[NUKELIES]

It looks like Bank of America is going to declare bankruptcy. Can the government afford to take it over like it did General Motors? Probably not - too expensive.

I think Bank of America was set up beginning with its 1998 acquisition by NationsBank of Charlotte to be a dump for the subprime mortgage bubble. It is now bloated with sour mortgage assets which have turned it into a zombie colossus. I believe they will use the collapse of Bank of America to initiate the coming depression followed by WW3/Iran. Lehman Brothers was just a test.

[FirstClassSkeptic]

Coming Depression? We haven't finished with this present one yet.

Yes, there's aways a distraction; a Fall Guy. The Sub Prime Mortgage was blamed for the 'credit crunch', but really, it's as much a symptom as a cause.

[NUKELIES]

No I think they may be trying to do the whole stock market crash followed by depression followed by world war thing again, don't you?

[NUKELIES]

From http://www.rollingstone.com/politics/bl ... z1oCGx7E8o

Bank of America In Trouble?
POSTED: March 2, 10:44 AM ET


Comment46

REUTERS /CHRIS KEANE /LANDOV
It looks like Bank of America might have started circling the drain before the Occupy movement even had a chance to launch its campaign against the company. For weeks now there have been ominous signs of trouble at the bank, and yesterday we heard yet another dark piece of news.

Last year, there was an uproar when Bank of America announced a plan to slap customers with a monthly $5 fee for debit card usage. The bank eventually backed off that plan when the public and some politicians cried foul.

Now it seems the company is going to try to put a new package on the same crappy idea and sell it again. This time, the plan is to add charges that range from $6 to $25 a month. From an MSNBC report:

Pilot programs in Arizona, Georgia and Massachusetts are experimenting with charging $6 to $9 a month for what’s called an “Essentials” account. Other account options being tested in those states carry monthly charges of $9, $12, $15 and $25, but give customers opportunities to avoid the payments by maintaining minimum balances, using a credit card or taking a mortgage with Bank of America, according to an internal memo cited by the [Wall Street] Journal.

It’s a very bad sign that a bank is in a desperate cash crunch when it tries repeatedly to gouge its customers. David Trainer, an analyst for Market Watch, a WSJ publication, wrote that the new fees are a sign of series trouble at BAC. He writes:

In my opinion, there are four actions taken by financial services that signal the company is headed to serious trouble.

1. Management shake-up and major layoffs - lots of layoffs over the past year

2. Exploiting accounting rules to boost earnings - SFAS 159

3. Drawing down reserves to boost earnings: to the tune of $13.3 billion in 2011 and 2012

4. Bilking customers with new fees: tried it before and trying it again

Bank of America has taken all four steps. Bilking customers with new fees is a desperate measure of last resort because it requires exploiting the one asset the bank has left, namely its customers.

Trainer in an earlier column urged investors to dump Bank of America for a number of reasons, but mostly because he had reservations about some of the numbers in the bank’s most recent SEC filing.

According to him, the bank aggressively exploited a new accounting rule called SFAS no. 159, which allows companies to enables banks to “arti­fi­cially boost earn­ings when the value of their own debt declines.” In other words, BAC was able to artificially re-state earnings when its own credit quality went into the tank.

Trainer also believes that Bank of America’s recent rise in share price is based on a series of impossible, pie-in-the-sky expectations, including “20% annual revenue growth for 18 years.”

All of this comes on the heels of an announcement that Fannie Mae was cutting off Bank of America, news that itself came after Bank of America, in its annual report, had earlier announced that it would no longer sell loans to Fannie Mae. Basically, Bank of America tried to quit Fannie Mae before it got fired. It seems Bank of America in the last quarter of 2011 was slower even than usual in honoring repurchase requests, yet another sign of a cash crunch.

Why does all of this matter to the rest of America? Because what happens with Bank of America will be an important litmus test going forward for how we deal with any Too-Big-To-Fail behemoth that gets itself into trouble. We’ve already seen that the recent foreclosure deal was a huge boon to Bank of America – it spared it from the uncertainty of a generation of robosigning suits.

