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Bank of America helps destroy the economy - 9/12/2011 9:12:59 PM   
defiantbadgirl


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Status: offline 		http://finance.yahoo.com/news/Bank-of-America-will-cut-apf-1897361930.html?x=0

Didn't they ask for and accept bailout money to prevent this?

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RE: Bank of America helps destroy the economy - 9/12/2011 9:31:40 PM   
willbeurdaddy


Posts: 11894
Joined: 4/8/2006
Status: offline 		No, that isnt the reason, and even if it was it would be irrelevant because they paid back the TARP money as soon they were permitted to.

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RE: Bank of America helps destroy the economy - 9/13/2011 12:38:26 AM   
popeye1250


Posts: 18104
Joined: 1/27/2006
From: New Hampshire
Status: offline 		BofA is a terrible company and deserves to go out of business.
The sooner the better.

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RE: Bank of America helps destroy the economy - 9/13/2011 6:04:25 AM   
SternSkipper


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quote:

No, that isnt the reason, and even if it was it would be irrelevant because they paid back the TARP money as soon they were permitted to.


Shareholder


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RE: Bank of America helps destroy the economy - 9/13/2011 6:06:35 AM   
SternSkipper


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quote:

BofA is a terrible company and deserves to go out of business.


I hates their ATMs
cause I slipped in some phlegms
I'm popeye tba sailah man


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RE: Bank of America helps destroy the economy - 9/13/2011 6:27:19 AM   
thompsonx


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quote:

ORIGINAL: willbeurdaddy

No, that isnt the reason, and even if it was it would be irrelevant because they paid back the TARP money as soon they were permitted to.



Once again speaking out of both sides of your mouth. It either was or it wasn't. If it wasn't what was the reason they took the bail out money? Since they paid the money back why are they now in the shitter?

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RE: Bank of America helps destroy the economy - 9/13/2011 7:24:44 AM   
xssve


Posts: 3589
Joined: 10/10/2009
Status: offline 		Because stocks are primarily a form of executive compensation (options). They're a bank, they don't need stock, plenty of banks operate just fine without stock, but a hit to the stock is a direct hit to their bonus structure, they have to preserve the bonus structure at the expense of the more expendable employees.

It's pretty much how all publically traded companies operate nowdays, and will be until they are required to expense stock options: Devil take the hindmost - get used to it.

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RE: Bank of America helps destroy the economy - 9/13/2011 7:39:53 AM   
Iamsemisweet


Posts: 3651
Joined: 4/9/2011
From: The Great Northwest, USA
Status: offline 		BOA is in trouble. If I owned their stock, I would unload it.
Fortunately, I just very successfully renegotiated my mortgage with them.

_____________________________

Alice: But I don't want to go among mad people.
The Cat: Oh, you can't help that. We're all mad here. I'm mad. You're mad.
Alice: How do you know I'm mad?
The Cat: You must be. Or you wouldn't have come here.

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RE: Bank of America helps destroy the economy - 9/13/2011 7:44:21 AM   
xssve


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Status: offline 		There ya go, 30K more foreclosures in Charlotte to choose from.

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RE: Bank of America helps destroy the economy - 9/13/2011 9:13:34 AM   
Termyn8or


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Status: offline 		What great plan ! Lay the people off and then take their houses. Then maybe another bailout and then keep the houses.

What was that Thomas Jefferson said ?

T^T

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RE: Bank of America helps destroy the economy - 9/13/2011 9:19:22 AM   
willbeurdaddy


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quote:

ORIGINAL: xssve

Because stocks are primarily a form of executive compensation (options).


Huh?

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RE: Bank of America helps destroy the economy - 9/13/2011 9:53:15 AM   
SternSkipper


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quote:

What was that Thomas Jefferson said ?


"Grow hemp, fuck slaves"



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RE: Bank of America helps destroy the economy - 9/13/2011 9:57:08 AM   
popeye1250


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From: New Hampshire
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quote:

ORIGINAL: Iamsemisweet

BOA is in trouble. If I owned their stock, I would unload it.
Fortunately, I just very successfully renegotiated my mortgage with them.


I tried to and when they called me they said they'd only need a few things.
Two months later I was on a scavenger hunt for all kinds of things and they know all about me and have all that information in their files.I was dealing with three different people in Arizona, Georgia and somewhere else. And of course none of them knew anything about the other!
B of A makes the U.S. govt. look efficient!
I wish someone would buy my mortgage from them.
Terrible management! Piss poor customer relations and communications.
I think they lost $9 Billion last quarter. They're in a death spiral and they ain't coming out of it.

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RE: Bank of America helps destroy the economy - 9/13/2011 12:09:20 PM   
Edwynn


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Popeye be hitting the nail on the head in this one, folks.

Having set up the microphones and run sound for the corporate get-togethers hosted  by Hugh McColl (CEO of  NCNB , NB , B of A), I can tell you firsthand that there is no bonus large enough for any executive or manager to have to put up with that idiot's head-butting-to-desk inducing manner of speech.  Anybody like that allowed to manage anything beyond a gutter cleaning service does/did  not bode well for this country. (me being a lowly sound guy, I got to put better mics out for a wonderful Flamenco dancer and her guitarist in the main theatre later on the same day, but, boy did it hurt to even listen to the first guy)

Changing the name from NCNB (North Carolina National Bank) to "Nation's Bank" was all his doing.

