With a $4.7 trillion bailout under their belts and no harm done to their billion-dollar bonuses, don't expect Wall Street bankers to be chastened by the 2008 financial crisis. Below we list eight things to watch out for in 2011 that threaten to rock the financial system and undermine any recovery.
1) The Demise of Bank of America WikiLeaks founder Julian Assange is promising to unleash a cache of secret documents from the troubled Bank of America (BofA). BofA is already under the gun, defending itself from multiple lawsuits demanding that the bank buy back billions worth of toxic mortgages it peddled to investors. The firm is also at the heart of the robo-signing scandal, having wrongfully kicked many American families to the curb. If Assange has emails showing that Countrywide or BofA knew they were recklessly abandoning underwriting standards and/or peddling toxic dreck to investors, the damage to the firm could be irreparable.
Seems Interesting? Read the article @ the link below:
8 Scenarios for Financial Catastrophe in 2011 via Alternet
My Thoughts:
These are very real possibilities people! Our economy is in dire straits and our political system is only worsening it with every bit of legislation as time progresses. The fact that we currently allow insane republicans and the like to have a voice and wield power will be the nation's undoing. We have to stop this madness before we allow the inevitable to occur!
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