Subprime Blogger

Your Mortgage News Source

Will the Last Honest Bank Please Stand Up?

Posted on | January 15, 2009 | 25 Comments

Reuters reported that Bank of America is close to receiving billions of dollars more in federal support.  This money will come from……TAXPAYERS.  Bank of America made the decision to buy Merrill Lynch and Countrywide last year when the financial crisis was in it’s infancy.  Bank of America KNEW that Countrywide was deep in debt due to their subprime exposure and subprime lending yet they still felt that it was a sound financial decision to buy this mortgage lender.  They also knew that Lehmen Brothers and Bear Stearns, direct competitors to Merrill Lynch, had went belly up in 2008.  Lehmen Brothers was bailed out by the Federal Reserve just hours before Bank of America made the intelligent decision to buy Merrill Lynch for $50 million; very smart!  You made us believe that this was a smart financial decision.  You lied to your employees, your shareholders, your customers and to America!  Aren’t you the Bank of AMERICA?!?  Tell us the truth; we CAN handle the truth!  Tell us that you made very poor decisions and now we, the American public, have to bail you out.

How could you not see the writing on the wall.  Well, Bank of America, today you get what you deserve!  A stock that once traded at $55 a share is now under $10 and it will continue to slide.  You had the balance sheets for Merrill Lynch and Countrywide in your hands.  You could have actually LOOKED at the numbers and realized you need to let these companies go bankrupt.  Instead, you made the horrendous decision to increase your subprime exposure and now you are paying for it.  Good luck trying to explain this one to your shareholders.  What?  You didn’t see HUGE losses coming from Countrywide and Merrill Lynch?  Were Americans just going to come up with money they never had when the unemployment rate was rising?

The sad part is is that your shareholders will feel the financial pain.  The ones who made these horrible financial decisions are not strapped for cash at all.  Is that correct CEO Kenneth Lewis?  Did you really bring in $24,840,000 last year.  I hope they are not paying you for making sound financial decisions!  Bank of America, you are not the bank of opportunity, you are the bank of WASTED opportunity.  Will the last honest bank please stand up?!?

Subprime Blogger Rants

Category: Uncategorized

Comments

25 Responses to “Will the Last Honest Bank Please Stand Up?”

  1. » Subprime Blogger » Will the Last Honest Bank Please Stand Up? » US Mortgage Bank
    January 15th, 2009 @ 8:48 pm

    [...] news by unknown « Mortgage rates plunge to a new low – Business – cleveland.com Teame13.org – [...]

  2. stock trading school
    January 15th, 2009 @ 8:54 pm

    I love the title, I knew this was coming and I knew they had agreements with elected officials, behind closed doors when they paid up for Countrywide and Merrill Lynch, now we front the bill and I question the integrity of everyone involved…specifically Goldman Sachs, Bank of America, and Citigroup. Not to mention the authors Alan Greenspan, Hank Paulson, George Bush, and Ben Bernanke.

  3. » Subprime Blogger » Will the Last Honest Bank Please Stand Up? » Subprime Mortgage Refinance
    January 15th, 2009 @ 9:30 pm

    [...] news by unknown « Beat the Press Archive | The American [...]

  4. JIm
    January 15th, 2009 @ 9:56 pm

    I find it hard to believe the very people that caused the problems are being given hand-outs…

  5. Pissed Off
    January 15th, 2009 @ 11:36 pm

    I’m going though a short sale with them and they have offers that are nearly the same as the value of the home and they keep turning them down. They are totally dishonest and incompetent.

    From what I hear they don’t want to agree to any short sales – they just stick the foreclosed properties into REIT’s. The home-owner get’s shat upon and the government doesn’t do anything because they just hand out money with no strings.

    Bank of America should get NOTHING.

  6. Chris Taylor
    January 16th, 2009 @ 2:00 am

    Subprime Blogger. Come on man your smart. you MISSED IT

    IT WAS an intelligent decision. if you know the gov will “bail you out” with a ton of money WHY NOT make a “bad buy” get bailed out and end up better of than you were before. all on the taxpayer tab.