But what happens if Bank of America is still headed for bankruptcy? Helping the bank avoid a few lawsuits is one thing, and allowing it to move its dangerously toxic derivatives portfolio onto the federally-insured side of the company is another. But a full-blown crash of this firm would require a massive bailout. What will the Obama administration do if faced with that dilemma? One way or another, it will be a momentous decision.



Read more: http://www.rollingstone.com/politics/bl ... z1oDMkJZIF

[NUKELIES]

From http://americankabuki.blogspot.com/2012 ... banks.html

RATS LEAVING A SINKING SHIP

116 RESIGNATIONS FROM WORLD BANKS 3/2/12

9/01/11 (USA NY) Bank of New York Mellon Chief Robert P. Kelly Resigns in a Shake-UP
http://goo.gl/NdW7q
09/20/11 (SCOTLAND) SCOTTISH WIDOWS (RETIREMENT INVESTMENT SAVINGS FUND) There could be no Scottish representative on the board of Lloyds Banking Group, owner of Bank of Scotland, in future after it announced the departure of Lord Sandy Leitch, the chairman of Scottish Widows and group deputy chairman.
http://goo.gl/Dx8qs
9/25/11 (SWITZERLAND) UBS CEO Oswald Gruebel quits over £1.5bn rogue trader crisis
http://goo.gl/WCeqB
9/28/11 (SWITZERLAND) SNB Bank Council: Fritz Studer resigns as per end-April 2012
http://goo.gl/7dNiD
10/29/11 (CHINA) China Construction Bank Corp Chairman Guo Shuqing resigns
http://goo.gl/fdd9v
10/29/11 (CHINA) Agricultural Bank of China Ltd Chairman Xiang Junbo resigns
http://goo.gl/yWX9R
11/01/11 (INDIA) More directors of the Beed district bank resign
http://goo.gl/HD8BQ
11/02/11 (UK) Lloyds Banking Group chief executive, António Horta-Osório, is to take leave of absence on health grounds for six to eight weeks, the BBC has reported. (STILL OUT AS OF 2/24/12 - DEFACTO RESIGNATION)
http://goo.gl/3L9gE
11/21/11 (JAPAN) UBS’s Japan Investment Banking Chairman Matsui to Resign
http://goo.gl/OiDiq
11/29/11 (USA) R. David Land Submits Resignation from the Boards of Directors of Peoples Bancorp. and Seneca National Bank
http://goo.gl/XncOc
12/15/11 (UK) Senior private banker James Fleming resigns from Coutts [private bank]
http://goo.gl/ANN5B
12/23/11 (USA VA) Bank feud: Chairman Mark Giles quits VNB
http://goo.gl/dFDpH
12/23/11 (USA VA) Bank feud: Board Member Claire Gargalli quits VNB
http://goo.gl/kowkW
12/23/11 (USA VA) Bank feud: Board Member Leslie Disharoon quits VNB
http://goo.gl/kstLp
12/23/11 (USA VA) Bank feud: Board Member Neal Kassell quits VNB
http://goo.gl/NrrPZ
1/01/12 (NIGERIA) United Bank for Africa Plc Victor Osadolor resigns
http://goo.gl/b6AoA
1/01/12 (ISRAEL) Israel's Bank Leumi CEO Galia Maor steps down after 16 years
http://goo.gl/xwlFt
1/03/12 (USA VA) Suffolk Bancorp president and CEO J. Gordon Huszagh steps down
http://goo.gl/joExI
1/03/12 (UK) Arbuthnot Banking Group: Neil Kirton resigned from the Board
http://goo.gl/SKE7j
1/03/12 (UK) Arbuthnot Banking Group: Atholl Turrell left the Board.
http://goo.gl/bzZtQ
1/05/12 (UK) Saunderson House [Private Bank] CEO Nick Fletcher steps down
http://goo.gl/zvo1L
1/09/12 (SWITZERLAND) SNB Chairman Philipp Hildebrand resigns
http://goo.gl/5qsUu
1/19/12 (SPAIN) Spanish bank Santander's Americas chief Francisco Luzon quits
http://goo.gl/jEY7Y
