Who will weep? Will anyone regret when a foreclosure mill is finally stopped? When the Federal Reserve has one less party to provide hefty bailouts that possibly go towards big bonuses? When will Wikileaks pull the plug and start leaking?
Who will weep for Bank of America when the contents of a rumored 5GB hard drive of a bank executive are sent to media outlets? Mary Bottari wonders how bad it will be in a recent article, 'What Does Wikileaks Have on Bank of America?' The writer implies it must be bad as the bank buys up unflattering website domain names, e.g., BankofAmericaSucks.com and BrianMoynhihanblows.com!
Bottari wonders whether Wikileaks has evidence the bank was peddling toxic securities to investors fully aware of their worthlessness? The writer notes as recently as "...September 2009, for example, BofA underwrote $239 million worth of securities backed by subprime loans...". Bank of America is also at ground zero of the robo-signing scandal. A bank employee admits in a legal deposition she signed 8,000 foreclosure documents a month without reading them--a clear violation of law! The writer wonders whether mounting evidence of a fraudulent disregard for the law, may place Bank of America in an unsustainable position, legally?
Bank of America may regret the purchase of Countrywide in 2008 and as Bottari observes "...one of the most aggressive and fraudulent lenders during the housing bubble. The result has been a trainwreck of liability and lawsuits for the megabank that now has over 1.3 million customers in foreclosure."
Former Countrywide CEO Angelo Mozilo, the son of a Bronx butcher, is considered one of the worst chief executives of all time by Conde Nast Portfolio. You may catch a glimpse of this scary guy as Mozilo testifies in front of the House of Representatives. Mozilo defends CEO compensation in a very articulate manner after he pocketed almost $450 million in stock options over the years!
Bottari concludes with parting shots at the zombie bank. The writer reminds the reader of recent news the Fed has provided--what amounts to life support--to the bank with $931 billion in short term loans and subsidies! Whew! The writer's last remark is not only does Bank of America want you to know the bank and its top executive do not suck, but also, it's other top executives. The bank has been buying up a long list of domains which use their names! Wow! Great Stuff! It sounds like Bottari can't wait for Wikileaks!
The present writer still wonders if Wikileaks isn't just a new operation and a more sophisticated form of eliminating targets? Who will be next? Who is behind Wikileaks?