Bank of America Going Belly Up!

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Holy crap! I just recently took a look at the full history of the Bank of America stock and it looks like it's doing a dead cat bounce! Also, what happens to mortgages that a bank holds when it goes belly up?
  • Profile picture of the author HeySal
    That monster needs to die. I'm sure they'll sell the mortgages in a last ditch. I doubt people will just suddenly own their homes. The FDIC might have to take them over to pay all the people with mnney being held by the bank when they close.
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    • Profile picture of the author Merlina
      Originally Posted by HeySal View Post

      That monster needs to die. I'm sure they'll sell the mortgages in a last ditch. I doubt people will just suddenly own their homes. The FDIC might have to take them over to pay all the people with mnney being held by the bank when they close.
      I can agree that all banks like "Bank of America" need to die, but one of my relatives has their money in that bank and I can't seem to convince them to close their account with them. I just have that feeling in my gut that BAC is going down. I keep warning people about this but most the people I tell this to wan't to deny the truth and not look at the evidence. There are vacant foreclosed homes that this bank seems to refuse to put on the market. I wonder how many of these exist across the country.
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  • Profile picture of the author zimo
    First the Hostess thing and now this!
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    • Profile picture of the author Merlina
      Originally Posted by zimo View Post

      First the Hostess thing and now this!
      I don't honestly care about the hostess thing since people need to stop eating that crap anyways. I do care about the jobs that were lost, but not that there will be less junk food available. People need to eat more soup and salads and real food!
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  • Profile picture of the author KimW
    I'm sure they will be bailed out....again.
    I currently have a lawsuit in progress against them.
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    • Profile picture of the author Merlina
      Originally Posted by KimW View Post

      I'm sure they will be bailed out....again.
      I currently have a lawsuit in progress against them.
      Good luck on your law suit, they're being sued left and right and they have trillions in toxic assets. This bank needs to sink like the Titanic and die because of it's failure to prevent crashing into it's own "ice burg".
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  • Profile picture of the author David Maschke
    Edit: I better stay out of this.
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  • Profile picture of the author Dan Riffle
    Originally Posted by Merlina View Post

    Also, what happens to mortgages that a bank holds when it goes belly up?
    If BoA were to go kaput, the assets would be sold through bankruptcy proceedings, most likely in large packages to various other banks and servicers. Nobody will magically own their home free and clear because the bank goes out of business.
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    • Profile picture of the author Merlina
      Originally Posted by Dan Riffle View Post

      If BoA were to go kaput, the assets would be sold through bankruptcy proceedings, most likely in large packages to various other banks and servicers. Nobody will magically own their home free and clear because the bank goes out of business.
      Ohh! Alright, but which banks are going to buy up toxic assets when no one can get a loan to buy a house nowadays? I'm watching houses stay on sale forever and no one seems to be buying. :rolleyes:
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      • Profile picture of the author Dan Riffle
        Originally Posted by Merlina View Post

        Ohh! Alright, but which banks are going to buy up toxic assets when no one can get a loan to buy a house nowadays? I'm watching houses stay on sale forever and no one seems to be buying. :rolleyes:
        Assets bought at a severe discount aren't toxic. The price paid will take into account the level of risk involved in the purchase. Somebody will profit from those "toxic assets."

        Houses currently for sale are irrelevant to this discussion, but...housing sales are up 11% from this time last year and the median home price has increased for seven straight months. What you see and what's actually happening nationwide apparently are two different things.
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  • Profile picture of the author KimW
    The market is very soft where I am but some houses are selling.
    BoA has for forced decent hard working people out of the homes and into the streets while literally lying and stealing their homes.
    Am I concerned about those who work there losing their jobs? Not any of the ones I have had to deal with in the past few years because they have all been liars and thieves. They even sent a letter to my congressman lying about conversations we had.
    All my lawsuit with them is about is to make them prove what they claim or back the hell off.
    Which,they won't be able to prove because they lied.
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  • Profile picture of the author HeySal
    Be nice to see people protesting for prosecutions like they did in Iceland. I'm kinda sick of hearing people bitch, and then when you ask them to activate, they don't care. It's not one wonder to me why we're in the crapper.
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  • I have never heard this expression: "The dead cat bounce" - can someone elaborate? Where did this saying come from? (origination) I must be old...I still say "cool dude" -and THAT was something I had to accept as "normal language"...

