Thursday, January 6, 2011

"The Roof The Roof The Roof Is On Fire"

There is blood in the water, the sharks are circling. Are Bank of America's days numbered. What a great time to pull your money out. If Bank of America is the deck of the Titanic it is now April 13 1912, get off while you still can.

Sampling Allowed in Lawsuit Against BOA
BOA Mistaken Foreclosure Ruins Couples Finances
Wikileaks Targets Bank of America

The Mistaken Foreclosure article should terrify anyone who is a current BOA customer. It certainly scared

In case you did not read the article, a couple from Connecticut wanted to refinance their mortgage with Bank of America which they were making on time monthly payments on. Instead the couple was put in President Obama's Home Affordable Mortgage Program for home owners facing foreclosure. This reportedly was a mistake of Bank of America's part, although there is reason to believe it could have been intentional which I will explore further if and when I have more evidence. Regardless the company has done nothing to help the family whose credit is now ruined. Which could lead me off on a tangent about the credit reporting bureaus and how they act with impunity and take no responsibility for their own errors which can ruin lives.

Aside from the fact that Bank of America has acted in reckless and immoral ways, (some of which are listed above others which I will get into later in the week) and the fact they they could make "mistakes" with your account and ruin your life like the example of the CT couple above, another and more timely reason to pull your money out of Bank of America is the distinct possibility of its bankruptcy.

Bank of America like most of the large American banks is insolvent. I know the official accounting does not show that but they are. They are using and being allowed to use accounting fraud to hide their losses because a collapse of one of these institutions would have deleterious effects on the entire economy. Now Bank of America is certainly not the worst of these banks, if Citi was a cat it would have used up its nine lives and then some but pending lawsuits and the wrath of Wikileaks could bring to light BOA's perilous financial situation.

See it is all about who is in good with the powers that be and who is on the outs. I told many people of the last 3-4 years that JP Morgan seems to be a sweet heart of the Federal Reserve and the US Government. Of course many focused on Goldman Sachs and for good reason but all you needed to know about how the Fed felt about JP Morgan you could learn from the Bear Sterns deal "Poison Pills" Ensure JP Morgan Theft of Bear Stearns .

In a similar fashion we can see the negativity towards Bank of America almost on a daily basis. The press has been recently harping on BOA's reckless and immoral mortgage practices and rightly so but why are we not hearing about the other big banks? Julian Assange is threatening all out war on Bank of America and meanwhile Insurance firms are suing the bank and looking like they have a good chance of winning.

All these things would not be possible in my opinion if the bank was not on the chopping block. Of course this will only lead to further consolidation of the banking industry as only one of the other major banks will be able to take on a company of such a size.

So "the roof the roof the roof is on fire, we don't need no water let the mother fucker burn!".

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