Small Potatoes

It was only $10.7 billion that Bank of America moved off its books at quarter-end in 2007 and 2008. That's small potatoes when you have $2.3 trillion in assets. That's what the Wall Street Journal says about BofA mimicking Lehman's sham sales at quarter-end. Yet, BofA had a need to make their numbers look better and in the real world $10.7 billion is a lot of money. So,in 2007 and 2008 they claimed to have sold some mortgage-backed securities to a "trading partner"; today they admit they goofed but it was not a deliberate attempt to make their books look better. Right!