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How much like Bank of America chief Brian when he and analyst that is thanks countrywide liabilities are starting to -- is his wishful thinking.
Whereas bank America finally turned the board present its biggest -- -- -- -- has exclusive details are.
Com here's what we know from.
We're -- the morning and this is like when those stories where there's.
It's light at the end of the tunnel with you know the -- is like him very much out there as of this is kind of like.
A good news.
But kind of bad news story it would -- and in the -- break America's -- announced the fox does -- has learned.
Is that there is gonna have to quantify the years left on his country wide problem like how many more years.
We have to be of paying mortgage related civil liabilities put backs member.
Companies -- firms money manages and own.
Mortgage related securities of -- country right may have on the road and may have to point give it back to Bank of America because there -- legal faulty or whatever.
He saying it's and that's a problem that's the last three to five years out okay -- pretty relied more years more years this is a problem according to.
Analysts -- you would mourn him that their quantifying internally.
That could be as much as fifty billion dollars.
Is that a lot that's a lot of active that's a -- well what do you think.
Well now I got in terms of the higher balance made -- -- -- satellite and talk about -- when you let me finish when you talk about companies -- The liabilities.
Of five billion dollars a year or ten billion dollars a year over the next five years that's a lot of money.
Morning and is also telling people that Merrill Lynch the -- subsidiary.
Is going to be what bails out the bank what do I mean by that.
They're making a lot of money from Merrill Lynch the retail bank a Bank of America is going to be less of a less -- a huge.
Growth profit senator even if you take out you would you take -- the liabilities from -- a wide.
You know -- you know the consumers face at Citigroup may 25 billion dollars a year just because it deposits and -- certain things right.
They're gonna make money but it's not gonna see great growth so it's Merrill Lynch -- the -- going to be kind of interest and I talk to people -- about this is prediction.
Be they could move their headquarters to New York from shortly it because Merrill Lynch becomes a bigger part of the bank I did ask.
B -- whether they might change their name to Merrill Lynch because the Bank of America branch of the -- or they say no for now but it wouldn't doubt it in the future.
We should point out the Bank of America is a landlocked backed as some that -- they and I -- -- one of the better annals of -- I think share.
There landlocked there here in the US we have lots of issues here regarding countrywide.
Underwriting those lousy loans.
Bob what would Merrill which is good at is the fact that -- -- a brokerage firm as an investment bank.
It also -- -- stuff internationally and I think that's where you're gonna see some growth -- here's what we are right now would talk about a three to five year time frame according to morning and I could take the Mike Mayo thinks it's a ten year time frame to block what he's saying the -- about liabilities of fifty billion some people say it's more that's it won't cost.
He's an interest in story to -- in the stock.
You clearly don't give stock advice but you think about it.
You don't buy this thing over the next year yeah right -- -- kids that -- that you -- desperate now taken copious notes there Charley thank you.
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