What a joke!!!

Is Countrywide Financial Headed for Bankruptcy?

Ok, first BAC redeems its $2 billion of junior convertible preferred (see cfc 8-k: 7-8-2008), strips out assets and then disregards the intervening holding company in the OCC cross institution guarantee. What about the 3 rating agencies that all upped the CFC Holdco rating to AA/A? Do you think that we live in the USSR? Let me guess what you were smoking up in the woods while listening to the Dead! I am buying more, stock that is.

Wachovia Halts Wholesale Mortgages; Bank of America Won't Guarantee Countryside Debt

You didn't even correctly type the name "Countrywide" in this title. The reporting goes downhill from there.

Why would company that purchases the stock of another company "guarantee" its obligations if not legally required to do so? If I buy 100% of the stock of XYZ company, am I supposed to personally guarantee all of its debt? Of course not.

Today BAC CEO Ken Lewis said during the earnings call "we understand the ramifications of not honoring Countrywide's debt." Those ramifications would include BAC never issuing debt again, endless litigation by stiffed creditors and, of course, never acquiring a company again.

Please consider all the facts. Thank you.