This bank is like the world's worst-behaved teenager, taking your car and running over kittens and fire hydrants on the way to Vegas for the weekend, maxing out your credit cards in the three days you spend at your aunt's funeral. They're out of control, yet they'll never do time or go out of business, because the government remains creepily committed to their survival, like overindulgent parents who refuse to believe their 40-year-old live-at-home son could possibly be responsible for those dead hookers in the backyard. - Matt Taibbi, Rolling StoneI've written several posts in the past showing - with links to its 10Q and 10K filings - where all the fraud is embedded in Bank of America's balance sheet. I even theorized when Bernanke and Geithner and merged Countrywide and Merrill Lynch into Bank of America that it was being done to use Bank of America as a sewage mechanism in order to cover up the trail of enormous fraud at Countrywide and Merrill (I am not alone in this belief).
Matt Taibbi has done some brilliant reporting for Rolling Stone. In another era, his work might have been published in the Washington Post or the New York Times. But this is not your mother's America. Please take the time to read Taibbi's latest article: "Bank of America: Too Crooked To Fail" LINK There is no question that every assertion he makes is 100% bona fide. It also is one more strong signal that our system as your parents knew it is collapsing.