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Bank of America Going Bankrupt?

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posted on Aug, 16 2011 @ 11:49 AM
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I should probably warm my parents then since they have a lot of money saved up in BoA. also how is Chase? I barely opened an account with them yesterday. should I be worried?




posted on Aug, 16 2011 @ 11:58 AM
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I can't see why anyone would be banking with any of the mega banks. They all screwed us and are largely repsonsible for the mess we're in. Move yuour banking to a small, local private bank. Vote with your feet.

To add gasoline to the fire, a very close colleague of mine is a BOA customer. He pays his bills using their online banking. Very recently with no warning nor explanation they just stopped his automated online banking payments. He was away for two weeks and came back to past due notices for all his creditors including his mortgage. He called BOA and they had no explanation for him and offered no assistance to resolving the clusterfart they created. So meanwhile he's having to contact all his payees and rectify things --- including paying late fees. Another BOA custmer-first move.



posted on Aug, 16 2011 @ 12:18 PM
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Bank of America Going Bankrupt?

Date Requested 08/07/02

Closing Price $32.63
Volume 13,150,400
Split Adjustment Factor 2:1
Open $32.43
Day's High $32.63
Day's Low $31.98


08-12-11

BANK OF AMERICA 7.19 -0.06 -0.83 271,332,396 15:44

-----------------------------------------------
08/07/02 $32.63 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, $7.19 08-12-11 equals = YES

edit on 16-8-2011 by BobAthome because: (no reason given)



posted on Aug, 19 2011 @ 12:20 PM
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Bank of America foreclosed


www.thedailyshow.com...



posted on Aug, 19 2011 @ 08:24 PM
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Bank of America was doomed the moment they took over Countrywide. The slime and fraud that was endemic in that company will bring BAC down. Somewhere, most likely somewhere very hard to extradite from, a very tan Angello Mozillo enjoys the fruits of his corrupt enterprise smug in the belief that he will never face justice for his crimes.

I've seen it said that Bank of America and Wells Fargo were never "officially" Too Big To Fail like citigroup and JPMorgan because of their lack of exposure to foreign markets. Both companies have the same problems they did in 2008. Bank of America has the toxic assets from its Countriwide acquisition and Wells has a book of second mortgages written in some of the worst of the bubble areas. Both are only solvent because Congress pressured the NASB to allow "mark to model" accounting for assets instead of "mark to market". The cashflow will eventually tell the truth about solvency and I believe we are rapidly approaching that point.



posted on Aug, 19 2011 @ 09:00 PM
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Banks only have to hold 10% in cash reserves and ZERO RESERVES FOR CDs/Savings held by businesses.

If one out 10 people decide to pull their money or maybe a few large businesses - the bank will run out of cash.

Probably even if just 5% of people pull their money they will be in trouble.

About a year ago, they had a documentary on what happens when a bank goes under. One thing they showed is the government goes to GREAT LENGTHS to keep the take over super secret.

I held an account with BofA for about 15 years - they never once had banking problems.



posted on Aug, 22 2011 @ 02:10 PM
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Check out the latest from Zero Hedge

Bank Of America CDS Hits Escape Velocity



edit on 22-8-2011 by mnemeth1 because: (no reason given)



posted on Aug, 22 2011 @ 02:38 PM
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reply to post by mnemeth1
 


Thank you for that post w/ Link. I loved reading the comments...Especially this one by jOnx


Goodbye my credit card debt because no way I'm paying 100c on the dollar for that # when they die. I'll offer 15c on the dollar to whoever absorbs their rotting corpse as a one time only take it or leave it mofos deal.


My plan exactly....



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