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Bank of America Corporation Message Board

  • roccofelardi roccofelardi Oct 24, 2013 8:56 AM Flag

    What do we glean from yesterday's court decision, if anything, that might reflect on the other pending court proceedings?

    Apparently, Bank of America DOES HAVE successor liability for the prior actions of Countrywide. This could set a dangerous precedent. Would bankrupting Countrywide change anything at this point, assuming they are still able to do so?

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    • Not accurate.
      BAC has no liability for such actions of C/W prior to acq. The statement was made by a jury of only lay people, NOT the judge or a forthcoming appeals court. The Law , and ONLY the Law will be used on appeal.

      Sentiment: Buy

    • It's a lodestone about BAC's neck. They need to figure out a way to jettison it 'cause it just keeps coming back to yank them (back) down into the muck. Somewhere inside one of the Exec washrooms at BAC there must be a large dartboard with Angelo Mozilo's face on it. And Ken Lay's along side of it. Both must be buried under a mound of darts.

      Bid $14.13. Entering a trading zone (for me) but I want to see if $14 holds or no...

      American Net'Zen

      • 3 Replies to highlowsel
      • "Dartboards"? As soon as you said "washrooms" I was thinkin' you were heading for "urinal cake figurines" and "porcelain portraits". Now I'm left wondering why no similarly artistic shrine was mentioned for Doc Holliday, a serious oversight AND slight, because HE's actually the Reigning World Master of "The Fecal Touch" ROTFLMAO. Look up Doc and Dupont, Doc and WR Grace....."Ah, sorry my dear Watson, but HIS problem is alimentary."

      • You mean Ken Lewis, not Ken Lay. Lay was Enron.

      • "lodestone"? I think you meant "millstone", a bit heavier. A lodestone was just a small piece of magnetized iron used by ancient sailors to determine magnetic North. But I can see why someone would think "load", "loads are heavy", "oh, I'll write lodestone". Of course you might have meant "a dead albatross", the usual symbolism for something detested around a person's neck.

        Sentiment: Hold

    • Unless or until BAC decides to bankrupt Countrywide, this doesn't really settle the issue of successor liability. The issue, I believe, is that they have been found liable for fraud, which has broad implications for other cases. Yes, the fraud liability was found against Countrywide, but at this point BAC has been accepting all responsibility for that unit, so until they take action to change that, BAC gets stuck with it.

    • That is a decision that the BofA CEO has to make. But the fact that they haven't declared BK for Countrywide already indicates to me that either 1. there is some secret restraints we don't know about, or 2. there is still a long term profit goal that can be achieved. I guess it is number 2. So BAC continues to be a "Hold". This downturn will end soon.

      Sentiment: Hold

      • 3 Replies to whyduyouask
      • With BAC it's always number 2, isn't it?

      • Bad guess. Far more likely is the expected public (as in account holders and prospective customers rather than money-grubbing bagholders) backlash against a corporate coprolite like BAC once again resorting to evasive action (when's the last time this alleged profit machine paid a penny in federal taxes on its mountain of money?) instead of bellying up to the cash bar and paying for its drinking problems. Listen to tigger.....along with hi_low_sell, he's about the only long I see here who has his head firmly attached to his shoulders and not his buttocks. ROTFLMAO or just listen to stevens1958 and cast your fate to an ill wind that blows.

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