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Old 10-19-2008, 06:17 PM
 
1,369 posts, read 3,354,895 times
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Bank of America. The bigger they are, the harder they fall? Isn't there an inherent risk in Charlotte putting all of its eggs in Bank of America's basket? What will happen to Charlotte if they go under?
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Old 10-19-2008, 06:39 PM
 
Location: State of Being
35,885 posts, read 67,154,265 times
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All of Charlotte's eggs? We were here long b/f BofA was here.

What will happen? People will lose jobs. That is the tragedy. Real people losing their jobs.

But will Charlotte cease to exist? No. We have hundreds of other businesses here. We didn't ask to be a banking center; it just evolved b/c of mergers and acquisitions.

If BofA went away, we would all wake up the next morning . . . get in our cars, go to work, take our kids to school, buy our groceries, mow our lawns, take out the garbage and pay our taxes.

Life would go on. It would mean hardship for many people who no longer had a job . . . but they would do what we all have done when we have lost our jobs . . . they would re-build their lives . . . it would be sad, but this city would not cease to exist.
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Old 10-19-2008, 06:56 PM
 
201 posts, read 857,654 times
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Stop worrying. A strong bank is a strong bank...and the reason they are is because they didn't do these C and subprime mortgages...It's fine...a bank is not destined to fail.
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Old 10-19-2008, 06:59 PM
 
Location: Huntersville
1,521 posts, read 4,482,705 times
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They had a nice piece on CBS 60 mins tonight on BoA.
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Old 10-19-2008, 07:04 PM
 
Location: Washington D.C. (Metro)
76 posts, read 169,247 times
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Hey QC Misfit,

What did they say about BofA on 60 mins? I mean to watch it but didn't get to.

Thanks
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Old 10-19-2008, 07:07 PM
 
Location: Huntersville
1,521 posts, read 4,482,705 times
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Just interviewed the new and ex CEO. They made Charlotte sound a little less savvy than what we are. Come on by now if you do not know that Charlotte is in NC then where the hell have you been?

Showed the City of a little bit. Talked about that everyone of the banks going bankrupt were coming to Charlotte looking for help. IE: Lehman brothers WaMu etc.... BoA seem to be in a good position. I was writing up some offers so it was in the background.
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Old 10-19-2008, 07:43 PM
 
Location: South Charlotte
124 posts, read 415,850 times
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I saw the 60 minute piece too. I don't think they're going anywhere. The statistic they mentioned that floored me is that 1 in every 2 Americans does business with BoA in one way or another, be it a car loan, a mortgage, a checking account etc. As said above, they didn't get involved with the subprime mess so they don't have that issue. They did buy Merrill Lynch, but not without knowing they could handle it. On top of that, they received bundles of money from the government so I think they'll be around for the long haul.
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Old 10-19-2008, 08:37 PM
 
Location: Charlotte, NC
2,193 posts, read 4,543,320 times
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The world won't end if BofA leaves Charlotte. I agree w/ Ani, we just won't drop off the face of the planet! It'll be sad, but we'll survive.

I saw the piece on 60 minutes as well. Ken Lewis seemed pretty proud of BofA and how's number 1 and how it's so large. That concerns me. People say oh it's too big to fail, but with what is going on today, who knows what could happen. We don't know find out the truth till afterwards, so if BofA is in trouble, we'll find out after it collapses.

He did mention though, that many people are moving their money into BofA because they are getting bigger. I wonder if more will do so after watching this piece?
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Old 10-19-2008, 08:53 PM
 
Location: Blue Ridge Mtns of NC
5,661 posts, read 24,671,762 times
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NC survived the downturn of tobacco, furniture and textiles. Charlotte would survive the absence of BoA. Especially, considering they've only been here around 10 years. Tobacco and textiles was a much more important institutional loss.

Last edited by mm34b; 10-20-2008 at 07:50 AM..
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Old 10-19-2008, 10:21 PM
 
1,369 posts, read 3,354,895 times
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Quote:
Originally Posted by mm34b View Post
NC survived the downturn of tobacco, furniture and textiles. Charlotte would survive the absence of BoA. Especially, considering they've only been here around 10 years. Tobacco and textiles were a much more important institutional loss.
Interesting note. I thought textiles were more of a Georgia forte in history's past... Doesn't bank of America own most of the city though, including the sports arena and many other public attractions?
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