    (my mind is spinning to the possibilities! :rolleyes


    *btw: I still love being called Dude these days, since I am an official 'Dudist' - I even have a document of 'divinity'...
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  • Profile picture of the author KimW
    I'd never heard of it but our friend google helped out>
    Dead cat bounce - Wikipedia, the free encyclopedia
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  • Profile picture of the author Kurt
    Headline: BOA is DOA
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  • Well.. on the plus side...it's about time...,that I stop paying my student loan...
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    • Profile picture of the author Kay King
      I think the title is misleading - economists say BOA is actually stronger now than it was a year ago even with the downgrade of this past summer.

      Would like to see it go under but doubt that will happen any time soon.
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      • Profile picture of the author Merlina
        Originally Posted by Kay King View Post

        I think the title is misleading - economists say BOA is actually stronger now than it was a year ago even with the downgrade of this past summer.

        Would like to see it go under but doubt that will happen any time soon.
        Which economists are saying that?
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      • Profile picture of the author Ernie Lo
        [DELETED]
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        • Profile picture of the author Kay King
          Which economists are saying that?
          BAC: Earnings & Forecast for BANK OF AMERICA CORP - SmartMoney.com

          The predictions of demise were in 2011 - hasn't happened and the forecast is up even after downgrading and financial hits. Sad, but true.

          I agree with some of Schiff's opinions - I don't think the worst has happened yet. It's possible that when the storm comes, govt will not be in a position to save companies like BOA again.

          But - the title of the thread is misleading.
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  • Profile picture of the author seasoned
    Originally Posted by Merlina View Post

    Holy crap! I just recently took a look at the full history of the Bank of America stock and it looks like it's doing a dead cat bounce! Also, what happens to mortgages that a bank holds when it goes belly up?
    Don't get your hopes up! The FDIC and the SPIC(?) are supposed to insure funds, etc... OBVIOUSLY, they have to handle BOTH sides! They not only pay for funds held, but dissolve assets.

    What happens with the mortgages is the same that happens with everything else. They are sold to ANOTHER entity. So you may go to sleep with a mortgage held by BofA and wakeup with one held by Wells Fargo. Fixed is fixed though so, in that case, the terms may not change. The address and account number MIGHT also stay the same.

    Steve
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  • Profile picture of the author seasoned
    BofA bought MBNA and, in my opinion, that is when their credit cards and maybe their entire credit department took a nose dive. I then had accunts with BOTH! My BofA cards started getting treated like MBNA at that time.

    Steve
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    • Profile picture of the author Merlina
      Originally Posted by seasoned View Post

      I want to see AT LEAST all the workers for mbna on the street begging for food.

      BofA bought MBNA and, in my opinion, that is when their credit cards and maybe their entire credit department took a nose dive. I then had accunts with BOTH! My BofA cards started getting treated like MBNA at that time.

      Steve
      I wouldn't mind seeing that either.
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  • Profile picture of the author travlinguy
    Hard to accurately comment on a thread like this because it becomes political really quick. Truth is, lots of the big banks are insolvent. If they didn't have the power to literally create money from thin air via the fractional reserve banking Ponzi Plan I'd bet 90 percent of them would be gone in a month.

    Maybe BOA will go belly up. I hope that doesn't interfere with the BOA execs getting their multi million dollar performance bonuses. That would make Christmas really hard on 'em. :rolleyes:
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  • Profile picture of the author Brian John
    Originally Posted by Merlina View Post

    Holy crap! I just recently took a look at the full history of the Bank of America stock and it looks like it's doing a dead cat bounce?
    that's bold statement for a bank w $2t in assets and $1t in deposits. i don't think we're looking at a dead cat bounce at all. it's def difficult to predict the market, particularly in this economic environment and even more so when you're talking about financial institutions, but boa still has significant financial resources and rev gen potential. boa is somewhat unique in the sense that it's on the forefront of a few large legal battles, subject to ever changing legislation, etc, and as such there's def cause for concern, but calling it a "dead cat" at this point may be a bit premature. a common sentiment is that boa is the source of all that is evil and we should rally to defeat the beast, i get that, but when making a judgment call i tend to look at all available data and decide based on what is the most likely outcome, not simply on what i might want to happen. that being said, i actually like boa. have a few accounts with them, including my mortgage, and they've always done right by me. that's not to say i don't understand the concerns of others, i do, and feel those concerns are valid. personally however i don't want to see boa fall. just my $0.02.

    here's what a few analysts are currently saying (not all positive but not all negative either)...

