Told u so: BofA effectively buys Countrywide!

[totenhosen]

Told ya! I'll see if I can post the itnernal memo.

[HM]

You are right.

[phebus]

Invested, not bought. Here is the CNN article. http://money.cnn.com/2007/08/22/news/companies/bac_countrywide.reut/index.htm?postversion=2007082218

[mbrown2]

Invested, not bought.
It's the internet...he can "effectively" say whatever he wants...:)

[totenhosen]

Invested, not bought. Here is the CNN article. http://money.cnn.com/2007/08/22/news/companies/bac_countrywide.reut/index.htm?postversion=2007082218
They effectively bought them. Convert the preferred shares to common stock at the $18 price and they become the majority shareholder. (Quickly glanced at it so I could be wrong.)