Do you think Bank of America intentionally misled investors?
Answers
2222 points
readytoretire answered 10 months ago …
Not likely. If you are talking about them asking for more money for Merrill Lynch, that is one of those things that after you agree to take it, after looking at the numbers, it doesn't look as good. And as the economy has gone down a lot since they agreed, it is reasonable for them to have more losses than originally planned. It is also a good way for BOA to get more cash without seeming to need it in their regular business. The truth, probably somewhere in the middle.
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3963 points
MNSL answered 10 months ago …
In some countries banks, insurance companies, stock brokers and finance companies misled the investors. Lot of investors including retirement’s people lost their money.
They advised to put money in speciality funds run by their associated global funds. Some funds already have frozen and have closed.
Some bank employees, stock brokers tried to promote all types of instruments such as insurance products, housing loans, real estate funds, commodity funds, credit card loans, personal loans, investment funds and debentures etc without explaining risk involved. Actually some did not have proper knowledge and expertise in those areas. They merely acted as sales men.
Some of these brokers, bank employees, insurance agents, investor advisors and real estate agents etc should re-train now. New tropics should be included into investment courses including ethics and values if we want to see proper investment world in the future.