1/30/12 (UK) Butterfield Private Bank head Danny Dixon Steps Down
http://goo.gl/sdY1p
1/20/12 (JAPAN) Normura's head of wholesale banking Jasjit Bhattai quits
http://goo.gl/6FuWe
1/21/12 (Greece) Institute of International Finance negotiator Charles Dallara quits
http://goo.gl/NbPlt
1/21/12 (Greece) Institute of International Finance negotiator Jean Lemierre quits
http://goo.gl/E3AkE
1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Gov Alan Bollard to Step Down
http://goo.gl/BwUgv
1/31/12 (SCOTLAND) Royal Bank of Scotland former CEO Fred Goodwin Stripped of Knighthood
http://goo.gl/CoLVS
2/01/12 (SOUTH AFRICA) ABSA [Barclay's Bank] deputy CEO Louis von Zeuner resigns
http://goo.gl/IP8nH
2/01/12 (UK) Lloyds Bankging Group head of wholesaleTruett Tate quits
http://goo.gl/OqRVo
2/01/12 (UK) Llyods Banking Group Tim Tookey leaving end of February
http://goo.gl/vjO5M
2/02/12 (VENEZUELA) Banking Crisis Arne Chacon arrested for Banking Corruption
http://goo.gl/bb5sh
2/05/12 (USA - NY) Morgan's investment banking chairman Joseph Perella quit
http://goo.gl/pG2jF
2/05/12 (USA - NY) Morgan Stanley investment banking Tarek Abdel-Meguid quit
http://goo.gl/bRv9K
2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits:
http://goo.gl/OhCEb
2/7/12 (USA) Bank Of America's Mortgage Business Chief Barbara Desoer Retires
http://goo.gl/i7AUY
2/07/12 (INDIA) Kotak Mahindra Bank Falguni Nayar quits
http://goo.gl/fP03J
2/07/12 (IRAN) Iran denies central bank resignation rumor (don't believe until its denied?)
http://goo.gl/PiQSy
2/09/12 (VATICAN) Institute for the Works of Religion (IOR) Four Priests (names were not disclosed) charged In Vatican Banking Scandal. CEO Paolo Cipriani and bank president Ettore Gotti Tedeschi (a member of Opus Dei) are under investigation.
http://goo.gl/tW8Sj
2/9/12 (UKRAINE) National Bank of Ukraine deputy governor Volodymyr Krotiuk quits
http://goo.gl/8BuXy
2/10/12 (KOREA) Korea Exchange Bank chief Larry Klane steps down
http://goo.gl/DBKdc
2/10/12 (INDIA) Tamilnad Mercantile Bank CEO A K Jagannathan resigns
http://goo.gl/wMl5g
2/13/12 (KUWAIT) Kuwait Central Bank CEO Sheikh Salem Abdulaziz Al Sabbah resigns
http://goo.gl/GFvIy
2/14/12 (NICARAQUA) Nicaraqua Central Bank President Antenor Rosales resigns
http://goo.gl/iQ0n8
2/14/12 (UK) Social finance pioneer Malcolm Hayday quits Charity Bank
http://goo.gl/uHp6C
2/15/12 (WORLD) World Bank CEO Zoellick resigns
http://goo.gl/dHDSm
Did the White House tell the World Bank president that he's out?
http://goo.gl/wUOgb
2/15/12 (SLOVENIA) Nova Kreditna Banka Maribor CEO Andrej Plos resigns
http://goo.gl/SNsVI
2/15/12 (SLOVENIA) Nova Ljubljanska Banka d.d. CEO Bozo Jasovic resigns
http://goo.gl/TyYiJ
2/16/12 (UK) The Financial Services Authority Margaret Cole is to step down
http://goo.gl/yT6rS
2/16/12 (GHANA) Databank Group Executive Chair Ken Ofori-Atta steps down
http://goo.gl/c7PtU
2/16/12 (SAUDI ARABIA) Saudi Hollandi Banks Managing Director Geoffrey Calvert Quits
http://goo.gl/CtmOU
2/16/12 (AUSTRALIA) ANZ Bank Australia CFO Peter Marriott resigns
http://goo.gl/I7Alo
2/16/12 (UK) Royal Bank of Scotland Sr Equities Trader Jason Edinburgh Arrested
http://goo.gl/WczHh
2/16/12 (UK) Royal Bank of Scotland director equities bus. Vincent Walsh director Arrested
