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NEW YORK (Reuters) - The insurer AIG is suing Bank of America Corp to recover more than $10 billion of losses from a "massive fraud" on mortgage debt, deepening the morass of litigation faced by the largest U.S. bank.
American International Group Inc, still largely owned by taxpayers after $182.3 billion of government bailouts, is the latest of a growing number of investors filing lawsuits to hold banks responsible for losses on soured mortgages that contributed to the financial crisis.
The AIG complaint accuses Bank of America and its Countrywide and Merrill Lynch units of misrepresen
Originally posted by MasterGemini
And like all beasts when the food is gone they turn on each other.
They can have each other for all I care. Good Riddance.
Originally posted by Xcathdra
reply to post by DontTreadOnMe
I would go so far as to say the blame lies with the American People for being lazy and apathetic about our Government and its actions. Ive said it in other threads along the same topics... We should have grounded them the moment they took the credit card out and bought junk we didnt need.
We didnt react when the oversight committees were being funded by the companies they were suppose to be watching...
We didnt react when the banks went tits up because of greed then demanded we bail them out, while they stepped on our necks dueing the housing bubble.
AIG is just as guilty as BoA... The only reason AIUG gets the support it does is because tehy hold the retirement funds of Congressional members.
I say the American people should get together and file a class action lawsuit against all financial isitutions and the government for fraud, lying, bait and switch, insder trading, and failing to fullfull their oaths of office.
Thats just me though...
Bank of America's back-door TARP
Taxpayers may not realize it, but they just bailed out Bank of America again, this time to the tune of more than a half billion dollars.
The Charlotte, NC-based bank was one of the biggest recipients of bailout funds during the financial crisis. But Bank of America (BAC) continues to face deep problems related to its troubled mortgage portfolio and investors have battered the stock, which has plunged over 40% so far this year. That's escalated concerns that the bank may need to raise more capital. Yves Smith at Naked Capitalism has even started a BofA death watch.
But apparently the federal government is determined to resurrect BofA: the Wall Street Journal reports the feds have just used Fannie Mae, which is controlled by the U.S. government, to infuse BofA with $500 million and ease one of the bank's biggest headaches.