I fucking cannot believe this is about to happen:
Bank of America’s Countrywide Tab Signed by Taxpayers [Bloomie]
“Bank of America Corp.’s $3 billion takeover of Countrywide Financial Corp. will be financed by 138 million tax-paying Americans.
“Bank of America, led by Chief Executive Officer Kenneth Lewis, can use tax write-offs to pay for Countrywide, the country’s biggest mortgage lender, said Robert Willens, a former managing director at Lehman Brothers Holdings Inc. who now runs his own accounting firm. Taxpayers may pick up about $5 billion of Countrywide’s losses over 20 years, he said. Countrywide shareholders approved the sale today.”
I thought sure Ken Lewis would come to his senses once he got a gander at Orangezillo’s toxic sludge machine. Apprently not- he must be raving mad to pursue this.
I urge Kenny-boy to just walk away from this triple debacle (now for taxpayers, soon for Tangelo and then you, BofA). I promise you if you don’t you will be losing deposits from long time customers- like me. You don’t know what you are getting into, Kenny-boy, with this oozing toxic orange waste.
You don’t want to be sharing a cell with Tangelo Orangezillo, do you?
BTW, Kenny-boy, how did that venture into investing go for you? Not so well, huh? You should have learned a lesson from that, grasshopper: don’t stray from what you do best, and never go out of your depth to chase profits. You just might be chasing them as they spital down the bowl.. you with it.
Yet another example of why we need to have Glass-Steagal reinstated.
“The only thing Ben Bukkake has got left to inflate is the dollar.” -Paco Bell