I’m covering the Federal Reserve Board hearing today in Los Angeles. The Fed needs to determine whether the Bank of America purchase of Countrywide would hurt the public interest under the Bank Holding Company Act.
Here’s what has so far been impossible to determine: how many people were lied to and defrauded into getting a mortgage that was going to financially destroy them, and how many people let themselves be talked into an insane loan because their greed overtook their common sense. It’s not so easy to figure that one out, because if it was, someone would’ve been carried off in handcuffs by now.
CONDOM MAKER’S MARKETING PLOY A BIG STRETCH
And on a completely different topic, www.hotlogo.comis launching a line of condoms branded “In-The-Pink,” and a portion of profits will go toward breast cancer research and awareness. Safe sex AND save lives! The only marketing concept that would be a bigger…stretch…would be if real estate professionals who sold risky mortgages now promised to become foreclosure specialists and donate a portion of profits toward financial counseling. Hahahaha. Oh, wait…
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