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

[Miles Jackson]

Doug Henwood wrote:
> [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.
>   
And they say socialism doesn't work!

Miles