Saturday, November 06, 2010

Those Footnotes Are Required Reading, Folks.

Ticker reads the footnotes.

It's not pleasant.

Bank of America's 10-Q:

The Corporation and affiliates, legacy Countrywide entities and affiliates, and legacy Merrill Lynch entities and affiliates have been named as defendants in a number of cases relating to various roles they played in MBS offerings.

To the tune of around $375 BILLION...

"....material misrepresentations....omissions....underwriting standards....Securities Act of 1933.....State securities rescission..."

Nothing to see here. Move along.

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