    Bank of America outpaces peers on analyst upgrade
    November 19, 2012
    Bank of America outpaces peers on analyst upgrade - Businessweek
    Shares of Bank of America outpaced other financial stocks Monday, climbing 4 percent after an analyst raised the bank's rating, sayings its earnings-per-share growth over the next two years will likely be better than the other large banks, as declining operating expenses offset slow revenue growth.

    Bank Of America Is Heading South For The Winter
    November 15, 2012
    Bank Of America Is Heading South For The Winter - Seeking Alpha
    From the Bank Of America litigation news, current financials and stock price chart I can see that Bank Of America will gradually drift down into the $7 range again, maybe even touch the high $6 as it has in the past year. It will then stop its decent, because of its Tangible Book Value (TVG) of $13.48, its Tier 1 common capital ratio (11.41%) and improving long term debt. The $20-$53 billion in lawsuit claims and weak revenues and low net income will keep Bank Of America's stock from going above the $10 range for at least the next year or two. Bank of America is a great company in the long term with $1 trillion in deposits. If you want to acquire Bank Of America I would wait like I will for the stock price to drift down before investing. Exit your Bank Of America position when the stock nears the $10 range if the litigation is still as monstrously high as it is now or if the government implements further restrictions on Bank Of America's business practices.

    Bank of America Could Almost Double as Payout Rebounds
    Nov 8, 2012
    Bank of America Could Almost Double as Payout Rebounds - Bloomberg
    Nov. 8 (Bloomberg) -- Bank of America Corp.’s stock could almost double in three years as capital improves, operating costs decline and mortgage risks ease, according to Ed Najarian, banking analyst at ISI Group. Najarian changed his rating to buy from hold, saying in a note to investors yesterday that Bank of America may be able to buy back common shares sooner and in greater amounts than he expected. The dividend, now 4 cents a share annually, could jump to an annual 20 cents next year and 40 cents by 2015, ISI wrote. The stock buyback could amount to 11 percent of common shares over the next three years, “and that outlook could easily prove too conservative,” Najarian wrote.

    Bank of America Gets an Upgrade on Profit Ability
    November 19, 2012
    Bank of America has a chance to beat its peers in growing earnings. Stifel Nicolaus upgraded Bank of America today to a buy and gave the stock an $11 price target, saying it has room to post the biggest earnings growth amid big-cap financials if the low-interest-rate and tepid-loan-growth environment continues. “For example, our estimates project a 30% EPS growth rate in 2014 for [Bank of America] versus a median increase of less than 5%” for the rest of the sector, the analysts said.
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    • Profile picture of the author travlinguy
      Originally Posted by Brian John View Post

      that's bold statement for a bank w $2t in assets and $1t in deposits.
      Two trillion, huh? One of the reasons banks aren't foreclosing on all the commercial and residential real estate they could is because they're allowed to keep those assets on their books at the value that was present at the time they made the loans.

      A lot of that values has gone poof. It's gone. It wasn't even there when many of the loans were made because the real estate industry was in the middle of a full blown orgy of fraud and all the players knew it.

      BOA, along with most of the others lent money against these BS loan portfolios that were loaded with financial toxic waste. I notice you didn't mention how screwed their loan portfolios were.
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      • Profile picture of the author Brian John
        Originally Posted by travlinguy View Post

