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Old 04-17-2011, 01:38 PM
 
Location: Charlotte, NC (in my mind)
7,945 posts, read 13,817,707 times
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If BofA were to fail, that would make the collapse of Lehman look like your local Blockbuster closing. We would see completely and total economic armageddon if that were to happen.
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Old 04-17-2011, 02:08 PM
 
14,175 posts, read 13,632,678 times
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Originally Posted by bchris02 View Post
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If BofA were to fail, that would make the collapse of Lehman look like your local Blockbuster closing. We would see completely and total economic armageddon if that were to happen.
Ah yes, another armageddon scenario from the OP

BofA is unlikely (to be allowed) to fail in its present form. Depending on how bad things are, there are a number of possibilities. One is that the bank will get broken up with the profitable divisions such as Merrill Lynch put into one company and then the rump of unprofitable businesses put into another one which is then allowed to fail.

Another possibility is that it will ride its current travails and come out stronger in the long run.
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Old 04-17-2011, 10:51 PM
 
5,092 posts, read 9,155,459 times
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Or in the best of worlds, BoA simply fails and has its assets and accounts broken up into hundreds of small banks that could serve the interests of the customers, communities, and the nation.

And then everyone looks around, rubs their eyes, realizes the world did not end, and all laugh and say -- " This? This is what we all were afraid of?"

Meanwhile Glass-Steagall is reinstated and all the rest of the Mega-Banks are broken up and it is all smooth sailing ahead.

Not likely, but a girl can dream, huh?
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Old 04-18-2011, 02:36 AM
 
Location: Tulsa, OK
135 posts, read 200,477 times
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This is the worst run bank you'll ever find. Trust me.
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Old 04-18-2011, 05:27 PM
 
Location: Charlotte, NC (in my mind)
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More evidence BofA is the next Lehman...

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Old 04-18-2011, 06:23 PM
 
Location: Portland, Oregon
7,090 posts, read 9,990,939 times
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Considering the abject failure of the last 3 years of predictions of economic collapse, where the economy skyrocketed instead, I know what I am going to do. Tomorrow morning I'm going to buy a bunch of calls on BOA because that company is going to rocket.

Thanks OP for finding my next gem in the rough!
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Old 04-18-2011, 06:33 PM
 
Location: Warwick, RI
2,454 posts, read 3,616,031 times
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Bank Of America is as profitable as the other majors (WFC and JPM) with the exception of it's mortgage division, formerly known as Countrywide, which unfortunatley for us shareholders, they aquired during the 2008 meltdown. Given the still rebounding economy and recent new banking regulations, the retail banking unit is doing as well as any other major bank, and the Merrill Lynch investment banking division is highly profitable. In other words, the company is getting better, if slowly. It will take another year or two (and a lot of dollars) for BAC to sort through the rest of the Countrywide mortgage mess and finish getting that cleaned up before the stock can get back to a "normal" valuation and resume paying dividends. In the meantime, they will continue to be the political punching bag for politicians, the media, and the doom and gloomers on sites like this.
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Old 04-19-2011, 07:47 AM
 
44,686 posts, read 35,335,669 times
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Originally Posted by bchris02 View Post
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If BofA were to fail, that would make the collapse of Lehman look like your local Blockbuster closing. We would see completely and total economic armageddon if that were to happen.
Is this the Dow 6000, oil $500, gas $15, Gold $11,000 and ounce or food riots type armageddon?

Is this Fight Club?
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Old 04-19-2011, 09:07 AM
 
8,268 posts, read 9,750,593 times
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Originally Posted by Mathguy View Post
Is this Fight Club?
No, this... is... Thunderdome! (by end of 2nd quarter 2011)

Two man enter, one man leave, two man enter, one man leave....
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Old 04-19-2011, 09:14 AM
 
Location: Sinking in the Great Salt Lake
12,293 posts, read 17,105,856 times
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Originally Posted by slackjaw View Post
No, this... is... Thunderdome! (by end of 2nd quarter 2011)

Two man enter, one man leave, two man enter, one man leave....
And Geitner rule bartertown with mounds of pig $h!%.
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