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View Full Version : Bank Of America Is Getting Sued By A Company That's 34% Owned By Bank Of America

The Third Man
10-19-10, 01:57 PM
How odd is this?

But also suing BofA, according to Bloomberg, (http://www.bloomberg.com/news/2010-10-19/pimco-new-york-fed-said-to-seek-bank-of-america-repurchase-of-mortgages.html) is Blackrock, the asset manager that's 34% owned by BofA!


Read more: http://www.businessinsider.com/blackrock-suing-bank-of-america-2010-10#ixzz12pgd2YTK
CCIP
10-19-10, 01:59 PM
May be odd, but not at all irrational. Being partially owned by someone doesn't prevent a company from being potentially hostile to "daddy" and trying to throw him off while getting some cash via court in the process.
GoldenRivet
10-19-10, 02:02 PM
companies "sue themselves" all the time.

generally this happens because of some breech of contract or falling apart of some agreement between the two parts of the same company where two different management structures are involved.

does it make sense? no... they could settle it out of court and save a lot of money for both companies.

but hey... when is the last time you knew "management" to do much of anything that made sense on the front line?
krashkart
10-19-10, 02:10 PM
Management and sense?? Surely you jest, sir. :haha:
Sailor Steve
10-19-10, 02:22 PM
Management and sense?? Surely you jest, sir. :haha:
I'm dead serious, and don't call me Shirley!

C'mon, you had to see that one coming. :O:
gimpy117
10-19-10, 03:06 PM
BOA was one of the more corrupt banks in the financial crisis. so this lawsuit is no surprise to me. They're sins are coming back to bite them.
krashkart
10-19-10, 03:13 PM
I'm dead serious, and don't call me Shirley!

C'mon, you had to see that one coming. :O:

:haha: Your memory is a lot sharper than mine. I had to look it up. :oops:
FIREWALL
10-19-10, 03:14 PM
BOA was one of the more corrupt banks in the financial crisis. so this lawsuit is no surprise to me. They're sins are coming back to bite them.


That's why alot of people have switched to Credit Union banking.
GoldenRivet
10-19-10, 04:17 PM
BOA was one of the more corrupt banks in the financial crisis. so this lawsuit is no surprise to me. They're sins are coming back to bite them.

They wired me $20K just today so i've got no room for complaint;)
TLAM Strike
10-19-10, 04:50 PM
That's why alot of people have switched to Credit Union banking.

I recently switched all my banking to the Bank of Nigeria after the deposed president of the country sent me an email about the great interest rates they have...
Betonov
10-19-10, 05:17 PM
They wired me $20K just today so i've got no room for complaint;)
Guess who's buying beer to all the subsimers tonight :O:
GoldenRivet
10-19-10, 06:00 PM
I tell you what...

you guys can have a free beer each at my place but there is a 10$ fee at the door.

and at least 300 of you have to show up though. :D

offer valid only on 10-19-2010 from 6:00pm to 6:10pm central time USA

hope you can make it in time
gimpy117
10-19-10, 06:49 PM
I tell you what...

you guys can have a free beer each at my place but there is a 10$ fee at the door.

and at least 300 of you have to show up though. :D

offer valid only on 10-19-2010 from 6:00pm to 6:10pm central time USA

hope you can make it in time

hey now its $5 a cup at a kegger here. What kind of beer we talking? lets start at the ground here and work up on this deal