        I notice you didn't mention how screwed their loan portfolios were.
        no i didn't, thought my post was long enough as it was, had to cut it off somewhere lol. lot's of toxic assets, for sure. countrywide was a big part of that, but in any case it's there. but boa a "dead cat"??? i'm not convinced quite yet that it is, that's all i was getting at.
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        • Profile picture of the author travlinguy
          Originally Posted by Brian John View Post

          no i didn't, thought my post was long enough as it was, had to cut it off somewhere lol. lot's of toxic assets, for sure. countrywide was a big part of that, but in any case it's there. but boa a "dead cat"??? i'm not convinced quite yet that it is, that's all i was getting at.
          Dead cat bounce isn't the story. It's a tongue 'n cheek way of describing a stock move. Even so, few stocks mentioned as dead in that context ever recover and if they do they end up on lesser markets. I think it's really a bad time for to be heavily vested in any type of financial assets outside of precious metals and related securities.
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          • Profile picture of the author Brian John
            Originally Posted by travlinguy View Post

            Dead cat bounce isn't the story. It's a tongue 'n cheek way of describing a stock move. Even so, few stocks mentioned as dead in that context ever recover and if they do they end up on lesser markets.
            totally understand, not caught up in the phrasing, but don't agree that boa's movement can be classified as such. typically a stock w a dead cat bounce is in severe decline and has a brief/temporary upward tick...not sure that's the case here.
            Originally Posted by travlinguy View Post

            I think it's really a bad time for to be heavily vested in any type of financial assets outside of precious metals and related securities.
            agreed. posted the quotes above solely to demonstrate that there are top analysts that see at least some degree of financial longevity and would take a fairly long position.
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      • Profile picture of the author Lori Kelly
        Originally Posted by travlinguy View Post

        Two trillion, huh? One of the reasons banks aren't foreclosing on all the commercial and residential real estate they could is because they're allowed to keep those assets on their books at the value that was present at the time they made the loans.

        A lot of that values has gone poof. It's gone. It wasn't even there when many of the loans were made because the real estate industry was in the middle of a full blown orgy of fraud and all the players knew it.

        BOA, along with most of the others lent money against these BS loan portfolios that were loaded with financial toxic waste. I notice you didn't mention how screwed their loan portfolios were.
        That's exactly right. Bank of America isn't the only one keeping bad or non-performing loans on its books. Their creative accounting allows them to continue reporting loans that are not being repaid as performing loans.

        The majority of the loans Bank of America has on its books is merely the ones it services - collects the debt. It does not own the majority of the loans. So what Bank of America is doing is ripping off the investors of the loans. (See Pino v. Bank of New York). The extend and pretend game the banksters are playing is netting them billions of dollars at the investors' expense. Investors have been joining together and suing.

        The foreclosure business is alive and well and it certainly pays for the banks to extend the foreclosure process as long as possible while pretending the loans are performing.

        As far as BOA going belly up, I doubt that will happen. Although there's not much I'd like better. There have been backdoor bailouts happening and the media doesn't report what's going on. Few people have read the recent Department of Justice settlement where the banksters were slapped with a fine or settlement in lieu of facing criminal charges. What most people don't know is that this was not just a slap in the face of our so-called justice system, it also created a very nice way for the banks to get bad loans off their books AND get paid for them. Pretty nice. And here many people though the DOJ settlement was nothing more than the big bad banks had to pay a bunch of money.

        It's my opinion that BOA won't go belly up. And should there come a time where another bailout is needed, it won't be near as publicized as the one that the majority of Americans were against. It will something similar to the DOJ settlement that helps the bank stay in business by unloading toxic assets as the expense to taxpayers.
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      • Profile picture of the author Rbtmarshall
        Originally Posted by travlinguy View Post

        Two trillion, huh? One of the reasons banks aren't foreclosing on all the commercial and residential real estate they could is because they're allowed to keep those assets on their books at the value that was present at the time they made the loans.

        A lot of that values has gone poof. It's gone. It wasn't even there when many of the loans were made because the real estate industry was in the middle of a full blown orgy of fraud and all the players knew it.

        BOA, along with most of the others lent money against these BS loan portfolios that were loaded with financial toxic waste. I notice you didn't mention how screwed their loan portfolios were.





        I agree with this view. And that is the reason many of the foreclosed homes are sitting empty. They are overpriced from the inflated housing market, and they keep their inflated loan amount as their book value. They will not sell it at a deep discount like a private owner would who has enough equity in their home and needs out of it.


