B of A will you invest now?

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Feb 21, 2007 9:56 pm

[quote=ezmoney]

BOA speaks with a forked tongue. They'll allow illegal aliens w/o SS#'s to get credit cards yet the premiers and banking centers can't work with non-resident aliens. We as FA's also have to go through hell with KYC docs to work with a non-resident alien. These bankers are something else. I'm glad I'm out of here soon.

[/QUOT

REAL GOOD , LEGIT point on the NRA/KYC vs lending $ to illegals. 

Feb 22, 2007 2:55 pm

[quote=doberman]Maybe BAC will securitize the illegals’ credit card
portfolios as junk bonds and pass the risk on to
investors. [/quote]



Hmmm, if they sell those bonds to unsuspecting investors via the BAC/FA  system the underwriting and securitisation profits could offset the credit losses on the underlying portfolios.



Perhaps Planr is right. This might just work out to BAC’s benefit.

Feb 22, 2007 9:30 pm

My Mexican aquaintances are Catholic and God fearing - they have great values. They live in North America, that does not make them good or bad.

My impression is that " these people " have fueled our huge productivity gains, notabley in housing and agriculture, but take that down to staffing restaurants and other service businesses. Turning North American resources around the American economy. If there is a surplus of housing, which there should be in the cycle, that is good for somebody. If this isn't the beginning of a transitional economy (from export lead SE Asia dominance), I don't know what would be amore successful scenario.

Not good values: if they are here ILLEGALLY and Bof A should not be granting credit to ILLEGAL ALIENS.  But I'm sure positive talk is from people who hire them to do cheap labor like lawn work and such.  They're normally on street corners looking for such work.

http://www.embargowellsfargo.com/BoAandLaRaza.html

Bando de UnAmerica is right!

Feb 22, 2007 9:39 pm

Perhaps Planr is right. This might just work out to BAC's benefit.

As long as it is labeled as "junk" as sold as such, what is the difference. You can make everything out to be a moral dilemma, if you like.   I suppose a lot of players in the economy are unsuspecting, and that's why we have righteous RIAs like you to serve the unsuspecting higher net worth segment.

Feb 22, 2007 9:59 pm

ok, I admit it: they've done lawn work for me and they do windows, too!

Guess BofA figures if they're going to be here: might as well get some banking and get a cc card, too--after all, they have a little money to burn (might not be up to minimum wage par, though). 

Feb 22, 2007 10:55 pm

Some of you seem to have an image of illiterate wetbacks who are willing

to work for $2/hr burned into your brains. You really do need to

disabuse yourself of that notion.



I don’t know what it’s like in your respective cities and towns, but I can

tell you that there is a construction boom going on in Orlando. Many, if

not most, of the construction workers are Hispanic. I have clients and

friends who are construction and construction services contractors, and

to a man they prefer Hispanics over Anglos. The workers they hire are

well paid for the area, and payroll deductions are taken. Do you know

why these people are the preferred labor force? Because they show up

every day, ready for work. They do a good job. In short, they are what

Americans were in the 30, 40s and 50s. I meet them in the stores and

restaurants. I meet them on Sundays, dressed in their Sunday best,

coming out of Church with their families. They have something very

powerful…the American Dream. Are they legal or illegal? I really have no

idea. But this I do know…those of us who look down upon these people

should revise their attitudes…after all, your children will be working for

their children.

Feb 23, 2007 12:00 am

they are what
Americans were in the 30, 40s and 50s.

Voice of reason, brother.

imho, a few folks on here would be well served to walk the Liberty Trail in Boston ( again). Check out the Old Meeting Hall, Boston Tea Party. A few steps away, a tribute to the Irish, who upset everything and took all the good jobs when they fled the potato famine. Now check out Chicago, home of the Irish, City of Big Shoulders, hog butcher to the world.

I get a kick out of how history stops with us, once we make our choices. And get ours, or don't get ours.

What about our moral imperative, as Americans, to succeed in the pursuit of Liberty, through freedom.

The pounding surf of free markets destroys political correctness.

Around these parts, brother Kvetch, Mexican Americans are creating so much real value in real estate, and sending so much money to Mexico to build their own houses, I am humbled to be a North American neighbor and friend. Like the Irish in Boston there is pain, you can whine or you can figure out how to join the party.

For those Americans who are disabled by genetics, alchohol, or fate, we do need to provide a social net. For the rest, start working on your skills.

...those of us who look down upon these people
should revise their attitudes...after all, your children will be working for their children.

Feb 23, 2007 8:09 am

Did anyone read the editorial by Ken Lewis in the WSJ. What a joke! Typical banker. He fails to realize they made a horrible PR error, and yet won’t admit it and instead vows to continue with the program. 

