I'm not sure if this has to do with what y'all are talking about, but it apparently wasn't news to ML that BofA has been trying to buy them.
That is what your broker says.
ML CEO was in meeting with the FEDs and a lot of other CEOs trying to figure out what to do with Lehman and AIG. He then realized his company was ed and called BofA CEO to offer themselves up or face bankruptcy. It was reported in WSJ, Bloomberg, etc.
ML was never in jeapoardy of being bought out by ANYONE until they screwed everything up. Your broker is trying to sugar coat one the most prominent companies in the investment world being bought out in disgrace.
That is not true. All brokerage firms don't sell every single investment in the market.
BTW, same way many AG Edwards brokers left and got pissed off when Wachovia bought them.
How funny is it that BoA of all ing companies got to gobble up some victims.
Ain't that a .
We'll see how funny it is. They also took on Countrywide which has been regarded by many as a ty deal.
Totally agree, as I said in my post near the top of page 3. No way the govt should assume bad risks taken on by the financial sector.
My response to T Park was in relation to his claim that all his taxes should go to pay for is "infrastructure and defense", and why should he pay for anything else. Because there is a lot more to pay for to make a society successful (eg. education, health care) was my first answer, and then I decided to push him in the direction of 300 years of philosophy that underlies our modern nations (ie. the social contract). I don't believe he'll actually bother to go and learn something, but I had to try.
The problem lies in what is included in the words "social contract".
Well they have to do this CC. My only problem is in how they are doing it. Paulson's initial draft of legislation is outrageously uncons utional and wouldn't stand in court for one day. Its outrageous.
But really they have to do something because of just how far reaching the effect of these mortgages is. They've devalued so much to the piont where these guys have no capital on hand and no ability to get credit. The further devaluation of assets was inevitable which would lead to even lower credit ratings at places that weren't initially involved. It starts a ty financial domino effect that simply cascades until you see a very large sum of companies go under. You'd basically see the collapse of the American financial system which is not good for any of us.
What Paulson wants - and Barack hit the nail on the head with the term - is a blank check. And this is the guy that keeps telling us after every failure and meltdown that it was over. He was continously wrong and now he wants carte blache? Yeah how about no?
How the is it that the Democrats are the responsible economic party right now? They're going to add a bunch of crap to this bill - of that I'm sure - but they're probably also the only reason Paulson may not get a free hand to do whatever the he wants.
Meanwhile at the batcave, Wamu Fails! As predicted by me just a few days ago.
My SIL is a branch manager of a WaMu here ... she sent me her resume about a week or two ago because of rumors she'd heard about it. Just in case.
hey genius this was widely known since the beginning of the year!
I'm not so sure a full on collapes is all that bad. The system all the way from how credit is calculated to how its given out is a complete failure.
We've gone from everyone getting credit to it being almost impossible to get a loan unless its through a small credit union.
Breaking down completely may open up a more efficient avenue for how lending is done.
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