Bank of America May not Honor Country Debt Upon Purchase

BoA has announced in a regulatory filing with the SEC that, "hasn’t decided whether to guarantee Countrywide debt after BofA’s $4 billion takeover of Countrywide, which is supposed to be completed in the 2nd half of the year.

Basically, once it's bought, if the corporate structure is right, Countrywide could declare bankruptcy and leave the bond holders with nothing, which would mean that it would not BoA's problem.

Alternatively, BoA could be attempting to spook the bond holders so that they sell to BoA at a discount.

This system of corporations and shell companies is completely out of control.

I'm just saying.