Thursday, January 15, 2009

NEWSFLASH: Bank of America seeks mo' $ from our favorite uncle: Sam, the apparent purveyor of more things green than just eggs and ham...

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  1. RobJanuary 15, 2009 at 9:32 AM

    On a side note, you have to love the journalistic integrity these days:

    "U.S. regulators and executives at Bank of America, which has already received $25 billion from the Troubled Asset Relief Program, have grown increasingly concerned at greater-than-expected losses in the fourth quarter at Merrill, said the person, who spoke on condition of anonymity because he was not authorized to disclose the information."

    So basically, someone whose name they won't tell us gave them unauthorized information about the company's internal discussions indicating what they might be considering doing in the future.

    This is the basis for a news story that could damage the biggest bank in the US? Hearsay from one person who wasn't supposed to talk about it? For all we know this info came from a competing bank, or someone in the Treasury Department with stock in a different bank.

    It's likely this is true, but that's the thing anymore -- I can only regard it as likely that something reported as fact by a major news organization is true.

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