Development Bank,

http://biz.yahoo.com/ap/080111/citigroup_investment.html

 

Can you say, U.S. bank fire sale? 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[bubba99]

B of A may be getting a bargain in CFC’s mortgage servicing rights(MSR) CFC’s MSR services $1.48 trillion in mortgages and the cash flow alone is 7.5 billion/month (using 6% avg interest rate – my be higher/lower) (9million mortgages)

Even with a .5% service fee, the annual service fee is 440 million or npv of about 9.8 billion – scale the .5% up or down to get a better idea of the real value of the loan processing – somewhere between 5 and 10 $billion before losing a two million customers to foreclosure.

Yes there can be some real losses in the loan portfolio, but the loan servicing may be worth what BofA is paying. Iam holding my BofA shares.

[bubba99]

B of A may be getting a bargain in CFC’s mortgage servicing rights(MSR) CFC’s MSR services $1.48 trillion in mortgages and the cash flow alone is 7.5 billion/month (using 6% avg interest rate – my be higher/lower) (9million mortgages)

Even with a .5% service fee, the annual service fee is 440 million or npv of about 9.8 billion – scale the .5% up or down to get a better idea of the real value of the loan processing – somewhere between 5 and 10 $billion before losing a two million customers to foreclosure.

Yes there can be some real losses in the loan portfolio, but the loan servicing may be worth what BofA is paying. Iam holding my BofA shares.

[bubba99]

B of A may be getting a bargain in CFC’s mortgage servicing rights(MSR) CFC’s MSR services $1.48 trillion in mortgages and the cash flow alone is 7.5 billion/month (using 6% avg interest rate – my be higher/lower) (9million mortgages)

Even with a .5% service fee, the annual service fee is 440 million or npv of about 9.8 billion – scale the .5% up or down to get a better idea of the real value of the loan processing – somewhere between 5 and 10 $billion before losing a two million customers to foreclosure.

Yes there can be some real losses in the loan portfolio, but the loan servicing may be worth what BofA is paying. Iam holding my BofA shares.

[bubba99]

B of A may be getting a bargain in CFC’s mortgage servicing rights(MSR) CFC’s MSR services $1.48 trillion in mortgages and the cash flow alone is 7.5 billion/month (using 6% avg interest rate – my be higher/lower) (9million mortgages)

Even with a .5% service fee, the annual service fee is 440 million or npv of about 9.8 billion – scale the .5% up or down to get a better idea of the real value of the loan processing – somewhere between 5 and 10 $billion before losing a two million customers to foreclosure.

Yes there can be some real losses in the loan portfolio, but the loan servicing may be worth what BofA is paying. Iam holding my BofA shares.

[bubba99]

B of A may be getting a bargain in CFC’s mortgage servicing rights(MSR) CFC’s MSR services $1.48 trillion in mortgages and the cash flow alone is 7.5 billion/month (using 6% avg interest rate – my be higher/lower) (9million mortgages)

Even with a .5% service fee, the annual service fee is 440 million or npv of about 9.8 billion – scale the .5% up or down to get a better idea of the real value of the loan processing – somewhere between 5 and 10 $billion before losing a two million customers to foreclosure.

Yes there can be some real losses in the loan portfolio, but the loan servicing may be worth what BofA is paying. Iam holding my BofA shares.

[Author]

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