Relevant:
- FDIC FACES UP TO $10B WHACK ON INDYMAC LOANS
- $440 Billion Drop In Shadow And Conventional Banking System Liabilities In Q4 Gives Bernanke Carte Blanche For QE3
- The Second-Mortgage Shell Game
- Greece says bailout disbursement deal close, Juncker says it's on shaky ground
- 'Stop the WeWork deal' -- Cramer says embattled IPO could wreck rally
2008-01-11 — wallstreetexaminer.com
In effect BAC paid $4 billion to assume $194 billion in liabilities, and $209 billion in fictitious capital. I do not expect the rubber to ever meet the road on this deal. I would guess CFC true value as this plays out at negative $50 billion.
Half of this post was written before the takeover was announced as a done deal -- very prescient and impressive work by Russ Winter.
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