        It also seems that by the banks not selling the homes at a discount is keeping the housing market from crashing further.
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  • Profile picture of the author Patrician
    As for "toxic" loans - by the way -

    What may actually be the death knell of BofA was caused in large part by stupid, greedy pricks @ BofA NC buying Country Wide Financial - THEY WERE the imbeciles with all the bad loans to illegal immigrants and people who couldn't afford to rent an apartment, having a mortage.

    This is in large part how BofA got so many of its problems - then there was the failing Merrill Lynch - that added to the negative income when they bought that.

    I don't blame anybody for being mad at them now - but I still have to stress that BofA USED to be - when HQ was still in CA where it was born over 100 years ago, a wonderful company that built many homes for poor people - free - and performed many other community services.

    The creeps at NATIONS BANK WHO BOUGHT BOFA FOR PENNIES ON THE DOLLAR ARE RESPONSIBLE FOR ALL THE DIRTY DEALS.

    ... AND incidentally wishing for the employees to be begging on the streets is really beyond contempt - I hope the same thing happens to you. (since these people are merely working for 'the man' - trying to survive just like we all are.) They may sound merciless and incompetent but they are just following the rules and trying to keep their jobs.

    Incidentally these are the people suffering because of bad decisions - when you lay off half the people, the people left standing have double the work (@ the same salary). They inherited all this trouble and people's anger (justifiable) is directed at the employees, day in and day out.

    I can tell you after a while of being attacked on a daily basis, your attitude changes - where I really want to help, it is very difficult to deal with angry people all the time and it gets so that I am stressed after only 10 minutes right off the top of every day. It's a bummer. So just try to imagine being in their shoes.


    Look at How Much Countrywide Has Cost Bank of America - Deal Journal - WSJ
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    • Profile picture of the author Kurt
      Originally Posted by Patrician View Post

      As for "toxic" loans - by the way -

      What may actually be the death knell of BofA was caused in large part by stupid, greedy pricks @ BofA NC buying Country Wide Financial - THEY WERE the imbeciles with all the bad loans to illegal immigrants and people who couldn't afford to rent an apartment, having a mortage.

      This is in large part how BofA got so many of its problems - then there was the failing Merrill Lynch - that added to the negative income when they bought that.

      I don't blame anybody for being mad at them now - but I still have to stress that BofA USED to be - when HQ was still in CA where it was born over 100 years ago, a wonderful company that built many homes for poor people - free - and many other community services.

      The creeps at NATIONS BANK WHO BOUGHT BOFA FOR PENNIES ON THE DOLLAR ARE RESPONSIBLE FOR ALL THE DIRTY DEALS.


      Look at How Much Countrywide Has Cost Bank of America - Deal Journal - WSJ

      ... AND incidentally wishing for the employees to be begging on the streets is really beyond contempt - I hope the same thing happens to you. (since these people are merely working for 'the man' - trying to survive just like we all are.) They may sound merciless and incompetent but they are just following the rules and trying to keep their jobs.
      I believe it was BOA that gave the loans to help rebuild San Fran after the big earthquake of 1906 when no one else would.
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    • Profile picture of the author Kurt
      Originally Posted by seasoned View Post

      I want to see AT LEAST all the workers for mbna on the street begging for food.

      Steve

      Originally Posted by Patrician View Post


      ... AND incidentally wishing for the employees to be begging on the streets is really beyond contempt - I hope the same thing happens to you. (since these people are merely working for 'the man' - trying to survive just like we all are.) They may sound merciless and incompetent but they are just following the rules and trying to keep their jobs.
      I agree. I'd love to see seasoned hungry and homeless on the streets. I'd dangle a slice of balogna just out of his reach simply for kicks.
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    • Profile picture of the author KimW
      Originally Posted by Patrician View Post



      ... AND incidentally wishing for the employees to be begging on the streets is really beyond contempt - I hope the same thing happens to you. (since these people are merely working for 'the man' - trying to survive just like we all are.) They may sound merciless and incompetent but they are just following the rules and trying to keep their jobs.






      Look at How Much Countrywide Has Cost Bank of America - Deal Journal - WSJ
      Pat,
      I hope you noticed I only included those that I said intentionally lied to me.
      I literally tried for years to work with them and I did run into some decent people that really did try to help,and they probably were the low rung of the ladder.It's when you start getting further up the food change at BoA that you have to deal with the lying blood sucking scum.
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  • Profile picture of the author travlinguy
    The big banks have a lifeline from the Treasury and the Fed, which guarantees the bailout never stops. It's all funny money. Eventually all this new money triggers an inflationary fire that could burn the goose that lays the golden eggs. Everyone loses.
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  • Profile picture of the author seasoned
    Funny kurt, I don't even eat balogna anymore.

