[lbo-talk] God Bless (the Bank of) America

Doug Henwood dhenwood at panix.com
Wed Jun 25 10:19:12 PDT 2008


[guess the taxpayers don't get any equity upside on this deal - from Bloomberg]

Bank of America, led by Chief Executive Officer Kenneth Lewis, can use tax write-offs to pay for Countrywide, the country's biggest mortgage lender, said Robert Willens, a former managing director at Lehman Brothers Holdings Inc. who now runs his own accounting firm. Taxpayers may pick up about $5 billion of Countrywide's losses over 20 years, he said. Countrywide shareholders approved the sale today.



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