I think they went and bought Bank of America out in San Fran just to erase the aforementioned completely idiotic name.




< Message edited by Edwynn -- 9/13/2011 12:23:03 PM >

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RE: Bank of America helps destroy the economy - 9/13/2011 12:23:48 PM   
Iamsemisweet


Posts: 3651
Joined: 4/9/2011
From: The Great Northwest, USA
Status: offline 		My experience was the opposite, for a lot of reasons, I think.  In any case, BOA saved themselves from taking another house onto their books (changing mark to market rules was a mistake in my opinion) and I saved myself from moving.  Kind of a win/win, but it took a lot of perseverance.  On the other hand, I hear stories like yours all the time. 

quote:

ORIGINAL: popeye1250


quote:

ORIGINAL: Iamsemisweet

BOA is in trouble. If I owned their stock, I would unload it.
Fortunately, I just very successfully renegotiated my mortgage with them.


I tried to and when they called me they said they'd only need a few things.
Two months later I was on a scavenger hunt for all kinds of things and they know all about me and have all that information in their files.I was dealing with three different people in Arizona, Georgia and somewhere else. And of course none of them knew anything about the other!
B of A makes the U.S. govt. look efficient!
I wish someone would buy my mortgage from them.
Terrible management! Piss poor customer relations and communications.
I think they lost $9 Billion last quarter. They're in a death spiral and they ain't coming out of it.


_____________________________

Alice: But I don't want to go among mad people.
The Cat: Oh, you can't help that. We're all mad here. I'm mad. You're mad.
Alice: How do you know I'm mad?
The Cat: You must be. Or you wouldn't have come here.

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RE: Bank of America helps destroy the economy - 9/13/2011 12:45:01 PM   
Edwynn


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Joined: 10/26/2008
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(changing mark to market rules was a mistake in my opinion)

Right.

But the FICO scam still being in place all the while. And everything else about the freely traded market system and home prices in particular in tune with market pricing. But let's exclude this one item in terms of balance sheet for this particular industry of scammers from the rules that everybody else has to follow. Is Wendy Gramm our aunt, or what?

Goose/Gander thing here.


"Kind of a win/win, but it took a lot of perseverance. "

Apparently, the perseverance required in maintaining against somebody hell-bent on digging into your major financial asset doesn't seem to trouble you much. I came dripping wet out of the shower to disturb a r/l break-in once, so I suppose that I can commiserate to some degree, if not holding my attempted robbers in the same high regard that you apparently hold yours.

I'm sure that somebody breaking into your house while you were gone to steal $800 worth of stuff would trouble you much more.

Frikkin amazing, this country is.

Not how much is stolen, but who is stealing it makes all the difference in the world.






< Message edited by Edwynn -- 9/13/2011 1:23:01 PM >

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RE: Bank of America helps destroy the economy - 9/13/2011 2:40:33 PM   
Iamsemisweet


Posts: 3651
Joined: 4/9/2011
From: The Great Northwest, USA
Status: offline 		What can I say?  I managed to salvage something out of what could have been the biggest financial disaster of my life.  Still say it was a win/win.  There is absolutely no point in looking at what might have been, had things gone differently.

_____________________________

Alice: But I don't want to go among mad people.
The Cat: Oh, you can't help that. We're all mad here. I'm mad. You're mad.
Alice: How do you know I'm mad?
The Cat: You must be. Or you wouldn't have come here.

(in reply to Edwynn)
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RE: Bank of America helps destroy the economy - 9/13/2011 2:43:48 PM   
Slavehandsome


Posts: 382
Joined: 9/19/2004
Status: offline 		They got away with taking bailout money, so why not ask for more?

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RE: Bank of America helps destroy the economy - 9/13/2011 2:47:55 PM   
Iamsemisweet


Posts: 3651
Joined: 4/9/2011
From: The Great Northwest, USA
Status: offline 		Because I got plenty, and I don't feel taken advantage of.  I asked for, and received, what I could get.  My point is that these modifications or whatever are well worth pursuing.
They paid back their bailout money, by the way.

quote:

ORIGINAL: Slavehandsome

They got away with taking bailout money, so why not ask for more?


_____________________________

Alice: But I don't want to go among mad people.
The Cat: Oh, you can't help that. We're all mad here. I'm mad. You're mad.
Alice: How do you know I'm mad?
The Cat: You must be. Or you wouldn't have come here.

(in reply to Slavehandsome)
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RE: Bank of America helps destroy the economy - 9/13/2011 5:14:12 PM   
Fellow


Posts: 1486
Joined: 9/21/2009
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quote:

Bank of America is slashing 30,000 jobs....


It is good for the economy. The financial sector is out of proportion, too large. 

(in reply to defiantbadgirl)
Profile   Post #: 20
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