    Steve
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    • Profile picture of the author Kurt
      Originally Posted by seasoned View Post

      Funny kurt, I don't even eat balogna anymore.

      Steve
      You would if you were starving.
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      • Profile picture of the author seasoned
        Originally Posted by Kurt View Post

        You would if you were starving.
        I have actually starved with pizza ALL AROUND ME, so DON'T BET ON IT!

        Steve
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        • Profile picture of the author Kurt
          Originally Posted by seasoned View Post

          I have actually starved with pizza ALL AROUND ME, so DON'T BET ON IT!

          Steve
          I would bet on it!

          You're the #$&!#& that wants to see people on the street begging for food! Quit CRYING! I'm just wishing on you what YOU wish on others.

          Instead of playing this STUPID little game, you'd think that you would retract what you said, but your TRUE colors are showing!

          PS. And if you were REALLY "actually starving" with pizza all around you, you are too dumb to live.
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          • Profile picture of the author seasoned
            Originally Posted by Kurt View Post

            I would bet on it!

            You're the #$&!#& that wants to see people on the street begging for food! Quit CRYING! I'm just wishing on you what YOU wish on others.

            Instead of playing this STUPID little game, you'd think that you would retract what you said, but your TRUE colors are showing!

            PS. And if you were REALLY "actually starving" with pizza all around you, you are too dumb to live.
            I still have standards. I was just wishing on them what they have on others. Bank of america might have been bad, but it got worse after purchasing them.

            and I have standards, sorry if you don't happen to know them.

            Steve
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    • Originally Posted by RyanEagle View Post

      Good riddance. They're pretty horrible.
      Well, the top management are, but not the tellers and the other 275k ppl working for them
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    • Profile picture of the author Merlina
      Originally Posted by RyanEagle View Post

      Good riddance. They're pretty horrible.
      You're not kidding. The people at the top are like vultures feasting on the remains of the dying.
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      • Profile picture of the author michael26a
        Originally Posted by Merlina View Post

        You're not kidding. The people at the top are like vultures feasting on the remains of the dying.
        LOL I love your quote. You've summed up how most major business operations are being run, all around the world
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  • Profile picture of the author Patrician
    DID YOU KNOW?

    Bank of America Foundation awarded $22 MILLION IN HOUSING GRANTS TO NON-PROFITS IN 2012 ALONE?

    Bank of America | Find Funding and Resources

    Bank of America Charitable Foundation Funding Priorities

    (THIS DOES NOT EXCUSE THEIR 'ERRORS' (OR LIES) ) but nobody is all bad and of course I hope they will make good to alleviate all the suffering.

    All I am saying is 'don't throw out the baby with the bathwater'.
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    • Profile picture of the author HeySal
      Originally Posted by Patrician View Post

      DID YOU KNOW?

      Bank of America Foundation awarded $22 MILLION IN HOUSING GRANTS TO NON-PROFITS IN 2012 ALONE?

      Bank of America | Find Funding and Resources

      Bank of America Charitable Foundation Funding Priorities

      (THIS DOES NOT EXCUSE THEIR 'ERRORS' (OR LIES) ) but nobody is all bad and of course I hope they will make good to alleviate all the suffering.

      All I am saying is 'don't throw out the baby with the bathwater'.
      They CAUSED the condition and we are supposed to bleed because they give a little of the stolen money back? I don't think so.
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      Sal
      When the Roads and Paths end, learn to guide yourself through the wilderness
      Beyond the Path

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  • Profile picture of the author Patrician
    Long before any of this happened BofA had been very generous to local communities - they are merely continuing what they have always done.

    ... and please don't bleed on the rug -

    Nobody asked you to bleed.

    Just consider that BofA is not all bad.

    Consider that if you and others get your big wish 275k more people will be out of work.

