| Bank of America Culpable in Bailout Debacle? |
| 10.07.2008 |
As one of those people who takes big bites and depends on OPM for the majority of my risk-taking, I worry about being lumped together with those who bit off more than they can chew and can't deal with the consequences. Part of sound business decision-making is calculating your risk before getting in over your head, and then always having an escape plan in case things go south. I'm proud to say that I've never left a debt unpaid, filed for bankruptcy or defaulted on a mortgage. I think though, that whether you're one of those who play by the rules or one who successfully leaps to better your business, we're still all going to be lumped into the same category by banks, credit cards and mortgage companies. It'll be the John Q. Public category that needs to take the fall for the CEOs of large institutions whose greed outweighed their common sense. We'll all face more stringent requirements for even qualifying for a loan, higher interest rates for the tiny loans we'll be able to squeeze out of bankers' tight fists, and our collateral will be devalued. As someone who deals with the international community on a daily basis, though, I'm curious to see what opinions are out there regarding Bank of America's level of culpability in this mess for allowing illegal aliens to have credit cards and qualify for loans. Has anyone heard about that and do you think it contributed to the current crisis? I don't know if the rumor is true, so if anyone has more info, I'd love to read it.
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| Posted By Lucinda Cassamassino at 2:11 PM |
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1 Comment: |
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| 1. Greg DiFalco: Wrote on 10/14/08 at 10:27 PM |
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