Bank of America

What the hell has happened to the bank where my Dad was the proud head of the Trust Department?

When he served the bank in CT, it was called the Hartford Connecticut Bank& Trust Co. and had a sterling reputation that dated back to the 1700's. After Dad retired in 1950, the bank began to merge and merge and grow like an overripe tomato. At one point, it went on a gargantuan spending spree and got so obese that Fleet Bank had to buy it out. And then came more spending sprees when it became Bank of America which continued the spending spree. BOA bought some of the worst assets ever...Country Wide and Merrill Lynch. Overall lending practices made a sane person cry and dishonest/illiterate/naive people ran to the doors of BOA and its subsidiaries to get more and more loans based on no income, no assets and no job.

BOA has had two government infusions of taxpayer's money and is now, probably, going to ask for more money from the government because it's almost broke again with a truckload of toxic assets to boot! BOA's behavior over an extended period of time is a prime example of the actions that that got us into the present US financial dung hole. Horrifically, the dung hole has widened and has dragged most of the rest of the world down with us into the dirty pit that the we have dug so well. Unfortunately, the rest of the world had enough sleazebags to match the greedy pusses in our country so that this financial disaster touches most of the capital in the rest of the world. As of now, no light can be seen reaching to the bottom of this wretched hole.

For reasons not connected to the sleazebags of the past few years, I managed to get two family trusts that benefit me out of BOA into another bank that did not engage in the above nefarious practices.I had objected to high fees and low performance with income coming to me which is often accepted by other recipients of trust money. After all, for most people, trust money is "found money". But my monthly check is essential money for me. And I'm doubly blessed because I'm lucky I'm not dead so I can enjoy what I have!

I was a true pain in the ass to BOA for years and I'm sure that the Hartford Probate Court judge drew a deep breath whenever he saw my name on the calendar. It took years of persistent work to get those trusts out of BOA and I'm proud of my work.

So here's to the Boys of Aphidland......So long, goodbye,and hello t0 6% a year!