    Do your bleeding for them.
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  • Profile picture of the author seasoned
    One thing people never seem to consider is that actions that lead to the destruction of te economy will eventually hurt THEM! That is true even if they are the only owner of a bank holding company. Who cares if you have 20Trillion if nobody is there to accept it, etc... In the 1930s, $3000/year was a lot of money. TODAY, it won't even cover the payments on a new car and insurance. In the weimar republic, it is rumored that people were paid twice a DAY so they could get to the store before the value dropped MORE.

    Steve
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    • Profile picture of the author Merlina
      Originally Posted by seasoned View Post

      One thing people never seem to consider is that actions that lead to the destruction of te economy will eventually hurt THEM! That is true even if they are the only owner of a bank holding company. Who cares if you have 20Trillion if nobody is there to accept it, etc... In the 1930s, $3000/year was a lot of money. TODAY, it won't even cover the payments on a new car and insurance. In the weimar republic, it is rumored that people were paid twice a DAY so they could get to the store before the value dropped MORE.

      Steve
      And that is why I take my extra money to buy physical silver coins and bullion. It'll keep it's value no matter how much green toilet paper they print up.
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      • Profile picture of the author seasoned
        Originally Posted by Merlina View Post

        And that is why I take my extra money to buy physical silver coins and bullion. It'll keep it's value no matter how much green toilet paper they print up.
        Still, money is not a one sided affair! If you had ALL the money in the world, and nobody wanted it, it would be worthless. If you had silver, and none were buying, WORTHLESS!

        If you have $10, and every grocery store around you didn't have, or couldn't sell, milk, then how could YOU get any? So there may STILL be problems.

        Steve
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        • Profile picture of the author Merlina
          Originally Posted by seasoned View Post

          Still, money is not a one sided affair! If you had ALL the money in the world, and nobody wanted it, it would be worthless. If you had silver, and none were buying, WORTHLESS!

          If you have $10, and every grocery store around you didn't have, or couldn't sell, milk, then how could YOU get any? So there may STILL be problems.

          Steve
          That is all so true. The farmers are the ones with the real wealth on this planet.
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          • Profile picture of the author Kurt
            Originally Posted by Merlina View Post

            That is all so true. The farmers are the ones with the real wealth on this planet.
            You could make a case it's the warriors that have the power to take any "wealth".

            I just watched a great show on The History Channel called "The History of Us". The show claimed that as man went from hunter/gathers to farming and agriculture, their life expectancy actually decreased by 5 years. This was attributed to warfare that really began during the age of farming and agriculture.
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        • Profile picture of the author Young Financier
          Originally Posted by seasoned View Post

          Still, money is not a one sided affair! If you had ALL the money in the world, and nobody wanted it, it would be worthless. If you had silver, and none were buying, WORTHLESS!

          If you have $10, and every grocery store around you didn't have, or couldn't sell, milk, then how could YOU get any? So there may STILL be problems.

          Steve
          And that is the problem with a fiat money system.
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  • Profile picture of the author Merlina
    Here's a wonderful website on how Bank of Americunts suck.

    bankofamericatv.com

    bankofamericasucks.com
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    • Profile picture of the author seasoned
      Originally Posted by Merlina View Post

      Here's a wonderful website on how Bank of Americunts suck.

      bankofamericatv.com

      bankofamericasucks.com
      WOW! I boycotted them for SO long, and joined ONLY because my stupid nevada resident agent used them. I then found myself in a place where bankofamerica was the only close bank. Anyway, this is still MORE reason to boycott them!

      They actually told a guy that they would not allow him to cash a check until they had proof that he was NOT who he was!

      He CLAIMED to be a person born without arms, and they wanted a thumb print! INCREDIBLE!

      If worse came to worse, I would have called up his wife, who had an account there and wrote the check he tried to cash, described him, and with her approval cashed the check. I mean how many look like him, are male, bald, and have no arms?

      HE called up the ADA act, and they said "whatever"! FEDERAL LAW mandates that they are to be informed, and consent to, among other things, the ADA! i should know, I have been at SEVERAL banks, ******ONE WAS BANK OF AMERICA*******, and they ran me through that course. And I didn't even deal with customers or hiring or firing.

      I guess they DON'T care about that!

