Thread: Why Bank Of America Bid for Countrywide

Who Dares Wins – Why Bank Of America Bid for Countrywide

In an apparent effort to save the largest U.S. mortgage lender, Bank of America (BOA) announced it intends to purchase Countywide Financial for $4 billion.

This is in addition to the $2 billion it “investedâ€

Two thirds of Moneygram Travelers Express was sold recently to one of Boston billionaire investment fund manager Thomas H. Lee's special situaion investment funds.


Too much of Moneygram's treasury investments were held in subprime mortgage securiies resulting in a loss to their net worth. The investment made by Lee was just to keep the company in the same place and does not represent expansion financing.

Remember the Savings and Loan Debacle in early 80"s and the Rich Owners raided the S&L's and got away with it while the common folk lost their life savings?

CitiGroup and Merrill Lynch had to go begging to get money ($19B)
from the Sovereign funds, one of which has more money that all of the hedge funds put together...and B of A will probably end up having to put their hat in their hand, too...eventually.

But what galls me the most is that the Feds, the banking regulators, the banks, the institutions, the mortgage houses, and above all, Alan Greenspan...KNEW that cheap money and loose credit would bring down the house of cards. THEY ALLOWED IT TO HAPPEN! Alan Greenspan said, while making the rounds pushing his new book, "I never saw it coming (the sub-prime debacle)!

They are ALL charlatans, crooks, and criminals!

Yes they are and I hope they all go down in flames. There will be other corporations to take there place sooner or later. Now is the time to start seeing CEO's jump ship. Just give it time. Take the money and run.

Neil Bush, brother of Pres. Bush, was very much involved in the "Savings and Loan Debacle of the early 1980"s" in which so many ordinary citizens lost their life savings, but N. Bush received a "free pass" legally for his part in the matter.

Originally Posted by Texas2step

Neil Bush, brother of Pres. Bush, was very much involved in the "Savings and Loan Debacle of the early 1980"s" in which so many ordinary citizens lost their life savings, but N. Bush received a "free pass" legally for his part in the matter.

Yes!!! And John McCain was one of 5 Senators who took money from S & L swindler, Charles Keating in 1987!!! The Keating 5!!!!!!

I can't believe that someone has not brought that one up about McCain in the debates.

Originally Posted by Paige

I can't believe that someone has not brought that one up about McCain in the debates.

I wonder the same...but half of the young voters today weren't even born when this happened! It's amazing..but if you are younger than 25 or 30 you probably didn't know much about the Clintonistas, either! Fortunately, or unfortunately, I do remember all this stuff...oh well....(sigh)