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Bank of America Nationalization Would Shock, Not Help, Economy [View article]
BAC is a very competent class A predator. BAC is differentiated from Citibank mainly by issues of pure incompetence at C at many layers of their management. Nationalizing Citibank is a no brainer. BAC should also be nationalized.
Remember, BAC was "forced" to take funds from Feds to "mask" the banks who really needed it? Sheer misdirection! The Truth is that it was Bank of America (along with the Citibank losers) that needed those funds,
BAC was the true weak one (and Thain realized this - hence his 8 billion dollar bonus heist). BAC still does need a citizen handout of at least a Trillion to be safe.
BAC is still hiding its MAJOR LOSSES from defaulted credit cards, no doubt brought on by its arbitrary system wide increase to over 30% APR for everyone not personally "connected". There is a strong rumor that BAC is taking its defaulted credit card holders and financing its REO's to them by including the card debt on new mortgages at 5% 30 year fixed. Similar deals are working for homeowners in danger of foreclosure! Every lawyer in the USA is counseling their clients to default on ALL debt, in order to bolster the argument that they need a modified mortgage. Seems to be working!
Its stockholders of record, who bought the stock in the 30 to 60 range are looking at $3.81 Friday? The great mass of individual stockholders WOULD NOT suffer if BAC were nationalized. Does it matter to them if they realize 3.81 per share more long/short term loss? Not really. They will be in the hole for life, as will their already decimated 401ks. Best to cut the BAC house of cards at the balls while it still has a vestige of strength left. Even if Lewis resigns as he should, since this crap was all his idea, that should not deter nationalization.
USA is no longer a capitalist country anyway, especially for those fat cats with their hands out.
NO ENTERPRISE IS TOO BIG TO FAIL.