"Bank of America: Too Crooked to Fail"

This article is just hilarious.

Bank of America: Too Crooked to Fail

At least Bank of America got its name right. The ultimate Too Big to Fail bank really is America, a hypergluttonous ward of the state whose limitless fraud and criminal conspiracies we'll all be paying for until the end of time. Did you hear about the plot to rig global interest rates? The $137 million fine for bilking needy schools and cities? The ingenious plan to suck multiple fees out of the unemployment checks of jobless workers? Take your eyes off them for 10 seconds and guaranteed, they'll be into some shit again: This bank is like the world's worst-behaved teenager, taking your car and running over kittens and fire hydrants on the way to Vegas for the weekend, maxing out your credit cards in the three days you spend at your aunt's funeral. They're out of control, yet they'll never do time or go out of business, because the government remains creepily committed to their survival, like overindulgent parents who refuse to believe their 40-year-old live-at-home son could possibly be responsible for those ho****rs in the backyard.

....

http://www.rollingstone.com/politics/news/bank-of…

Enjoy! Any opinions? Is the current financial situation of BoA really as aweful as described?

 

I have a hard time taking Rolling Stone Magazine seriously when it comes to their music coverage, so I'm gonna sit this one out, I can't imagine they have better people in their "Politics" department.

If your dreams don't scare you, then they are not big enough. "There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.
 

Learning about the banks from rollingstone is like learning about Obama from FOX

"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger
 

Reminds of the guy from Arz saying obama is illegal. Sources matter.but it is amusing.

The Four E's of investment "The greatest Enemies of the Equity investor are Expenses and Emotions."- Warren Buffet
 

I kind of figured hardly anybody here would like the writer. ;-) Seriously though, hard to believe all he says is nonsense, so what is the situation at BoA really like?

 

To add, I've found very few people who can actually argue the merits of Taibbi's points. They all generally get frothed up into a rage and start throwing out ad hominem attacks, not unlike some of the replies in this thread.

Seriously, take off the blinders and look at the evidence without bias. Then come back and say something.

 
Best Response
TheKing:
To add, I've found very few people who can actually argue the merits of Taibbi's points. They all generally get frothed up into a rage and start throwing out ad hominem attacks, not unlike some of the replies in this thread.

Seriously, take off the blinders and look at the evidence without bias. Then come back and say something.

Here is something: everything at countrywide was fucked, bofa bought them, now they are doing everything possible to fix that, while taking steps (that every other commercial bank is taking) to find new revenue sources in the face of regulation and attacks from politicians who think investment banking involves a teller and handing out suckers and that financial institutions should let everyone bank for free.

Taibbi (not unlike WSJ Deal Journal, oddly) relishes every failure and ignores every success (see March 5th post "IS BANK OF AMERICA IN TROUBLE!!!??!@?!!?...posted as the stock is running towards $9).

That is why he is ignored. He is Maher/ Limbaugh. I'll stick to The Economist which pisses me off as much as it makes me happy.

Let's not pretend you come without bias King....yours is just contra to most on here.

 

I'm up 50% on B of A in a few months. Team Moynihan!

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
 

Sometimes you have to call a spade a spade. Defending the banking oligarchs for the sake of self-preservation is as good as raping the middle class yourself. BAC, GS, MS, and all the other "BB's" should be bankrupt. God forbid all you bankers have to face the reality of not having any marketable skills should the criminal politicians refuse more equity infusions and QE.

 
CrashIsOptimistic:
BAC, GS, MS, and all the other "BB's" should be bankrupt. God forbid all you bankers have to face the reality of not having any marketable skills should the criminal politicians refuse more equity infusions and QE.

Whoa there buddy.... I happen to have employment at the great establishment that is The Bank of America and can assure you that it is on very solid footing. Also, I for one laugh at your assertion of "no marketable skills". If I have no marketable skills, then riddle me how I can get a job at a megafund.

 
CrashIsOptimistic:
Sometimes you have to call a spade a spade. Defending the banking oligarchs for the sake of self-preservation is as good as raping the middle class yourself. BAC, GS, MS, and all the other "BB's" should be bankrupt. God forbid all you bankers have to face the reality of not having any marketable skills should the criminal politicians refuse more equity infusions and QE.

Come now, you say oligarchy like it's a bad thing. That would be a tremendous improvement over this retard dance party we call "democracy".

And what is middle class? Someone who lives paycheck to paycheck? That quality does not discriminate, I assure you. Or is it 100k in NY? 50k in Iowa? I'll give you my definition. Middle class is a mindset. And a weak one at that. Self-pity and terrible personal finance habits are often seen in said group.

When 10% pay over 70% of the federal income tax bill, I'd offer up a different definition of rapist. Hint: they fail to display even an elementary understanding of finance or economics, and work in Washington D.C.

 

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