      Steve
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      • Profile picture of the author Merlina
        Originally Posted by seasoned View Post

        WOW! I boycotted them for SO long, and joined ONLY because my stupid nevada resident agent used them. I then found myself in a place where bankofamerica was the only close bank. Anyway, this is still MORE reason to boycott them!

        They actually told a guy that they would not allow him to cash a check until they had proof that he was NOT who he was!

        He CLAIMED to be a person born without arms, and they wanted a thumb print! INCREDIBLE!

        If worse came to worse, I would have called up his wife, who had an account there and wrote the check he tried to cash, described him, and with her approval cashed the check. I mean how many look like him, are male, bald, and have no arms?

        HE called up the ADA act, and they said "whatever"! FEDERAL LAW mandates that they are to be informed, and consent to, among other things, the ADA! i should know, I have been at SEVERAL banks, ******ONE WAS BANK OF AMERICA*******, and they ran me through that course. And I didn't even deal with customers or hiring or firing.

        I guess they DON'T care about that!

        Steve
        Holy crap, that's horrible! He should have went to a credit union.
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        • Profile picture of the author Kay King
          I make it a habit never to visit a website that ends in the word "sucks" - they've already given away the game plan so what's the point?
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          what it is instead of what you think it should be.
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          • Profile picture of the author Merlina
            Originally Posted by Kay King View Post

            I make it a habit never to visit a website that ends in the word "sucks" - they've already given away the game plan so what's the point?
            What game plan is that?:confused:
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          • Profile picture of the author KimW
            Originally Posted by Kay King View Post

            I make it a habit never to visit a website that ends in the word "sucks" - they've already given away the game plan so what's the point?
            I went ahead and took a bullet for the team Kay.
            I have to tell you,that its one lousy site.
            No real rhyme or reason to it,just a discussion board that is a mish mash of bitch posts.

            This was interesting though:
            Wow! Bank Of America Bought "Sucks" And "Blows" URLs For Like Everyone At The Company - Business Insider
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    • Profile picture of the author Kay King
      What game plan is that?
      Seriously?
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      Saving one dog will not change the world - but the world changes forever for that one dog
      ***
      One secret to happiness is to let every situation be
      what it is instead of what you think it should be.
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      • Profile picture of the author Merlina
        Originally Posted by Kay King View Post

        Seriously?
        Well if they do have a game plan so far it looks pretty lame. :rolleyes:
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  • Profile picture of the author KimW
    Yes they should be in prison.
    They are still lying and stealing from people.
    And the government still heaps them steal and buse us.
    My state has a class action lawsuit against them but they make you jump through so many hoops it is almost impossible to do anything with it.
    I do now have a lawyer that is talking to them in my place and they are screwing with him too.
    He requested documents about some payments they claimed were missed and they sent him a list of payments,but for some strange reason the documents he asked for were the only ones not in the package.
    Go figure.....
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  • Profile picture of the author seasoned
    Still, the real value of a property ******DROPS****** over time. That is even FASTER if the property is unoccupied! Don't believe me?

    OK, I had a customer. I mentioned them before, but will leave their name out of it here. I happened to have met the person that created the deal. They moved from their old building in virginia to Washington DC! WHERE? Literally RIGHT ACROSS THE STREET from the US whitehouse. Maybe you've heard of it? YEP, ONE street between the two! Anyway, the place takes up about 1 full city block, is several stories tall, has a few main buildings, marble, etc.... so how much did it cost them? If I told you, you wouldn't believe me! In fort wayne there are TINY dilapidated 1000sf or less foreclosed homes that cost MORE! I wish I had such a deal! I would even have been willing to pay 1000 times as much, and it STILL wouldn't cost as much as those foreclosed homes. I could stay in the smaller building(Big enough to make into a small apartment building!), and make a fortune leasing out the others.

    WHY did they get it so cheap? Because it was practically worthless, an eyesore, and historic. They simply had to agree to get it back in shape. They DID, BTW.

    Let's take MY place as an example. I had to repaint it 3 times already(bout $2K each time). I had to replace the sump pump(about $1K) and waterheater(about $1K). I had to clean the heater maybe a dozen times(Free for me, but the HVAC guy would have charged maybe $600). Any one of those things failing could have brought the $300K property down to about $54K(The value of the land).

    Steve
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