14 January 2008

We Are All Paying for Bank of America's $4.1 B Acquisition of Countrywide

Really, we are, because for this ill-conceived venture, we are giving BofA can deduct $270 million a year for the next 5 years.

That's $1.35 billion in the first 5 years, and if Countrywide's losses are bigger (and they are), they can deduct the rest year 6.

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