Thain Defends Acquisition of Bank of America: Did BofA know?

by Coffee-Aholic Posted 2009/01/26 21:44:25

30 votes
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	Yeah, BofA probably knew about Merrill Lynch's financial problems.	21 votes	70%
	No. Why would Bank of America agree to merge if Merrill Lynch was failing?	6 votes	20%
	John Thain just hates Bank of America.	3 votes	10%

John Thain, former Chief Executive for Merrill Lynch, defended the acquisition of Bank of America, saying that BofA knew about Merrill Lynch's financial problems before the merge. Thain was kicked out of office right after the $19.4 billion merger was closed. Repeatedly, Thain stated that Bank of America knew about any losses or financial problems as soon as Merrill did. Then, Bank of America was hit will lawsuits for not disclosing Merrill Lynch's losses in December of 08.

Do you believe Thain that Bank of America knew about Merrill Lynch's financial issues before the merge?

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tdterry1999 2009/01/26 22:11:47

Yeah, BofA probably knew about Merrill Lynch's financial problems.

+2
let bofa fail.would be better for the country
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Samurai ORC 2009/01/30 21:12:17

John Thain just hates Bank of America.

WHo knows if he knew about it and honestly who cares? BofA bit it when they signed up on Merril Lynch. They bought the toxic assets. It happens.

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kitten 2009/01/29 16:47:09

Yeah, BofA probably knew about Merrill Lynch's financial problems.

PROBABLY...

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NightWorld 2009/01/29 15:13:33

Yeah, BofA probably knew about Merrill Lynch's financial problems.

if the fail it will be for the best

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Sarah 2 2009/01/27 22:35:01

Yeah, BofA probably knew about Merrill Lynch's financial problems.

I heard they certainly would have known.

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harrietb98 2009/01/27 18:10:40

Yeah, BofA probably knew about Merrill Lynch's financial problems.

Of course they knew. Give me a break.

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Archconservative 2009/01/27 16:44:50

Yeah, BofA probably knew about Merrill Lynch's financial problems.

I think it is a huge mistake to believe that Thain or any other "banking expert" in America is really an expert on anything besides personal greed. Look at my house value or 401K if you need a reminder of how smart these guys are. I don't believe they are honest or ethical or moral and don't care what I think as long as their piles of money keeps growing.

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Piwan 2009/01/27 16:06:13

Yeah, BofA probably knew about Merrill Lynch's financial problems.

Sure sounds like it!

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Mava 2009/01/27 14:41:50

John Thain just hates Bank of America.

+1
Thain is just another ignorant big money ceo who throws money around like it was water. They do some ridiculous things like spend $14,000 for a parchment waste basket. The man and his ignorance and money means nothing to him. Do not give them any more of our money.

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Silver 2009/01/27 07:16:26

Yeah, BofA probably knew about Merrill Lynch's financial problems.

I'm sure they knew...the question is what do they gain by it?

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poet4justice 2009/01/27 04:33:51

Yeah, BofA probably knew about Merrill Lynch's financial problems.

thew giant bofa must what testicle the bull is selling

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DemonKiTTiE ♥ In MUSE I Tru... 2009/01/27 03:46:27

Yeah, BofA probably knew about Merrill Lynch's financial problems.

They would have had to disclose that I would think before the merger and if they didn't BofA can't really do much about it as the purchase is final now.

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Sully 2009/01/27 02:52:54
Patti The Yes Fan 2009/01/27 01:58:18

No. Why would Bank of America agree to merge if Merrill Lynch was failing?

ONE WORD. ACCOUNTABILITY.

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jackolantyrn356 2009/01/27 01:54:11

No. Why would Bank of America agree to merge if Merrill Lynch was failing?

+1
B of A has always given me a pain in the ass. May they just be namelessly absorbed and their CEOs dumped from a very high place with a very rocky jagged shoal at the bottom. No place to go but down.

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Petpeve 2009/01/27 00:33:45

Yeah, BofA probably knew about Merrill Lynch's financial problems.

+1
Bank of America knew all to well of Merrill's financial problems because they compared to the same financial problems that BOA themselves were facing. What a joke. Merrill, BAO, Citibank, etc., are all facing the same financial problems. You can only hide your dirty laundry for so long before it all begins to smell. I said a while back and I'll say it again, let them all fail. Your reap what you sow.

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screwybruce 2009/01/27 00:24:08

Yeah, BofA probably knew about Merrill Lynch's financial problems.

+1
If they did NOT do their research too bad. Caveat emtor or something like that.

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ctuagentdown 2009/01/26 22:56:44

Yeah, BofA probably knew about Merrill Lynch's financial problems.

there is full disclosure to be found anywhere these days with the net

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Scorpiano 2009/01/26 22:44:06

Yeah, BofA probably knew about Merrill Lynch's financial problems.

+1
I found this dated article: Monday, September 15, 2008 12:06 [IST]

The purchase comes just 11 weeks after Lewis paid $2.5 billion for Countrywide Financial Corp, the largest U. S. Mortgage provider. The quick turnaround suggests Lewis believes he can handle credit losses at both Countrywide and Merrill.
http://finance.indiainfo.com/...

If B of A didn`t know, then why would this statement be made and Countrywide was in big trouble and that`s why B of A merged with them, to keep Countrywide from going under.

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tdterry1999 2009/01/26 22:11:47

Yeah, BofA probably knew about Merrill Lynch's financial problems.

+2
let bofa fail.would be better for the country

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Malie 2009/01/26 21:59:23

Yeah, BofA probably knew about Merrill Lynch's financial problems.

+2
I am sure they knew the financial problem of both institutions, otherwise why should they merged. They merged so they could help each other, like Wachovia and Wells Fargo.

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Carol 2009/01/26 21:48:54

Yeah, BofA probably knew about Merrill Lynch's financial problems.

+2
Anybody that is banking industry know about other bank woes and that is a fact.

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