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22 Jan 2011 11:04

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World: Tunisian police officers: Screw it, we want to protest, too!

Police officers are standing in solidarity with other protesters today. Why? According to al-Jazeera, “They no longer want to be persecuted” for helping defend the government. source
Posted by Ernie Smith • 0 Comments • Permalink

22 Jan 2011 10:53

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Biz: Bank of America takes epic charge on its hot mortgage mess

  • $2.24
    billion     the amount the bailed-out Bank of America lost in 2010, hurt by charges due to their Countrywide merger
  • $4.1
    billion     the size of the charge they had to take for investors with claims against their mortgage securities  source
  • » Why such a big charge? Apparently, someone at Bank of America (or Countrywide) was really bad at doing paperwork, or was trying to push through half-baked mortgages. Because both were named as factors in creating the huge charges which resulted from investors making claims against them. Most of the fees are headed to Fannie Mae and Freddie Mac, by the way. Had this charge (and a separate $2 billion goodwill charge related to the Countrywide merger) not been there, Bank of America would’ve been profitable in the fourth quarter.
Posted by Ernie Smith • 0 Comments • Permalink
 
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