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Old 11-09-2009, 06:39 AM
 
4,010 posts, read 8,931,074 times
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Quote:
Originally Posted by Villanova98 View Post

As for BOA, it was operating successfully until the Merrill Lynch debacle.
I don't think so. Merrill Lynch got all the focus in the news but it is the Country Wide purchase that has exposed BofA to a huge amount of sub-prime debt. Without government assistiance, social welfare, BofA would have been brought to its knees by this. The bank also has a lot of issues with exposure to credit card debt from all the credit cards they gave away to people who should not have had them and there is the issue of a lot of commercial real estate blowing up too.
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Old 11-09-2009, 06:53 AM
 
2,341 posts, read 4,048,951 times
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Quote:
Originally Posted by Villanova98 View Post
As for BOA, it was operating successfully until the Merrill Lynch debacle. .
This is 180 degrees wrong. BofA bought Countrywide well before MLynch. Take a look at Countrywides portfolio of loans. BofA was on the brink just like many of the other banks caught up in the mortgage frenzy.
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Old 11-09-2009, 06:56 AM
 
Location: The 12th State
22,974 posts, read 58,522,389 times
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Old 11-09-2009, 08:12 AM
 
Location: East Lansing, MI
8,730 posts, read 7,940,417 times
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Blah, blah, blah, socialism, blah, blah, corporate welfare, blah, blah, blah.

Take it to the political forum.
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Old 11-09-2009, 09:31 AM
 
2 posts, read 2,055 times
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Default It's Not Political

Quote:
Originally Posted by hooligan View Post
Blah, blah, blah, socialism, blah, blah, corporate welfare, blah, blah, blah.

Take it to the political forum.
I don’t think this is political. It’s about Charlotte. Anybody living, working, or raising a family here should care about what happens to the city in which we have decided to invest our lives into...

Constitutionist and Villanova98 have good points and stated them nicely. They care about our city. Those always looking for an excuse will one day see the error of their ways – perhaps, god-forbid, if 10,000+ are laid off to here in Charlotte. Afterall, if Charlotte keeps raising city taxes, why should BoA stay? Furthermore, why would a company want to stay in a city where so many bite the hand that feeds?

We are not entitled to the 10,000+ jobs nor the wealth that BoA and the industry bring to our city. We should count our blessings that the industry chose Charlotte. Our city was not what it is today 10 or so years ago and we can thank the large businesses that decided to move here for that. Those that blame the CEOs, the banks, etc. should ponder that one next time they enjoy our amenities that so many other cities lack -- or when they cash their paycheck.

I guess only if BoA packed up and left would this thread be taken as non “political” – as it will hit home for all of us.
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Old 11-09-2009, 09:36 AM
 
Location: Coastal Georgia
36,999 posts, read 45,476,182 times
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I don't know what you are talking about specifically, but I'm all for anything and everything bad happening to BOA. They are horrid and awful. After what they did to us I don't know how anyone can work there without being ashamed.
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Old 11-09-2009, 09:43 AM
 
339 posts, read 624,795 times
Reputation: 184
The govn't isn't letting them payoff TARP because they want them to build up their reserves so they do not need to borrow should another crisis happen again. BAC is huge. They need more $ in reserves than the others. No govn't conspiracy. Chill.
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Old 11-09-2009, 10:12 AM
 
716 posts, read 1,358,638 times
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YouTube - Zombie Banks, The Game Has Changed
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Old 11-09-2009, 10:31 AM
 
4,010 posts, read 8,931,074 times
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Quote:
Originally Posted by SweetT_03 View Post
....Our city was not what it is today 10 or so years ago and we can thank the large businesses that decided to move here for that....
On this you are incorrect as BofA did not choose to move here. Prior to being BofA it was Nationsbank and for decades before that it was NCNB (North Carolina National Bank). It even had another name prior to that. It acquired the BofA name when it merged with BankAmerica and once complete they adopted BankAmerica's original trademark. This is common in the banking industry as Wachovia was really First Union and Wells Fargo is really Norwest in Minneapolis.

Too big to fail. Maybe you can tell us exactly what amenities these banks have brought to Charlotte that did not also involve huge tax breaks they required on most projects before they would build them.

In the 30+ years that I have lived here, only one Fortune 10 company moved significant operations (by significant I mean top 20 in employment) to Charlotte and that was IBM. And since that time, IBM has mostly pulled up shop and moved it's stuff to Raleigh in part due to the bad treatment it got from the city council and CMS.
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Old 11-09-2009, 02:20 PM
 
Location: Crown Town
2,742 posts, read 5,988,358 times
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Quote:
Originally Posted by lumbollo View Post
In the 30+ years that I have lived here, only one Fortune 10 company moved significant operations (by significant I mean top 20 in employment) to Charlotte and that was IBM. And since that time, IBM has mostly pulled up shop and moved it's stuff to Raleigh in part due to the bad treatment it got from the city council and CMS.
Here you go again with your "convenient" made up units of measurement. WTH is the "Fortune 10". Nobody says that. And why are only the top 20 in employment significant? The fact is, "within the past 30+ years", there are several Fortune 500 and Fortune 1000 companies that have moved significant operations here. For example...

US AIRWAYS - 6,000 employees (also established a hub status here)
LOWE'S - 5,900 employees (also moved their corporate headquarters here)
FREIGHTLINER CORP - 4,500 employees
COMPASS GROUP - 3,500 employees
AT&T - 3,200 employees (developed an uptown building with their name on it)
TIAA-CREF - 2,600 employees (established the largest operation of their entire company)
TIME WARNER CABLE - 2,000 employees (just opened a 2nd building in their expanding operations here)
IBM CORP - 2,000 employees (umm, still seems like a lot of people here )
MICROSOFT CORP - 1,600 employees
SHAW ENERGY - 1,400 employees (also in the proces of a huge expansion here)
VANGUARD GROUP - 1,200 employees
ALLSTATE - 1,000 employees
SPRINT - 1,000 employees

Link: http://www.charlottechamber.com/inde...siness_Profile
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