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Backstory: Matt Taibbi on Bank of America

Thursday, April 05, 2012

Rolling Stone’s Matt Taibbi takes a look at the fragile situation at Bank of America. The bank that was deemed too big to fail and received a $45 billion government bailout has, Taibbi argues, defrauded investors and insurers, homeowners and the unemployed.

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Comments [5]

Amy from Manhattan

"Everybody else was doing it."

If everybody else were jumping off a cliff, would you...oh, wait. They kind of did.

Apr. 05 2012 01:50 PM
Bob West from Cranford NJ

As much as I enjoyed Matt's article on BoA, I thought it overlooked the role, as I understand it, of the government in arranging shotgun marriages between investment banks and commercial banks in order to restore liquidity to the investment banks by way of the deposits available through deposits to individual accounts at the commercial banks. My understanding is that this was central the BoA takeover of Merrill as it was for many other such takeovers.

As an aside, I do wish Matt would clean up his language in his articles because things he's writing should circulate among the widest audience possible and I think his language deafens some of his potential audience to the legitimate points he makes. I understand the immediate audience is Rolling Stone readers but it needs to be wider than that.

Apr. 05 2012 01:50 PM
Jon from Manhattan

While the Obama administration was fingering Citibank for dismantling I long thought BoA to be the real weakling. Thank you Matt for highlighting BoA as the poster child for all that was wrong, fatally wrong with the financial services industry.

Apr. 05 2012 01:48 PM
sanych

So, Matt has finished with the squid and is now concentrating on the whale?

Apr. 05 2012 01:31 PM
Joe from nearby

Thank God for Matt Taibbi. Speaking truth to power.

Keep up the great work!

Apr. 05 2012 11:02 AM

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