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Bank of America Corporation Message Board

  • tigger.redux tigger.redux Jun 5, 2013 4:29 PM Flag

    AIG Too Greedy

    The problem with AIG is that they don't know when to stop. What they will wind up doing is forcing BAC to take the final step and bankrupt Countrywide, then everyone loses. BAC, for whatever reason, has been trying to do the right thing for all the hurt parties, while keeping the integrity of the bank. The amounts AIG is seeking could put the integrity of the bank at risk, and BAC can't allow that to happen. Putting Countrywide into bankruptcy will be a long and messy battle with no winners. AIG doesn't seem to realize that, or maybe they do. I can guarantee that AIG isn't making any friends on Wall Street with their extravagant demands. Will they see the light before it's too late?

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    • Let's see how BAC handle this one - can't blame it on CFC.
      Employees say the lender told them to delay applications to the Home Affordable Modification Program, or HAMP, to increase fees and send customers into foreclosure, Waters wrote today in a letter to the watchdog for the U.S. government’s bailout program.

      “It goes without saying that this is an outright abuse of consumers and government mortgage-assistance programs.”

    • The judge will not allow an adjustment to the settlement. Too many parties are on board and have agreed to it. AIG has taken a conspiratorial position against BAC and those that agreed to the settlement. Hard to prove. Aint gonna happen. They dont have a smoking gun. Just innuendo.

      Sentiment: Strong Buy

    • I think you missing something - the threat of bankrupting CFC was used as a ploy back then and was taken seriously. However - why did BAC NOT send CFC in to bankruptcy anyway?
      I think you will find that BAC has succesor liability so what would be the point. If you take that view as I do then the $8.5 billion settlement is not fair. $100 billion real loss at stake here.
      I took my profit and am seeing the drop - this will go on and the case will take months to rule on. 80% sure the agreement will NOT be approved.

      Sentiment: Strong Sell

      • 1 Reply to maxkonaet
      • Actually, successor liability has not been determined in the courts, although some rulings seem to favor the idea that BAC doesn't have it. That's why any bankruptcy would be long and messy. When BAC bought CFC, they specifically did the merger in a manner to fence CFC from the rest of the bank for just such an event. Even the Feds and banking regulators understand that the bank isn't a bottomless pot of money. There will come a point when the Feds will either have to intervene or face the real prospect of testing the too big to fail policies they've put in place. I very much doubt they want to go that route, but both AIG and Schneiderman could back everyone into a corner. In a case like that I can almost guarantee it will cause an economic crisis even worse that what we've been through.

    • Most of the executives at AIG between 2000-2009 should still be in federal prison.

      Sentiment: Buy

    • I fear you are correct - it seems that AIG - is trying to save face - in that they had poor business operations - an now see maybe a way to grease their palm - by crying poor me - an big bad mean BAC -
      its was Country Wide - an they know it - but are playing on the public - poor us .!!
      will it work - ???? its New York - an Democrat state
      I was trying to see on the judges profile - if a political status was shown but no luck .!

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