Bank of America Buys Countrywide

[viper1101]

Anyone know what the deal is with the prefered shares (cfc$a and cfc$b) they are still up huge when cfc is back down now

 

[ElCubano]

Quote from otcstockfund:

because it doesn't happen till the 3rd qtr so there is a chance it can still fall through

"time value of money"

 

[Arnie]

Quote from interdigital:

Why is CFC trading under $7 right now, if the buyout is for $7.16? That makes no sense.

Because a whole bunch of people paid more than that yest on rumor.

 

[Cutten]

Quote from ASusilovic:

Bank of America agrees to purchase Countrywide USD 7,16 per share

It's a stock deal so the price is not fixed. Conversion ratio is 0.1822 CFC per BAC share.

 

[FerdinandAlx]

I find it hilarious that Countrywide agrees to be bought, for a 70% discount to its supposed book value, in BAC stock

So here there are two of the largest financial companies in the United States, both active in the same industry of selling paper for marked up prices, they agree to swap ownership rights and *spoof* everyone else is left holding the bag.

Wallstreet, you got to love it.

 

[viper1101]

Hope someone else cashed in on the 4.5 points in cfc$b

 

[Kaempferrand]

http://www.reuters.com/article/marketsNews/idUKWAT00870120080111?rpc=44

Is this for real??? Talk about devoid of reality.

Well if your name is Barney, I wouldn't take you serious anyways.