Monday, August 8, 2011

Bank of America about to become extinct?

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By: Sanford Hall

I took it upon myself to see how BOFA stock was doing today and to my surprise it is currently down more than a dollar. Just yesterday in one of my responses on another site I responded to a mortgage foreclosure question. My response was that Citi would be extinct in 2-3 yrs. while Bank of America would be extinct in 3-5 yrs. 

After seeing a steep decline in the stock price of BOFA I decided to take a look at the news to see what was going on. To my dismay AIG is suing BOFA for $10B of toxic Mortgage it sold them in 2005 at the height of the R.E. boom. AIG claimed BOFA deliberately and knowingly misled them.

Many knew this was bound to happen.  I saw this as soon as the mortgage mess began to unravel. Perhaps AIG will be the deck of cards to cause BOFA to crumble. The collapse of BOFA will certainly be felt in the general financial markets and possibly the economy.

There were rampant fraud occuring by many financial institutions. BOFA cannot run from this one, I believe AIG cornered them on this one decisively. AIG have also opened up the flood gates of many more to come. AIG will become to be known as the institution to crumble BOFA deck of cards. As I predicted BOFA is doomed, only in less time than I originally anticipated. I expect the doors to be closed within eighteen months. Good riddence Bank of Ameria for the lives you have ruined across America.

To be continued...

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