It's revolting the way Yahoo and the media cover Kardashians and other talentless "celebrities". I wonder how we got so low.
These latest bits of news about Bac offering bonuses and incentives to cheat its costumers is upsetting to read but we don't know if it's true. Motley Fool's article that "Bac defrauded America" is about the most disgusting piece of sensationalist journalism that Yahoo should not have allowed to appear here. Motley Fool has no credibility in my opinion and I will not pay attention to anything they post or write. Jerks.
I agree with you. Moynihan must get to the bottom of this accusation and if true, fire every manager and executive connected with this kind of policy. After all the scrutiny. lawsuits and on going distrust of banks, this type of behavior is crazy. However, I am very suspicious of this allegation because greedy lawyers making huge fortunes suing banks, will encourage any unhappy employee to sue and then settle out of court for good money. They know banks can't win this this climate. The lawyers went to Mass., where the AG is a trigger happy anti bank person, who also loves publicity like the NY AG.
I want to hear from Mr. Moynihan or other high officials at Bac if there is an ounce of truth to these allegations that Bac gave bonuses or otherwise encouraged its employes to screw its costumers. I am very suspicious about these charges. Feels like lawyers looking to get easy money here--filing in Mass., a well know place that loves lawsuits against banks.
I did the same as you, but I am kind of regretting to have sold my long position. I did that not because of any economic issues but I am afraid of these liberal judges who rule to please the populist sentiment that the banks are evil. I am hoping the price will et back to 13 or so, to buy back in.
I'll be a buyer at 11 or even 12. I agree though, right now Bac is unpredictable. You never know with these judges, they are mostly of liberal persuasion and seem to have in for banks. Which is why I am out until we either hit much lower share price or the judge rules in favor of Bac.
AIG dropped its lawsuit against the NY Fed over Maiden Lane ii. Isn't this the same issue Bac is dealing with in this same lawsuit with AIG? I am a bit confused here.Is the lawsuit against Bac then is a separate action?
Is there a leak on this ruling in favor of Bac? Or is it taken for granted the settlement will be approved? welcome any opinion.
I am wondering as well but I think the reason might be that many are waiting on the judge's ruling on May 30, whether she approves the 8.5 b penalty the banks agreed to pay. You can get more details in various articles, like Motley Fool, who sees a potential problem for BAC, But they are just speculating too.
Hey, you've been running this article that the NY AG may sue Bofa and other banks for some kind of violation of the mortgage agreement, for almost a week. Hey, we got the message, find some other issue to titillate yourselves with. All one has to do is mention Banks, the financial journalist go crazy with glee and print the same #$%$ for weeks.
hope they will settee for a nominal sum rather than spend billions on lawyers. Also, I don't believe AIG is an innocent lamb taken to slaughter insuring MBAs without checking or knowing about their qualities. They were as greedy as anyone else. Unfortunately, these activist judges like to show off the size of their heads against the banks, so it's hard to know what will happen.
Maybe Rakoff announcing that the gov't can proceed with parts of a lawsuit under some 1989 laws.The judge said details to come later. What a jerk. He knows what he said impacts the market, so he should not leave the shareholders in limbo.
The NY AG lawsuit is a threat. The update says he will sue if the mistakes are not corrected. So that is over. The AIG suit, if AIG in fact has a case, will most likely be settled out of court like MBIA case. Unfortunately, all this stuff coming at 3:30 pm, scarred a lot of people to sell. I have done that in the past, several times in fact, and lost money each time, as the stock bounced back in two to three days. So hang in, if you can.
I agree with you. NY AG, Mass., AG and a few others, can't stand to go a few weeks without seeing their names in the headlines for a couple of days. So they threaten the banks, the softest target out tere right now, with lawsuits they make up.