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Tuesday, September 23, 2008

Bank of America Not Lovin' It

“This is the first signal that turmoil in the financial markets is reaching McDonald's.” – Richard Adams, McDonald’s Consultant

“Bank of America has been taking steps to increase capacity to fund additional growth.” –McDonald’s Treasury Department

“McDonald's is identifying new sources of liquidity and loan programs for our franchisees.” –McDonald’s

Can you say CREDIT CRUNCH?

McDonald's Says Bank of America Won't Boost Loans (Update3): “McDonald's Corp., the world's largest restaurant company, told some U.S. franchisees to seek other ways to finance store improvements after Bank of America Corp. declined to increase lending.

Store owners have exhausted financing used to pay for upgrades and equipment to make lattes and espressos, and Bank of America won't provide more money as it works on the planned purchase of Merrill Lynch & Co., McDonald's said in a memo that was obtained by Bloomberg News.”

Sorry, we can’t make productive loans because we are too busy digesting the toxic waste we’ve acquired…

“These levels held and violently rejected prices. BAC fell back into “the box” and then dropped through support around $28 before closing above that key level. BAC is run by executives blinded by greed. Countrywide Financial was not a bargain. Merril Lynch (MER) is not a bargain. They are giant, undefined liabilities. To expand like this in a credit crisis is border line retarded. BAC shareholders will eventually realize this?” –TheFinancialNinja, 09/17/08


David L. Spurr said...

Interesting comments.

It seems as though the financials are tightening up their lending standards everywhere. I like you blog. Thanks,


Ben Bittrolff said...


I just checked out your blog. I'll be adding you to my Blogroll.

I agree with your call on DUG. Oil sliding today. People got a little too excited about the 'Reflation Trade' and short squeeze in the OCT contract yesterday.

JD said...

Interesting article here with similarities to the Scandinavian bailout years ago.

Although the bailout probably got them back on track, it takes time, and we will see some serious "doom and gloom" until it rebounds.


Anonymous said...

how will I get my cheeseburgers?

Tim Manni said...

Wow, as you said, "can you say credit crunch?" the world's largest restaurant chain is forced to search for new sources of liquidity. You'd think of anyone in the biz, Micky D's would be able to qualify for a loan. Doesn't BOA realize what's more important?

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