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If the government has to bust up another big bank, there are two possibilities, Citibank and BofA. My guess it won't be Citibank because of this disgusting mess.
The government hands down played a role in BoA's purchase of Merrill Lynch and then left Ken Lewis to own responsibility for it. I'm not suggesting Ken is an angel - the bank has been super focused mergers for quite some time now.
One of the people being considered for the CEO role is in Boston. Internal rumors suggest there is a possibility BoA's headquarters would be moved if he is made CEO.
Since you didn't care to give one detail on why you think I am incorrect, I am going to assume you just didn't like that it was said but you can't think of any reasonable arguments to support this statement.
Why.. Because it's a tired theme by you and some others. Look through previous threads, about Countrywide and ML, both will probably be positives in the near future. The TARP.. ugh.. dead horse, the gov't made tons of money off it from BofA, it's being repaid, lets move on.
Though this one seemed new, so I will address. "He takes money given to him by the tax payers and invests it further in China"
Bank of America is a global company with tons of investments, many companies invest in funds and other companies with their cash. Bank of America and other financial firms to a larger extent. Bank of America invested in China Construction Bank many years before the economic chaos. Without getting into the details, they had rights to buy more stock even during the Crisis at a rate lower than it was selling for, it made good business sense to buy those share. Sound investing for the shareholders. They also own shares of US companies, UK, Japan, etc.
Finally the layoffs, who hasn't laid off, and yes it sucks for BofA and the financial industry, but a lot was from the mergers. When Kraft buys Kadbury, Oracle buys Sun, etc, there are layoffs.
I find it funny that you think the local media loves BofA, I don't know what you read, but they haven't been very kind to Wachovia or BofA lately. Yes the local leaders talk nice, but there is a very good reason for that. Don't bite the hand that feeds you/keeps people employed here.
I understand people hate the Banks.. for some reason... but it's really they need someone to blame, when in reality there were tons of culprets.
The government hands down played a role in BoA's purchase of Merrill Lynch and then left Ken Lewis to own responsibility for it. I'm not suggesting Ken is an angel - the bank has been super focused mergers for quite some time now.
One of the people being considered for the CEO role is in Boston. Internal rumors suggest there is a possibility BoA's headquarters would be moved if he is made CEO.
Noo!! First with such an absurd accusation like that I would most definitely want to know where you got your info. on that because that displace so much! IMHO I dont think that the company would even allow that to happen with such strong roots in Charlotte as it is!
IF! it did I could see the Charlotte becoming like most cites now becoming a ROYAL DUMP! I know its not so great now in Charlotte but we are WAYYY better compared to most cities and honestly I have never heard of Charlotte being in a dump like most cities during a recession. Man I hope if this is true that the City Of Charlotte along with 750,000 others would be marching around the HQ's with picket signs and sirens! That would. . . . man I cant even go on enough on how that would hurt Charlotte, and if the new CEO DID move HQ's I would guess he would be the most hated man in the US until he fell over!
Why.. Because it's a tired theme by you and some others. Look through previous threads, about Countrywide and ML, both will probably be positives in the near future. The TARP.. ugh.. dead horse, the gov't made tons of money off it from BofA, it's being repaid, lets move on......
I understand people hate the Banks.. for some reason... but it's really they need someone to blame, when in reality there were tons of culprets.
This is your opinion which you are entitled to, but you have only offered up "tired theme" and "dead horse", accusing me of hate, etc. etc. In other words, your answer to the point made is to ignore them and instead question the motives of the party making the post. It's standard practice I guess, because there is no rational defense for BofA, so it pretty obvious.
Here is an obvious tip for you however. If you think I am beating a dead horse, then just put me on ignore and your problem is solved. I don't understand why this is do difficult for people. You can do this with the forum settings. Otherwise, I will be glad to discuss the issue with you but only if you are willing to address the issue.
This is your opinion which you are entitled to, but you have only offered up "tired theme" and "dead horse", accusing me of hate, etc. etc. In other words, your answer to the point made is to ignore them and instead question the motives of the party making the post. It's standard practice I guess, because there is no rational defense for BofA, so it pretty obvious.
Here is an obvious tip for you however. If you think I am beating a dead horse, then just put me on ignore and your problem is solved. I don't understand why this is do difficult for people. You can do this with the forum settings. Otherwise, I will be glad to discuss the issue with you but only if you are willing to address the issue.
As I stated many responses were in other posts.. I addressed something new (the China Bank, which you ignored. I also didn't accuse you of hating the Banks.. I also said, TARP issues were a dead horse, because most people don't even understand it. if you want to pick and choose words, and least pick and put a position to your statments, not just wild accusations..
The reason I addressed your posts, is because the rhetoric you post is incorrect in most cases.. I don't need to ignore you.. And I don't ignore the situation. If you want to address what is wrong with banks and other companies, sure lets address real points. Like why Banks decided to mess with interest rates and credit lines for people that were abusing them. You claimed the China Bank acquisition of shares was illegal, I posted why I disagree. You bring up Lewis's bad acquisitions, they will probably turn out good, and I would believe the ML acquisition was good for the economy and are showing good signs. Lewis also doesn't PAY himself, the board dicated his salary and yep he made a lot. Most CEO's of HUGE corporations due. Should they distribute the wealth more, well possibley, but we live in a capitalistic society, movie stars, musicians, traders, etc shouldn't make so much, teachs, police, should make more.
to the point of this thread, so whats wrong with Banks? Are they took big, possibly, should they be split, not sure. I like having FULL US access to my Bank, whether it be Wells, Citi or BofA, I have options otherwise, still to smaller Banks. Not much has changed, other than the economy over the past 2 years, big Banks, big autos, big media companies, all have existed. This may not be a forum for such a debate, but I am happy to address points of big companies and why I think they do what they do.
The reason I addressed your posts, is because the rhetoric you post is incorrect in most cases...... I don't need to ignore you...... You claimed the China Bank acquisition of shares was illegal, I posted why I disagree. ....do.
I said this action was morally reprehensible so I assume you didn't really read what I posted or didn't understand what these words mean, and despite that, have decided to make the issue me for saying it. I know what illegal means and I never said they committed an illegal action. Unlike your characterization, I don't make false accusations.
I have given my opinion of the bank and I am entitled to it. If you think Lewis did a good job that is your business, I don't really care, but if your only way to rationalize that opinion is to make personal attacks of those that think differently, then i say you have a few issues to deal with.
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