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Daily Mortgage Rates News – Subprime Will End Bank of America?

Posted on | May 6, 2009 | 9 Comments


kew-lewisOver the last six months I have been very harsh, yet honest, in my thoughts about Bank of America.  In January I posed the question “Will Bank of America File Bankruptcy?”  This was prior to main street realizing just what was going on behind 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.  Most recently, I made the statement “Ken Lewis, you are a worthless, greedy asshole.  You pumped up Bank of America stock to make money on your recent purchases and now you are stepping down.  I hope that every single penny you made goes to the destruction of your normal life.” in this article.

Well, Mr. Lewis, I hope you enjoyed your reign as the most unsuccessful Chief Executive in the history of big banks.  You not only drove the nations largest bank into the ground, you repeatedly lied to the American public.  In March you told us that you were going to pay back TARP funds by the end of the year and today we learn that Bank of America will need another $34 billion?  I’m not good with numbers, but how the hell are you going to pay funds back when you need more?

When Ken Lewis and Bank of America decided to sink their money into Countrywide and Merrill Lynch, I think any right minded American citizen knew this company was doomed.  Countrywide was eyeball deep in the subprime mortgage crisis yet you decided to buy it outright?  That makes perfect sense.  Then after you have made this enormous mistake, you decide to buy a company who’s CEO spends $80,000 on area rugs for his office.

Honestly Ken Lewis, I can’t say that I didn’t see it coming.  I hope you enjoy your infamous reign as the supreme misfit CEO.  I guess we should thank you though as you are part of the reason mortgage rates will stay below 5% for quite some time.

Category: Daily Mortgage Rates News, Subprime
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Comments

9 Responses to “Daily Mortgage Rates News – Subprime Will End Bank of America?”

  1. Jana Murray
    May 6th, 2009 @ 4:12 pm

    Amazing what goes on here in my home state of NC. Rename it Bank of NAU

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