Bank of America rating downgraded to "junk." (judgment, credit, debt)
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BofA can thank two entities for that: Merrill Lynch and the government. If BofA hadn't been forced to absorb ML, against BofA's better judgment, the company probably could've made it. ML's books were toxic and shareholders know it. There's little incentive to buy BofA stock now. If it's nationalized, it'll be worthless.
Location: where you sip the tea of the breasts of the spinsters of Utica
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Quote:
Originally Posted by goodbyehollywood
BofA can thank two entities for that: Merrill Lynch and the government. If BofA hadn't been forced to absorb ML, against BofA's better judgment, the company probably could've made it......
They were forced, you mean at gunpoint? First I heard about it. Silly me, I thought it was their decision.
I wonder how long it will take me to transfer savings and checking to US Bank? Should only take an hour or so.
They are junk with me since they just "reassigned" my credit line from 16,000 to 900.00.... my balance is 850.00 now and I've not missed a payment in quite some time and actually pay way more than the minimum. I was planning to pay if off next month anyway and close it out.
Location: where you sip the tea of the breasts of the spinsters of Utica
8,299 posts, read 13,962,124 times
Reputation: 8097
Oh, check out the first link - it's only their preferred stock that was downgraded.
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