    Duh! sounds like just the intelligent move a snake would make.

  7. Miranda
    January 16th, 2009 @ 5:13 am

    Unfortunately, I don’t find it hard to believe at all, especially with the way things have been going. It’s sad: Everyone gets so bent out of shape over helping regular folks in foreclosure trouble, but we barely blink over giving out hundreds of billions to these institutions that played a rather large role in creating this mess — and we don’t even keep track of where that money has gone.

    Really, we should demand an individual stimulus. Our leaders are determined that the only way to “save” the economy is to spend trillions of dollars. Fine. They should give it to the taxpayers outright. Skip this “trickle down”, middle man stuff. Give US the stimulus. We have to pay it back anyway, we might as well get something out of it now. After all, isn’t that sort of instant gratification consumerism that they want us to do to save the economy anyway?

  8. Finance News: TARP, Bank of America and Tax Cuts - Mortgage Rate News
    January 16th, 2009 @ 10:07 am

    [...] to get a bailout. Great stuff. After making poor business decisions and then lying about it, Bank of America gets a bailout, courtesy of U.S. taxpayers. What I still don’t understand is why people get all bent out of [...]

  9. Bruce Nelkin
    January 16th, 2009 @ 10:59 am

    It’s just more of those with the gold make the rules. And, of course the rules they make are to give themselves more of our gold, green backs and life so that they can have more, as if they need more.

    I had a wealthy client 15 years ago who stated straight up that anyone who spends more than 15 million on themselves in their own lifetime is an absolute gluttonous pig!

    If you are making more than a few million per year give the rest to charity and take the write offs!

    Just imagine if people did good deeds with the money instead of just taking for the sake of having billions of dollars stuffed in a mattress for the sake of their own inadequacies as a conscious human being, we could save the planet many times over.

    Let the banks and mortgage companies fail now so that our children aren’t burdened with the stupidity of a small hand full of CEOs who are robbing us and them of their future.

    In a free enterprise market the weak and stupid are supposed to die of stupidity and the strong and smart will survive and give us better products. For example automobiles we actually want instead of the crap Detroit is producing at twice the price of better cars coming out of Japanese design labs.

    And politicians, just say NO to politics (poli-tics = many small blood sucking bugs). They only make things worse! The best thing a politician can do is keep their opinion to themselves. They should be asking and polling their constituents what they want and doing that. Not what they do now which comes down to feathering their own nests with our assets. The best use for a politician could be shark bait or fertilizer. Accelerate the fictional “soilent green” project using politicians instead of old people. At least that way they would become useful…

    PS. Take a look at http://www.theorionproject.org
    they need funding ASAP… it is the cause of a lifetime!
    I’ll be giving heavily… You should consider the possibilities for yourself and this planet too!

    They don’t need a bailout; just a few people to give a tax deductable donation to get them a few million bucks and we the people will become free from the energy czars.

    Here’s To Your Massive Success,

    Sincerely,
    Bruce Nelkin LMT

    http://www.webpromotionsystems.com

  10. Bruce Nelkin
    January 16th, 2009 @ 11:12 am

    One last thing… how come none of our politicians has the balls to suggest spending the next 350 Billion dollars of TARP by actually paying off 30 or 40 percent of Everyone’s outstanding mortgages…

    This way we the people get to continue to own our own homes, the toxic assets become non-toxic, the banks get paid and become solvent again, foreclosures drop to single digits like in a normal economy, every home owner gets a break, house prices lower out at that percentage amount less across the boards and the economy gets back to at least where it was before the truth of our current situation came to light.

    The first politician to push this action wins the next presidential election hands down for being the brightest lightning bug in the cave!

    Here’s To Your Massive Success,

    Sincerely,
    Bruce Nelkin LMT

  11. Bank of America, TARP, Economic Stimulus Help Boost Stocks - Money & Investing - Banks.com
    January 16th, 2009 @ 11:22 am

    [...] least boost confidence in the financial sector of the stock market. Right now, it appears as though Bank of America is going to be in a better place, thanks to the bailout money it is about to receive from the [...]

