Whalen to BofA: "Stop Firing People And Just Declare Bankruptcy Now"

``The part of Bank of America that's not fine, in Whalen's view, is the ongoing liability from the mortgage underwriting that Bank of America's subsidiaries did during the housing bubble. The litigation exposure from this could be so humongous, Whalen argues, that it will bankrupt the company, forcing regulators to step in and restructure it. And Whalen doesn't think the country should wait for that day. Instead, Whalen says, the government should just seize Bank of America and restructure its debt, equity, and legal obligations now.''