BF2S Forums kidding right? merrill lynch is going to be bought by BofA

usmarine wrote:

wasnt enron around during the clinton years?

I'm not sure, but ENRON went really bad when they were given permission to declare paper profits, in otherwords, ENRON was permited to declare profits at the signing of a contract and not when they actually realized making the money. I'm not sure what year they were given permission to do that but it was like being given permission to print money. ENRON used shadow companies that they set up to hide liabilities and losses and they declared those loses to be profits on their books.

Similar things happened with Lehman and the other companies, no one is sure how much bad debt they have and how it was hidden.

I like CNBC where the bullish laisse faire broadcasters have turned into the "bailout queens"

Last edited by Diesel_dyk (2008-09-15 16:44:55)

Unless the BofA boys are shooting heroin and making decisions based on rock-paper-scissors, in 3 years, Bank of America will be the most powerful financial institution in the US.


WaMu will be decimated next.