remember, they bought countrywide. that was a subprime factory and they get their money back on that? one of the worst acquisitions ever, ok? they re on the hook for billions of dollars that they got to settle with the government because of the foreclosure paperwork mess and then they re being regulated to death. dodd frank huge bureaucracy sitting on top of the banks restricting what they can do, upping that cost. bank of america is pressured from all sides. it is shrinking just as america needs to create jobs, it s destroying them. no kidding. who was it was it john dilinger who said, when asked why do you rob banks? he said that s where the money is. to think they re having such gigantic layoffs where the money is, that s a gloomy forecaster of things to come. but investors are going after bank of america because they think it doesn t have enough money to meet its commitments in the future. bank of america says wait a minute, wait a minute, we have $400 billion cash and $2 t
selling a credit card business to the canadians. that s the situation that bank of america finds itself in. indeed, many banks find themselves in a similar situation, really having to trim down their work force and cut costs left, right and center. now, why is it happening in particular to bank of america? well, they re at the center of the housing crisis. they bought countrywide which had more bad loans on its books than anybody else. they re paying the price for that. they have to pay out a great deal of money to settle this foreclosure paperwork mess, and they are subject to regulation under dodd-frank where they ve got to take less risk, and they ve got to put up more money. bottom line, the banking industry s in trouble. bank of america is in particular trouble. and, frankly, megyn, this is a complete reversal from everything that we ve seen for the past generation. for the past 25, 30 years, it was bas, it was financial services companies which were expanding their employment, a
americans who wrongly lost their homes could soon get help. according to a new report, state attorneys general and some of the big lenders are now talking about possibly setting up a fund. it would be similar to those of the bp that the bp victims shared in. stu varney of fox business network, of course, joins me. what would this fund look like, how soon would people get their hands on the money? all of the above undetermined. bottom line, a fund will be set up, the banks will be paying money into it and if you can prove that you were wrongly kicked out of your house because of this foreclosure paperwork mess, you could be compensated from money in that fund. it essentially puts a lot of pressure on the bankses because they ve got to ante up the money and it s pressure for them to get this paperwork mess resolved, speed it up, get back to normal and maybe, just maybe, even lower the outstandings principal on some of these troubled
like to protect is under the circumstances is the best option. so from that perspective, the users need to just understand that. shannon: certainly risks involved whenever you are on the internet. a hearing underway on the foreclosure paperwork mess. we ll see what is in that report. we were wondering who called out the cupcake cops to crack down on two young boys and their curbside bake sale. we learned who. that touched off a whole new round of controversy.
medication. medication has a powerful role in chronic pain but so can something like love and romance. it doesn t mean just because you re in a long-term committed relationship, there s no hope for you. you can do more exciting things with your partner to try to tap into the same benefit. love hurts, right? it can be good for you and hurt at the same time. thanks for having me. new worries about the foreclosure paperwork mess around the country. will it mean massive losses for banks. we ll explore that. and the most expensive iphone in the world. [ male announcer ] opportunity