Our readers can be the judge. According to HuffPo’s Charlie Gasparino: “If the saga of Bank of America, the country's largest and most troubled bank, were to be made into a movie, its title would have to be "The Dumbest Men in the Room," with a starring cast that features its half-witted chief executive officer Brian Moynihan and his equally half-witted board of directors.
All of which wouldn't be so bad if Moynihan and his brain-dead board weren't running a bank with more than $2 trillion in assets and $1 trillion in customer deposits that the federal government (meaning taxpayers) might have to cover some day if Bank of America hits the skids just as it did during the financial crisis of 2008, and as it almost did in the last couple weeks.
Just to recap: BofA's share price was heading to zero as investors came to believe that all the bailout money, the billions upon billions of guarantees and zero-percent borrowing rates the government handedthe bank over the past two years wasn't working. That's because on top of everything else, the big bank was facing a new potentially, more devastating liability: untold billions of dollars in losses tied tothe sale of faulty mortgages by its Countrywide Financial unit, and Moynihan's inability to come up with a plan to deal with the problem….
Read the rest at http://www.huffingtonpost.com/charles-gasparino/bank-of-america-brian-moynihan_b_942452.html
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