Wednesday, January 23, 2008

Gotta Love Financial Experts

From a fawning cover story on Bank of America in the October 2007 edition of Forbes magazine:

Aside from ill-advised dealings like issuing WorldCom debt and late-trading shenanigans with the bank's Columbia mutual funds, he {the company CEO} has deftly avoided trouble. Subprime woes? BofA presciently got out of these risky mortgages years ago, sensing they'd blow up some day.

From a Forbes story dated yesterday:

Both Bank of America and Wachovia reported abysmal fourth-quarter earnings on Tuesday with Bank of America’s earnings tumbling 95% and Wachovia’s profits plummeting 98%.

(Hat tip: Gawker.)

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