Importantly, this dour outlook has nothing to do with the company’s operating businesses, which Whalen thinks are fine. In fact, says Whalen, there’s no need for the bank to be restructuring them and firing thousands of employees (40,000 is the latest estimate) to improve its bottom line.
The part of Bank of America that’s not fine, in Whalen’s view, is the ongoing liability from the mortgage underwriting that Bank of America’s subsidiaries did during the housing bubble. The litigation exposure from this could be so humongous, Whalen argues, that it will bankrupt the company, forcing regulators to step in and restructure it.
I CLOSED my Bank of America Account Today Feb 14 2012
Be Advised When you close your Bank of America Accounts they WILL AUTOMATICALLY RE-OPEN if ANY of your automatic accounts attempt to withdraw from the CLOSED ACCOUNT.
In THEORY Bank of AMERICA will NEVER let you totally CLOSE your Account Permanently. Any vender you gave access to your account can re-open YOUR ACCOUNT at Bank of America thus triggering the ONSLAUGHT of BANK of AMERICA FEES.. You are never really F R E E from Bank of AMERICA!!!