http://goo.gl/I7Alo
2/16/12 (UK) Marex Spectron senior trader Michael Elsom Arrested
http://goo.gl/I7Alo
2/16/12 (AUSTRALIA) Royal Bank of Scotland Austrailan CEO Stephen Williams resigns
http://goo.gl/4r16D
2/17/12 (USA) Goldman Sachs CEO Lloyd Blankfein out as by summer
http://goo.gl/UjpzD
2/17/12 (SWITZERLAND) SNB Council President Hansueli Raggenbass resigns
http://goo.gl/1n1Nr
2/18/12 (PAKISTAN) The Bank of Azad Jammu & Kashmir executive Zulfiqar Abbasi resigns
http://goo.gl/G0woP
2/20/12 (RUSSIA) Head of Russian Bank Regulator Gennady Melikyan Steps Down
http://goo.gl/Unuez
2/20/12 (SWITZERLAND) Credit Suisse Chief Joseph Tan resigns
http://goo.gl/F5twL
2/20/12 (ISRAEL) Bank Leumi le-Israel Ltd: Zvi Itskovitch resigns
http://goo.gl/aA0RW
2/20/12 (USA WA) First Financial Northwest Director Spencer Schneider Quits
http://goo.gl/6Dj0i
2/21/12 (ARGENTINA) Central Bank of Argentina (BCRA) Gen Mgr Benigno Velez, resigns
http://goo.gl/DuMrm
2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Matlub resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Selima Ahmad resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Musabbir Ahmad resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
2/21/12 (BANGLADESH) City General Insurance Co. Ltd director Geasuddin Ahmad resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
2/21/12 (BANGLADESH) Social Islami Bank Limited director Taslima Akter resigns
conflict of interest with director seat on Eastland Insurance Company Limited
http://goo.gl/aEmwB
2/21/12 (JAPAN) CITIBANK JAPAN: Bakhshi is taking over duties from Brian Mccappin, who the bank said in December would resign after the unit was banned for two weeks from trading tied to the London and Tokyo interbank offered rates.
http://goo.gl/Z1rnw
2/22/12 (HONG KONG) DZ BANK project finance head Tim Meaney quits
http://goo.gl/ppKno
2/22/12 (USA) Goldman Sachs Hedge Fund Group Chief Howard Wietschner to Retire
http://goo.gl/x4Zsr
2/23/12 (SOUTH AFRICA) Richard Gush resigns from Standard Bank
http://goo.gl/DTL5S
2/23/12 (SCOTLAND) Royal Bank of Scotland Group director John McFarlane resigns.
http://goo.gl/KoEUI
2/24/12 (INDIA) Breaking: ICICI Bank GC Pramod Rao resigns
http://goo.gl/5eUqU
2/24/12 (HONG KONG) Citigroup Pvt Bank Global Real Estate Kwang Meng Quek Resigns
http://goo.gl/JIC9A
2/24/12 (NEW ZEALAND) FSF Executive Director Kirk Hope resigns
http://goo.gl/6UJau
2/24/12 (USA) Evercore Partners Head Eduardo Mestre steps down
http://goo.gl/n5RLY
2/25/12 (AUSTRALIA AND NZ) Goldman Sachs Chairman Stephen Fitzgerald quits
http://goo.gl/nMTLW
2/27/12 (GERMANY) Deutsche Bank Americas chief Seth Waugh steps down
http://goo.gl/8lxSw
2/27/12 (BAHRAIN) Khaleeji Commercial Bank CEO Ebrahim Ebrahim quits
http://goo.gl/yKjzL
2/27/12 (FRANCE) Societe Generale’s Investment Banking Chief Michel Péretié Steps Down
http://goo.gl/IJ5Lw
2/27/12 (MALAYSIA) Elaf Bank CEO Dr El Jaroudi resigns
http://goo.gl/eVCS5
2/27/12 (INDIA) Kotak Mahindra Bank Ms Falguni Nayar Quits
http://goo.gl/pTbII
2/27/12 (GERMANY) Equiduct chairman Artur Fischersteps down
http://goo.gl/Q0dWR
2/27/12 (BAHRAIN) - Mumtalakat Holding [Sovereign Wealth Fund] CEO Al Zain resigns
http://goo.gl/hhHSm
