2012-05-09mfi-miami.com

After witnessing the fall of Indy Mac Bank and after hearing U.S. Treasury Secretary Timothy Geithner repeatedly say when firms get into trouble, "We will dismember them." It is apparent that Bank of America management felt it would be a wise move for Bank of America to conduct this controlled multi-billion dollar garage sale themselves privately and quietly rather than have Treasury do it publicly exposing executives to embarrassment, public scrutiny and quite possibly criminal investigations.

In the era of creative accounting, they could also use the cash raised from the massive garage sale to mask any losses and thus keep their shareholders and deposit holders happy and quiet.

But what Bank of America executives feared most were Depression Era bank runs.  After seeing riots in Greece and having protestors showing up at the homes of their executives, Bank of America's priority was and is to keep this out of the media as much as possible.



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