Feb 23, 2007 11:23 am

Its great that BOA is the credit card that all federal employees have to use. On top of that they always say they have to raise rates because of the defaults. I think millions of illegals should get the card then run across the border. What a joke!

Feb 23, 2007 11:28 am

Philo… In gereral most foreign employees work extremly hard. If you came from a country where you make 200 a month and then you can make that in two 12 hour days… I would work harder.



Florida wages for blue collar are the lowest in the country. The illegal coorelation is 100%. The more illegal employees you have in the market the more the lower the wages. Now some people point and say this is good for business. It is bad all around.

Feb 23, 2007 12:55 pm

those of us who look down upon these people
should revise their attitudes...

I don't look down on "these" people. My problem is with the double standard of ILLEGALITY and separate rules and flaunting of the laws.  Either they are illegall=broken the law, or the laws (working for cash, no social security card, no income tax filing, no insurance on cars, no accountability) need to be repealed for everyone.  I still DARE anyone here to try to open a checking account and refuse to give the bank your SS#.

I am related by family connections to "these" people from Mexico. I lived in Mexico as a child. I was baptized in Mexico. My grandparents were LEGAL residents of Mexico for over 20 years. I am also related to "those" people who are from South American (Argentina and Uruguay) by blood, so your strawman that I am a racist is just plain false. Illegal immigration is not just a problem from Mexico. We have leaks on our northern borders and on each coast. 

Hypocrisy is hypocrisy.  Just because there are millions of illegals in the country breaking laws every day, doesn't make it right. I don't care that they work hard.  So what?  If millions of legal residents should decide that we don't want to abide by laws, should we all get away with it?  I don't want to wear my seat belt, buy insurance for my car, file my taxes, pay social security out of my income.  I plan to eat transfat and wear my Ipod when I cross the street and talk on my cell phone in my car.  Come on....let's all do that and the numbers of us will make it right.

and sending so much money to Mexico to build their own houses, I am humbled to be a North American neighbor and friend.

So it's OK then to work illegally for less wages than prevailing legal residents and depress wages and put people out of work who are abiding by the rules?  As Air Force says it is not good for the local economy.  It's ok to not pay taxes and then send the money out of the country???   And don't give me that "well they pay into SS and will never collect" poor babies.  The SS numbers that they are using (stolen from someone else) cause no end of problems when the IRS decides that the real person hasn't paid their taxes because the SS contributions are coming in from the employer.  http://www.recordnet.com/apps/pbcs.dll/article?AID=/20061126 /A_BIZ/611260302  That's OK with you?  Riiiight...., until it is YOUR social security number and identity that has been stolen and you are being dunned by the IRS.

Like the Irish in Boston there is pain, you can whine or you can figure out how to join the party.

And here is the real crux of the matter.  The illegals are not joining the party. They are keeping to themselves. They are not learning the language and customs of the country that they have broken into. The are not becoming American Citizens as immigrants have in the past.  In a town near me which is very heavily populated will illegals  Their  children (legally born here and illegally in the country) go to the local high school, the students and parents refuse to stand up for the National Anthem at football games because the say "This isn't my country, why should I stand up".  Those are actual words!!!.  As a result of this  at least 20% of the people who could afford it, have removed their children and put them into charter and private schools.  How is this a good thing for either the illegals or the citizens who are taxpayers supporting the public school system.

Aside from the immigration issue, actions like this by B of A are encouraging and enabling illegal activity.  Besides the fact that they are allowing illegals to have privildeges denied to the rest of us, the company is opening itself up to fraud and abuse by not just illegals but by unscrupulous citizens, terrorists and money laundering scemes.

As an advisor, I don't see how this can possibly be a bottom line benefit for stock holders and bond holders.

Feb 23, 2007 1:52 pm

Babs you rock and I could not have said it any better!

Feb 23, 2007 6:32 pm

" The Statue of Liberty in no longer saying, " Give me your poor, your tired, your huddled masses."  She's got a baseball bat and yelling, " You want a piece of me?" - Robin Williams

Thanks, yes, you do make some good points. No human suffering is a good thing. Fortunately, or unfortunately, the markets will work everything out. That's a big thing for us to keep in mind as we serve our clients.

Mar 1, 2007 11:07 pm

[quote=babbling looney]

As an advisor, I don’t see how this can possibly be a bottom line benefit for stock holders and bond holders.

[/quote]



It can’t, which is why I don’t advise clients to own BAC. Frankly BAC’s
branches/service are lame. They arent best in class at banking and not
BIC in capital markets, just so big that they don’t do anything right. Neither hot nor cold, they are lukewarm.