  12. Subprime Blogger » Government Bailout Up To $8,500,000,000,000. Didn’t See That One Coming!
    January 17th, 2009 @ 8:55 pm

    [...] Will the Last Honest Bank Please Stand Up? [...]

  13. Florida Banker’s Society » Blog Archive » Subprime Blogger ? Will the Last Honest Bank Please Stand Up?
    January 19th, 2009 @ 4:57 am

    [...] Author: admin January 19, 2009 Subprime Blogger ? Will the Last Honest Bank Please Stand Up? view story subprimeblogger.com — Reuters reported that Bank of America is close to receiving billions of [...]

  14. max3620
    January 19th, 2009 @ 5:16 am

    They deserve to go under considering they were taking PESOS as legal tender from illegal immigrants…

  15. max3620
    January 19th, 2009 @ 5:21 am

    What’s wrong with that you ask? Read this article as it goes on to explain my personal outrage..

    http://www.reason.com/news/show/121501.html

    6th paragraph down..

  16. Ed
    January 25th, 2009 @ 5:30 pm

    Politicians do NOT have any balls. They’re all cowardly chicken shits. Who like hearing their own voices prattle on. Their tired old wing bags POS.. Egotistical POS, scumy douche bags!!! NEVER ever believe or trust a politician !! They’re professional LIARS and CROOKS !!!

  17. Subprime Blogger » The PORTAL Alliance Could Be the Destruction of Our Economy and We Don’t Even Know What It Is
    February 13th, 2009 @ 9:12 am

    [...] Will The Last Honest Bank Please Stand Up? [...]

  18. Church of Cowherd » Bank of America Tender Offer - What to Do?
    February 16th, 2009 @ 10:21 pm

    [...] Will the Last Honest Bank Please Stand Up? [...]

  19. Subprime Blogger / Is Social Media Traffic Really Worth It?
    March 15th, 2009 @ 8:41 am

    [...] do my research and attempt to present an unbiased article with an outside perspective, much like “Will the Last Honet Bank Please Stand Up?“  I am not affiliated with either politcal party but I am extremely Capitalist so that will [...]

  20. Subprime Blogger / Mortgage Rate Predictions - March 19th
    March 16th, 2009 @ 3:50 pm

    [...] Will the Last Honest Bank Please Stand Up was written on January 15th and BAC stock fell over 50% in the next month. [...]

  21. Subprime Blogger / The Portal Alliance - The Demise of the United States Economy
    April 13th, 2009 @ 5:37 pm

    [...] Lewis, you have lied to America AGAIN.  Was this comment in March to pump up your stock price because it sure did!  You got a quick a [...]

  22. The Financial Suite » The Portal Alliance - The Demise of the United States Economy
    April 13th, 2009 @ 5:45 pm

    [...] Lewis, you have lied to America AGAIN.  Was this comment in March to pump up your stock price because it sure did!  You got a quick a [...]

  23. Subprime Blogger / Ken Lewis Pumps Up Bank of America Stock then Steps Down?
    April 14th, 2009 @ 9:48 am

    [...] Will the Last Honest Bank Please Stand Up? [...]

  24. The Financial Suite » Ken Lewis Pumps Up Bank of America Stock then Steps Down?
    April 15th, 2009 @ 12:30 am

    [...] Will the Last Honest Bank Please Stand Up? [...]

  25. Subprime Blogger / Daily Mortgage Rates News - Subprime Will End Bank of America?
    June 9th, 2009 @ 10:12 pm

    [...] closed doors in Charlotte, NC.  Just before the mention of bankruptcy I asked the question “Last Honest Bank to Please Stand Up.”  Obviously Ken Lewis and his boys were sitting behind closed doors, no pun intended. [...]

Leave a Reply





    • Subprime Blogger is Digg proof thanks to caching by WP Super Cache!