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Bank of America Nationalization Would Shock, Not Help, Economy

I own common shares of B O A. I had read in many financial magazines that bank stock was where to be. I believed them so over the years I accumulated several shares of BOA and USB. I do not want to lose many dollars to nationalization. Who would buy the toxic waste? Some wealthy people would get a terrific bargain by buying BOA in a fire sale after the taxpayers have picked up the waste.

Noone has mentioned the nationalization of GM, a company that would solve its problems if the $53 per hour production workers would take a $2 an hour reduction in pay. This action alone woud save GM $3,904,000 per day. Let's see--244,000 employees times $2 per hour for 8 hours equals $3,904,000 This figure does not take into account that skilled workers such as tool and die makers get up to $73 an hour. No politician has given a peep for this idea. The union has agreed to a small reduction in health benefits. Now if we get a national health bill the union has in effect given up nothing to save their jobs.

The Democratization and (In)accuracy of Financial Data: BofA's Share Price

I can't see any reason why the government should take my money because one or two individials did not do their duty. I have to wonder why the directors should not be sued for not fulfilling their fidiciary duties. Should we also nationalize the auto companies? Should we some how put some controls on the United Auto Workers? Hey, this is a global recession, not just an American problem.

Nationalize U.S. Banks

It is very easy to say "nationalize", but you fail to mention thay many who own the stock will lose many dollars to our government. If our government is smart enough to run a bank why did it let medicare and medicaid get in a worse financial shape than our banks. Whose dollars is the government using to operate medicare and medicaid? Why have so many state governments gotten into such bad financial shape? As Ben Franklin once said, "a government that can take care of every need can also take all you ever had." I don't like the bailouts, but if that failure of any restrictions on their use is any indication of how Washington is going to run our banks or auto companies may the Lord pity us.

Thain's Undoing: Thinking He's Worth It

Since we are on a blame train let's take a look at Bank of America. How can one approve the investment of millions of dollars in a Chinese bank that their government could nationalize at a moments notice? As I recall that investment came just a few days after the BAC offiicials went begging the Feds. for a loan. In a period of time we taxpayers are helping improve the financial condition of a potental enemy.

Big Cap Financials Are Scary

When I think of BAC investing $6 Billion in a Chinese bank after getting a $15 Billion bailout, I say there should be more control of how this money is spent.

Two things happened---one our highly paid beaucrats in Washington were asleep and BAC made a ludicrouse use of this loan. Will this $6 Billion purchase become a gift to that Communist nation? Remember, the government of China could nationalize their banks over night and take control all assets.

Did you know it would take one a lifetime to count to six billion? I once offered any student $20 who could write to one million during their Spring break. Some tried but after two days they gave up. Now, how much is one billion?

What Does Bank of America's Decline Mean for the Global Banking System?

It is hard for me to see why BAC invested in a Chinese venture when everyone knows that in a Communist dominated country the government can nationalize any industry and take complete control of its assets and operate it as the beaucrats wish. I also agree that the take over of Countrywide and Merrill were risky moves. Let BAC stay with banking and not other activites in which they are not well versed.

How Will Banks Spend Their Bailout Money?

Congress has opened a Pandora's box and now has no idea how to close it.

The automotive companies were second in line for a handout and now cities and their lobbyists are descending on Washington with hat in hand.

Did any of these companies try to re-negotiate contracts and reduce long company paid vacations and high hourly salaries? Surely these workers would rather lose a little that would save their jobs. GM, Ford, and Chrysler will be right back with these same problems unless they can learn to build better cars at less cost. A bailout may be the answer for maybe a year and by then the above companies will be back wanting another bailout.

Wall Street Breakfast: Must-Know News

Which bank corporation are you repoeting on? Bank of America or Bank of New York.