Friday, June 26, 2009

BofA and Michael J: The Connection

Yes, Bank of America had ties to "King of Pop" Michael Jackson. A money connection. The Wall Street Journal's Matt Phillips wrote about it online today for its MarketBeat section, http://blogs.wsj.com/marketbeat . Here's part of what it said:

"Mounting debts eventually forced Jackson to the brink of default on a reported $270 million in loans held by Bank of America. Bank of America eventually sold off the loan package — some that package was secured by his stake in Sony/ATV, his Neverland ranch and a separate music publishing firm that owns the rights to Jackson’s own songs — to Fortress Investment.
After reading this story, it’s easy to see why Bank of America would want to wash its hands of a borrower like Jackson. But did they make the right call by backing away from collateral like part of the Beatles catalog? Fortress obviously liked what it saw in that collateral, and Goldman Sachs was reportedly interested in it too."

Ummmmm.

2 comments:

Nfamous said...

Yes I'm sure the Zionist Jewish pedophiles that own and run the world would not want to be associated with another pedophile.

LMA said...

How much did they get in TARP funds again?