Things are not so good at the Banks

[monsoon]

... BofA takes a lot of heat on this board (well, a lot of heat is directed at them but nobody knows if they're aware of it) but their rescue of Countrywide has been applauded by analysts and policy makers. ...

[Charlotte_native]

I'm not an expert so I'm sure some will might have an alternative opinion, but a financial analyst on NPR yesterday said the actual monetary contribution (bailout) for Freddie and Fannie might not actually be that much over time for the taxpayer -- he said that if they retool the companies, rework the mortgages, and continue with better business and the companies make money as they should, actual cash injections will be offset or not have to occur after these initial amounts. His point was these are money making companies if managed correctly and (again, over time) they are corrected they will make money.

Of course they said we wouldn't have to pay to rebuild Iraq because of oil revenue as well...

[jednc]

I'm not an expert so I'm sure some will might have an alternative opinion, but a financial analyst on NPR yesterday said the actual monetary contribution (bailout) for Freddie and Fannie might not actually be that much over time for the taxpayer -- he said that if they retool the companies, rework the mortgages, and continue with better business and the companies make money as they should, actual cash injections will be offset or not have to occur after these initial amounts. His point was these are money making companies if managed correctly and (again, over time) they are corrected they will make money.

Of course they said we wouldn't have to pay to rebuild Iraq because of oil revenue as well...

[monsoon]

Oh, I wouldn't worry about facts or expert opinions. It seems those run counter to the beotching a griping that occurs here by some....

[Commoner]

If you want to give us some facts or expert opinion then please do so. I have yet to see any presented here in defense of the actions of these banks in regards to the issues brought up here. Complaints about the other forumers here don't qualify.

However I will give you this. Complaints, are in the eyes of the holder and one wonders why someone keeps coming back to a site that he mostly complains about.

[monsoon]

.....Who would be against that?

[jednc]

Apparently BofA's interest in buying Lehman Brothers has now ended. The Wall Street Journal and the New York Times are now reporting that BofA has made an offer to buy Merrill Lynch and that a deal could be announced as soon as tonight. ML's board has called an emergency meeting to vote on the deal.

I would assume this must also be passed by BofA's Board as well. It appears that BofA has weathered this current banking storm well so far and is in a position to take advantage of deals as they present themselves. I'd say that's proof enough of the job their doing.

[jednc]

However I will give you this. Complaints, are in the eyes of the holder and one wonders why someone keeps coming back to a site that he mostly complains about.

[Charlotte_native]

Well it is confirmed this morning that BofA is buying Merrill.