Also make sure your folks use disinfectant after shaking hands with The Orange One.
Seriously though, it should be painfully obvious to the B0fA auditors that the "assets" on CFC's books are worth nowhere near what Countrywide says they are.
They made loans to liars. They called them "liar's loans". They ain't getting paid back. And Countrywide if left alone would simply go bankrupt.
Why BofA would want to pay more than $1 for CFC is beyond me. And I doubt they, or anybody else, will.
BofA - haven't you already lost enough on your stupid and reckless Countrywide mistake already? You blazing idiots - we told you a few months ago you were going to get the CFC VD if you took Angelo home for the night and you went ahead and did it. And now you're looking to marry him? Man, some guys are hopeless. Unless there's a shotgun involved, this marriage makes no sense. Sounds like a classic pump and dump to me!
NEW YORK, Jan 10 (Reuters) - Bank of America Corp is in advanced talks to buy struggling Countrywide Financial Corp, the largest U.S. mortgage lender, several people familiar with the matter said on Thursday.
Angelo Mozilo, its co-founder and chief executive, has been a lightning rod for critics who say he encouraged loose lending practices that contributed heavily to the housing crisis.
Mozilo has also been faulted for collecting hundreds of millions of dollars in compensation this decade from pay, bonuses, awards and stock options, including millions of dollars after it was clear the housing crisis had begun. In July, he called the slump the worst since the Great Depression.
Bank of America in August bought $2 billion of Countrywide preferred shares convertible into a roughly one-sixth stake in the lender.