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Bank of America bankrupt?

In a word: "Yes"

Bank of America , bankruptcy , Chris Whalen , Countrywide , inept management , lawsuits , mismanagement , mortgage fraud , real estate market , reorganization , Warren Buffett

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But the guys at the top won't pull the plug

An all-too-common tale in America today.

The employees are productive. The business works. It's making money and controls valuable assets.

So what do the guys at the top do?

They run it into the ground and then work to cover their mistakes.

Chris Whalen lays it out.

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