Mar 2, 2007 8:26 am

[quote=AirForce] Philo… In gereral most foreign employees work

extremly hard. If you came from a country where you make 200 a month

and then you can make that in two 12 hour days… I would work harder.



Florida wages for blue collar are the lowest in the country. The illegal

coorelation is 100%. The more illegal employees you have in the market

the more the lower the wages. Now some people point and say this is

good for business. It is bad all around.[/quote]



AirForce, I think you should revise your info on wages. Construction

trades in Orlando start around $20/hour. While industrial complexes are

rarer in Florida than in other parts of the country, skilled trades in the

factories that are here make $35/hour or so. Unemployment is very low.

There’s a reason for that.

Mar 2, 2007 8:28 am

[quote=babbling looney]

those of us who look down upon these

people should revise their attitudes…



I don’t look down on “these” people. My problem is with the double

standard of ILLEGALITY and separate rules and flaunting of the laws.

Either they are illegall=broken the law, or the laws (working for cash, no

social security card, no income tax filing, no insurance on cars, no

accountability) need to be repealed for everyone. I still DARE anyone

here to try to open a checking account and refuse to give the bank your

SS#.



I am related by family connections to “these” people from Mexico. I

lived in Mexico as a child. I was baptized in Mexico. My grandparents

were LEGAL residents of Mexico for over 20 years. I am also related to

"those" people who are from South American (Argentina and Uruguay) by

blood, so your strawman that I am a racist is just plain false. Illegal

immigration is not just a problem from Mexico. We have leaks on our

northern borders and on each coast.



Hypocrisy is hypocrisy. Just because there are millions of illegals in the

country breaking laws every day, doesn’t make it right. I don’t care that

they work hard. So what? If millions of legal residents should

decide that we don’t want to abide by laws, should we all get away with

it? I don’t want to wear my seat belt, buy insurance for my car, file my

taxes, pay social security out of my income. I plan to eat transfat and

wear my Ipod when I cross the street and talk on my cell phone in my

car. Come on…let’s all do that and the numbers of us will make it right.



and sending so much money to Mexico to build their own houses, I

am humbled to be a North American neighbor and friend.



So it’s OK then to work illegally for less wages than prevailing legal

residents and depress wages and put people out of work who are abiding

by the rules? As Air Force says it is not good for the local economy. It’s

ok to not pay taxes and then send the money out of the country??? And

don’t give me that “well they pay into SS and will never collect” poor

babies. The SS numbers that they are using (stolen from someone else)

cause no end of problems when the IRS decides that the real person

hasn’t paid their taxes because the SS contributions are coming in from

the employer. <a href=“http://www.recordnet.com/apps/pbcs.dll/article?
<br / target=”_blank">AID=/20061126/A_BIZ/611260302"> http://www.recordnet.com/apps/

pbcs.dll/article?AID=/20061126 /A_BIZ/611260302 That’s OK

with you? Riiiight…, until it is YOUR social security number and identity

that has been stolen and you are being dunned by the IRS.



Like the Irish in Boston there is pain, you can whine or you can figure

out how to join the party.



And here is the real crux of the matter. The illegals are not joining the

party. They are keeping to themselves. They are not learning the

language and customs of the country that they have broken into. The are

not becoming American Citizens as immigrants have in the past. In a

town near me which is very heavily populated will illegals Their children

(legally born here and illegally in the country) go to the local high school,

the students and parents refuse to stand up for the National Anthem

at football games because the say “This isn’t my country, why should I

stand up”. Those are actual words!!!. As a result of this at least 20%

of the people who could afford it, have removed their children and put

them into charter and private schools. How is this a good thing for either

the illegals or the citizens who are taxpayers supporting the public school

system.



Aside from the immigration issue, actions like this by B of A are

encouraging and enabling illegal activity. Besides the fact that they are

allowing illegals to have privildeges denied to the rest of us, the company

is opening itself up to fraud and abuse by not just illegals but by

unscrupulous citizens, terrorists and money laundering scemes.



As an advisor, I don’t see how this can possibly be a bottom line

benefit for stock holders and bond holders.

[/quote]



Who said that you’re a racist?



I don’t disagree that if something is against the law, it’s against the law

for everyone. I merely show you the times.
Mar 2, 2007 11:10 am

The immigration situation must look different in different communities. It is not easy for everyone here, but the economy is roaring. In terms of our history, things seem to be playing out nicely. Compare that with a closed society like Japan, or even certain European countries where the “guest workers” apparently go against the social grain.