benefits

  • News

    Bank Of America Wins (Unofficial) Deal-Making Award For Remarkable Achievement

    Remember when Bank of America bought Countrywide in 2008 and CFC Chief Executive Officer/Oracle Angelo Mozilo said they wouldn’t be sorry and it wouldn’t be long before BofA would “reap what Countrywide hath sowed“? He wasn’t kidding and now, finally, BAC and Ken Lewis, the guy who had the foresight to do the deal, are having their vision and skills recognized.

    Bank of America thought it had a bargain four years ago when it paid $2.5 billion for tottering mortgage lender Countrywide Financial Corp. But the ill-fated decision has already cost the Charlotte, N.C., lender more than $40 billion in real-estate losses, legal expenses and settlements with state and federal agencies, according to people close to the bank. “It is the worst deal in the history of American finance,” said Tony Plath, a banking and finance professor at the University of North Carolina at Charlotte. “Hands down.”

    Bank Of America’s $40 Billion Mistake [WSJ]

    / Jun 29, 2012 at 1:53 PM
  • News

    Bank Of America Still “Reaping The Benefits Of What Countrywide Hath Sowed”

    Remember, back in ’08, when Angelo Mozilo cried while telling a bunch of Countrywide shareholders that Bank of America, which had just bought the place, would “reap the benefits of what we have sowed“? Obviously that was was Moz-Speak for “you’re about to find out what it’s like to be forcibly sodomized for all eternity,” […]

    / Dec 21, 2011 at 3:46 PM
  • News

    Gird Your Loins, Jim Chanos

    This Memorial Day in Bridgehampton, Kynikos founder Jim Chanos will be honored for his contributions to Miracle House, a charity “a charity that helps caregivers and patients who come to New York in search of medical treatment.” This is lovely and Jim is very generous. That’s not what we’re here to talk about. What we’re […]

    / May 18, 2010 at 4:40 PM

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