Submitted by: Donald HankHere’s What You Bailed Out: Bank of America, $850 Billion
 And this is just one bank: Bank of America plans to shrink its $850bn portfolio of troubled home loans by about half over the next three years as it seeks to quicken the pace with which it resolves problems related to the housing crisis and its disastrous purchase of Countrywide Financial.So now we have one number, for one bank: $850 billion. Of that, $118 billion is owned outright. How does this compare against BOA’s reserved amounts and exactly how is that $118 billion marked? At what price are these loans being carried? Remember, there’s $9 trillion in valuation loss (and that was $9 trillion in bogus valuation gains) which has occurred. The banks made hundreds of billions of dollars in fees, costs, and other forms of skimming originating and servicing these unpayable loans. Only $530 billion of that $9 trillion in loss has been recognized in reduced indebtedness at the consumer level. The rest has “magically” disappeared. Or has it really been swept under the rug with firms claiming to be perfectly fine and solvent when in fact they’re walking around with a load of dead and rotting fish slung over their back, professing to have many good, tasty and nutritious fish for sale as their “assets”? |
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Donald Hank Comments: I have not spoken with one American who thinks bailouts are constitutional or necessary.
Remember when a branch of BOA in the south had all the American flags yanked out of their lawn to honor a fallen US soldier? They claimed many of their clients weren't Americans and would be OFFENDED!
Gee, we Americans aren't offended by having their fallen soldiers dishonored, are we? Aren’t you all warm and fuzzy inside to know that BOA got billions of YOUR money, just for the asking?
Americans are slow to anger, but once they realize they've been had, things could get hot. Time to put the heat to Bernanke and all government officials who facilitated this robbery. At the very least NO legislator who voted for the bailouts should EVER be re-elected.
Don Hank
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