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Registered
Join Date: Jan 2002
Location: Nor California & Pac NW
Posts: 24,858
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$100MM year in tax savings is pocket change for BAC, about 1/2 of 1% of its L12M net income of $20BN.
BAC spent appx $2BN to buy shares of CFC at $18, CFC stock went to below $5. If BAC really wanted tax savings, they could have simply let CFC go bankrupt and written off that $2BN.
In buying CFC, BAC is making a big bet, possibly throwing good money after bad. Who knows how much more money they will have to invest to keep CFC afloat? The deal is certainly not being done for tax reasons.
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1989 3.2 Carrera coupe; 1988 Westy Vanagon, Zetec; 1986 E28 M30; 1994 W124; 2004 S211
What? Uh . . . “he” and “him”?
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