Another Limousine Welfare Queen?

[marmar]

Bank of America May Be ‘the Next Citi,’ Rosner Says (Update2)
By Jody Shenn and David Mildenberg


Jan. 14 (Bloomberg) -- Bank of America Corp., after buying troubled rivals Merrill Lynch & Co. and Countrywide Financial Corp., may need the type of government aid provided to Citigroup Inc., Graham Fisher & Co.’s Joshua Rosner said.

“Given our economic outlook, it seems reasonable to consider BofA may be the next ‘Citi,’” Rosner, a managing director in New York at the investment-research firm, wrote in a note to clients today.

Bank of America, the largest U.S. bank by assets, JPMorgan Chase & Co., the second-largest, and Wells Fargo & Co., the biggest U.S. bank by stock-market value, have so far outperformed competitors, posting profits amid the U.S. housing collapse, market turmoil and global recession.

Citigroup has received $45 billion of government capital injections and a U.S. guarantee on $306 billion in troubled assets. Bank of America, based in Charlotte, North Carolina, and Merrill Lynch have received a combined $25 billion from the Treasury Department’s plan to shore up U.S. banks, while the lender is also borrowing through other government-backed programs.

The U.S. is close to extending aid to Bank of America to help fund the acquisition of Merrill Lynch, the Wall Street Journal reported. Scott Silvestri, a spokesman for Bank of America, declined to comment on that report. .......(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aaLzxuixVqBQ&refer=home

[nc4bo]

1. So my auto insurance company is now a bank. Allstate Insurance/Allstate Bank.

http://www.allstatebank.com/

I got a little flyer in my monthly statement a couple days ago informing me of their great new customer rate of 4.00% when I open a new High-Yield Savings Account.

And you know what else? This new Johnny-come-lately bank called Solera National Bank/Solera Bancorp (https://www.solerabankonline.com/home/home (link to Allstate near the bottom of Solera's page) is now a partner with Allstate Insurance (http://www.reuters.com/article/pressRelease/idUS171772+20-May-2008+PRN20080520).

Funny thing is Solera Bank has partnered itself with Countrywide Home Loans(Countrywide Financial) too and will have Countrywide offices inside the bank. Allstate Insurance also gets to camp out within Solera Bank offices (http://www.reuters.com/article/pressRelease/idUS171772+20-May-2008+PRN20080520).

The entire thing made me dizzy wondering who has what relationship to what and why or if I'm just ultra suspicious of every and anything now-a-days.

[JNelson6563]

2. So when do taxpayers get their stock certificates?

Wait, wait, don't tell me! Never.

Julie