Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Lucretius who wrote (353392)	1/15/2008 2:06:15 PM
From: Bid Buster	Read Replies (2) of 436258

Email from BAC... Dear Obsolete Man, Thank you for your Email dated 1-14-08 As you know we declined your request for withdrawal of funds on 1-11-08. As you may know we operate on the fractional reserve system where we are only required to hold 10% of deposits in reserve for day to day operations, and as such 90% of your savings you have deposited over the years have been lent out. Due to adverse market conditions where we have loaned out 90% of your savings at an additional unknown leverage, we are unhappy to say that your savings deposits with our bank now have a negative net worth. We are attempting to shore up our balance sheet by liquidating assets and we hope to be able to recoup a portion of your savings deposits in the near term. We thank you for being a loyal customer of Bank of America.

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