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Bank Of America, Boeing, Mortgages, And How I Look--Your Emails

Thursday, 10 Jul 2008 | 12:03 PM ET

On Bank of America CEO Ken Lewis' speech on mending the mortgage markets, it turns out Mr. Lewis isn't universally loved.

John A. writes about the bank's decision to keep, then not keep, Countrywide President David Sambol:
"Why hasn't someone asked Lewis why they gave that $20 million-plus employment contract to the Countrywide exec who was deeply involved in the subprime mess and then didn't hire him but still have to pay him the $20 million plus?"

From Ed L.:
"Ken from the Bank of Countrywide Mozilo forgot a key issue: how do they handle the tens of billions in future lawsuits and the hundreds of billions in future foreclosures. These guys are TOAST.. this will go down as another AOL/Time Warner deal...let the fireworks begin, compliments of the Fed."

Michael M. probably wishes he could've been part of the Lewis Q&A yesterdaylike the woman who complained her identity was stolen (live on our air):
"I think Ken Lewis is full of it. Take a look how BOA committed securities fraud on selling its money market clients safe 'just as good as cash' auction rate bonds. Fully liquid and now you can't sell them. BOA has done nothing by helping the clients that were lied to. I have $200,000.00 of these and I can't get my money as I was told I could. I called Ken Lewis office and he did nothing. BOA should of bought them back…"

On the Pentagon taking over the Air Force tanker decision:
From Heather H.:
"Maybe the Pentagon won't screw up the math."

Max V. responded to Boeing's concerns that any new tanker rules may put its offering at a disadvantage, (Max appears to be the voice behind the pro-Northrop Grumman/EADS blog on blogpost called "Tanker Wankers"):
"Boeing and the GAO said there were issues, let DoD correct this and Boeing should have no complaints. Boeing/Aeronovali/JADC is not going to get the fluff the USAF allowed them in the last proposal and this time they will go toe-to-toe with the NG tanker - they should be worried. Gates tossed out the 103 (Boeing) protest items along with WTO issues. Not only is Boeing/Aeronovali/JADC losing their protectionist position but all the other hype. They are going to have to stand on the merits of an obsolete 767 or bring their the 777 forward that they can't compete with. Now they don't have Dicks, Tiahrt and all the Boeing media hype to carry them through on this one - now they stand on their merits alone - They should be scared!"

Regarding the new "not-a-mortgage" tool for extracting home equity by Grander Financial, Christopher U. writes:
"Just wanted to drop you a quick note regarding your latest blog "My Equity Freedom". That had to be the best description of the product I have read. Just a quick aside, consumers can obtain a lump sum payment through a reverse mortgage. The Home Equity Conversion Mortgage (HECM) allows for a lump sum payment."

From Rick M.:
"Why no mention of a program that already exists, is government backed, allows to you access more of the equity in your home than 15%, and does not require that if the home increases in value that you owe any portion of that appreciation back to anyone? In addition, it offers multiple ways to get access to that equity and one of the ways actually grows in value over time, essentially letting your home give you earning power over time regardless of the market value of the home. The FHA Home Equity Conversion Mortgage- over 107,000 written last year."

Finally, many of you came to my defense after a fellow traveler at LAX remarked that I wasn't looking, well, good. My sister wrote, "What a jerk." But perhaps an honest jerk. My brother-in-law, a United 747 Captain helpfully blamed it on "poor airport lighting" which "isn't kind to anyone. You should see how old and worn out it makes vibrant airline captains look." Sigh. So good to have family at times like these, though my daughter is still apparently laughing and texting the incident to everyone she knows.

Jeff J. writes:
"Hopefully Fake Jane wasn't with you two when that not-so-polite man addressed you. She probably would have zapped him with a taser if she could have sneaked it past security."

Questions? Comments? Funny Stories? Email funnybusiness@cnbc.com

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  • Based in Los Angeles, Jane Wells is a CNBC business news reporter and also writes the Funny Business blog for CNBC.com.

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