Rick Scott wins

[Here4Good]

I suppose you think it is possible that all the problems occured from 2007-2008 to get big banks like BoA in enough trouble that we had to spend billions to keep them in business?
Scott: cost us millions?
Sink: cost us billions?

Is there a third door?

The issues with B of A don't fall into the category (to me) of problems that occurred because they were cooking the books. They had problems in marketing and underwriting and followed the herd like good banking sheep.

If she had been CEO, I'd give it some thought.

 

[LuciferSam]

Just for the record, I don't think BofA was ever in any danger of going under. Far from it. Any money sent their way was designed to spur lending and stimulate the economy. They had just gotten through buying Merrill Lynch and Countrywide.

 

[idlewind]

Just for the record, I don't think BofA was ever in any danger of going under. Far from it. Any money sent their way was designed to spur lending and stimulate the economy. They had just gotten through buying Merrill Lynch and Countrywide.

I guess that is why they needed 45 billion in taxpayer money from TARP.

 

[LuciferSam]

I guess that is why they needed 45 billion in taxpayer money from TARP.

Did you not read my explanation at all? They were in absolutely no danger of bankruptcy. they did not in any way shape or form need that money for survival. Please show me something stating otherwise if you're so sure.

 

[idlewind]

Did you not read my explanation at all? They were in absolutely no danger of bankruptcy. they did not in any way shape or form need that money for survival. Please show me something stating otherwise if you're so sure.

Apparently at the time there was at least some question about their viability:

The Bonddad Blog: Former IMF Economist Sees Big Bank Going Under

 

[LuciferSam]

Apparently at the time there was at least some question about their viability:

The Bonddad Blog: Former IMF Economist Sees Big Bank Going Under

It looks a bit tinfoil hat-like. The money that BAC took made them more secure in their purchase of Merrill Lynch and gave them more lending power. The latter was supposed to help stimulate the economy. I can't say whether it was successful or not. In any event, they were in no danger of going under. Worst case they could have backed out of the Merril Lynch deal.

 

[30ashopper]

Did you not read my explanation at all? They were in absolutely no danger of bankruptcy. they did not in any way shape or form need that money for survival. Please show me something stating otherwise if you're so sure.

They had failed. We bailed them out. They were one of the few big banks that needed the TARP funds to keep their capital ratios above water. Also, FYI, we haven't seen the last of BofA's financial woes.

 

[LuciferSam]

They had failed. We bailed them out. They were one of the few big banks that needed the TARP funds to keep their capital ratios above water. Also, FYI, we haven't seen the last of BofA's financial woes.

What about Citigroup and Wells fargo?

 

[30ashopper]

What about Citigroup and Wells fargo?

I'd consider Citi a failed bank as well. I don't remember Wells taking any money, or if they did, maybe they took it as smoke screen coverage for the others.

Anyway doesn't make any difference. I'm not going to falt Sink for Ken Lewis and I'm not going to fault Scott for whoever ripped the government off.

I'm more interested in budgetary plans, line item vetos, education reform, citizens, and all this bloody money we're borrowing from the feds to make our mandatory medicaid payments.

 

[LuciferSam]

I'd consider Citi a failed bank as well. I don't remember Wells taking any money, or if they did, maybe they took it as smoke screen coverage for the others.

Anyway doesn't make any difference. I'm not going to falt Sink for Ken Lewis and I'm not going to fault Scott for whoever ripped the government off.

I'm more interested in budgetary plans, line item vetos, education reform, citizens, and all this bloody money we're borrowing from the feds to make our mandatory medicaid payments.

Ok so by your definition a failed enterprise is any entity that accepts money from the government.