2/27/12 (IRAN) Bank Melli CEO Mahmoud Reza Khaavari Resigns - Flees to Canada!
http://goo.gl/DDEUk
2/27/12 (IRAN) Bank Saderat CEO Mohammad Jahromi resigns
http://goo.gl/ZD0mc
2/27/12 (UK) Lloyds Banking Group Glen Moreno steps down
http://goo.gl/dsXcE
2/28/12 (HONG KONG) Hang Seng Bank CEO Margaret Leung Ko May-yee quits
http://goo.gl/Uo800
2/28/12 (CHINA) Bank of China International ECM global head Marshall Nicholson quits
http://goo.gl/26MYq
2/28/12 (SINGAPORE) DBS security head Jim Pasqurell quits, cites health reasons
http://goo.gl/NDJze
2/28/12 (HONG KONG) Bank of America's Asia-Pac. mrkts Brian Canniffe quits
http://goo.gl/cRkCP
2/28/12 (BELGIUM) KBC's CEO Jan Vanhevel is to retire after a career spanning 41 years.
http://goo.gl/1rCWd
2/28/12 (CANADA) Ontario Securities Commission chairwoman Peggy-Anne Brown quits
http://goo.gl/HIYXv
2/28/12 (AUSTRALIA) Bank manager Colin John Carleton jailed nine years for $3m theft
http://goo.gl/ggPvq
2/28/12 (SRI LANKA) Sri Lanka Com Bank CEO Amitha Gooneratne retires
http://goo.gl/YxvNA
2/28/12 (SOUTH AFRICA) REDEFINE INCOME FUND director Gerald Leissner resigns
http://goo.gl/F0UgN
2/28/12 (ITALY) UNICREDIT: Chairman Dieter Rampl not available for a new mandate
http://goo.gl/7aLRU
2/28/12 (UK) Bank of England Sir David Lees re-appointed Chair of Bank of England and gives notice of resignation at end of 2013
http://goo.gl/LkJhV
2/28/12 (IRELAND) State Street Global Advisors Cash Funds plc Director Keith Walsh resigns
http://goo.gl/n6uoM
2/29/12 (AUSTRALIA) Perpetual portfolio manager Matt Williams steps down
http://goo.gl/Jh9jd
2/29/12 (UK) Honister Capital CEO Richard Pearson steps down
http://goo.gl/014or
3/1/12 (MALAYSIA) RHB Bank Bhd deputy managing director Renzo Viegas quits
http://goo.gl/wACrI
3/1/12 (ITALY) Italian Banking Association Chairman Giuseppe Mussari talks to reporters in Rome after he and seven other executives offered to resign in protest over new banking-fee rules included in the government's legislation on boosting competition.
http://goo.gl/3llyT
3/1/12 (USA FL) Florida Venture Forum [Venture Capital] Exec Dir Robin Lester quits
http://goo.gl/nA8g9
3/1/12 (USA) PineBridge Investments said Win Neuger has resigned as chief executive. Neuger helped build AIG's third party asset management business, PineBridge still manages AIG assets
http://goo.gl/SI7kT
3/1/12 (MALAYSIA) Elaf Bank chief executive Dr Jamil El Jaroudi will leave the bank
http://goo.gl/xhiBb
3/1/12 (USA NH) Piscataqua Savings Bank CEO Jay Gibson retires
http://goo.gl/uEqDV
3/2/12 (CHINA) China Construction Bank Corp, the assistant general manager and head of corporate banking Mickey Mehta quits
http://goo.gl/B9dR0
3/2/12 (USA) Deutsche Bank Student Loan CEOJohn Hupalo quits to start student loan counseling firm.
http://goo.gl/8kZuc
3/2/12 (UK) Bank of England Sir Mervin King resigns in June, Lord Sassoon tipped as replacement.
http://goo.gl/ZEUwf
3/2/12 (BOTSWANA) Barclays Bank Botswana managing director Wilfred Mpai forced to resign
http://goo.gl/npBe2
3/2/12 (HONG KONG) New Century Group Hong Kong Ltd [investment house and leisure group] Wilson Ng resigns
http://goo.gl/wFSV8
3/2/12 (USA) Citigroup Richard Parsons to step down as chairman
http://goo.gl/BhZ0F