BOA suing FDIC, Deutsche Bank and BNP Paribas suing BOA, 'round and 'round it goes...

[dixiegrrrrl]

The game of musical chairs has begun, with BOA suing the FDIC because other banks are suing BOA over the same
mortgage company which is claiming bankruptcy after FDIC closed Colonial bank.
Got that?

I know, I know.
Best to just look at it like a circular firing squad.

NEW YORK, Oct 20 (Reuters) - Bank of America Corp (BAC.N), the largest U.S. bank, has sued the Federal Deposit Insurance Corp over $1.75 billion of investor losses mainly from the 2009 collapses of a large regional bank and large mortgage lender.

The lawsuit concerns the FDIC's role as receiver for the main banking unit of Alabama's Colonial BancGroup Inc (CBCGQ.PK), and the implosion of Taylor, Bean & Whitaker Mortgage Corp, where federal prosecutors say a multi-billion dollar mortgage fraud took place. Bank of America is trustee for notes issued by Taylor Bean's Ocala Funding LLC unit.

http://www.reuters.com/article/idUSN2021282320101020

[aquart]

1. Hey, lawyers have been out of work just like everybody else.

[jtuck004]

2. Dear Bank of America:

We are in receipt of your letter of October 14 concerning our role in closing the Alabama Colonial BancGroup.

We are also in receipt of certain information regarding your financial well being. Based on that information we will be delivering our reply on Friday, October 22, 2010, at the close of your business day.

Please have someone clean a spot for a notice that will be applied to your front door. Additionally, please have all employees, (excepting the janitorial and security staff), place their personal belongings in boxes prior to our arrival, as they will not be returning after we arrive.

Thank you, and it has been a pleasure serving you.

Federal Deposit Insurance Corporation

[CanonRay]

6. + 1000

[bemildred]

3. This ought to be good.

:popcorn:

[dixiegrrrrl]

4. I really get the feeling the banks are turning on each other.

I picture them doing great contortions to cove their collective asses whilst grabbing all the money they can before the boom really falls.

[northernlights]

5. to borrow a line from another poster in another place...

Lawyers, man your briefs.