A few months ago, mighty Bank of America Corp. and its chairman and chief executive, Kenneth D. Lewis, looked like the saviors of the financial system.
Now the giant is foundering, and Lewis could be fighting to keep his job.
I've banked with them for 20 years, and in general, I've had no trouble with them. I had a feeling buying Merril Lynch & Company for $50 billion however, was a bad move in troubled times.
That purchase came on the heels of shelling out $21 billion for Chicago-based La Salle Bank Corporation, and the billion takeover of Countryside Financial Mortgage Lender (the nation's largest mortgage lender).
For an in-depth report click here and see what the LA Times has to say about all of this.
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BREAKING NEWS FROM TPM MuckRaker
How Theresa Hatt Caused The Financial Crisis
By Zachary Roth - February 6, 2009, 11:23AM
Click here to read about one despicable account, that is a company policy, of how BOA treated the son of one woman who had passed away.