Baldacci: Bank of America Here To Stay

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Baldacci: Bank of America Here To Stay

Republican Journal
2/25/06

Local News

Bank of America here to stay Baldacci says

BY DAVE PISZCZ

AUGUSTA - Baldacci said Bank of America's decision to maintain operations in state reflects the quality of Maine's workforce/communities.

"This was a business decision on their part," Baldacci said.... "When they were doing their analysis, we were...providing the figures on the costs of doing business in Maine."

The governor said the state's low franchise taxes and the presence of fiber optic cables were among the strictly business reasons for the bank's decision to stay in Maine.

[url=http://www.courierpub.com/articles/2006/02/25/republicanjournal/local_ne...

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Republican Journal
2/25/06

Local News

Belfast spared in Bank of America closings

BY JOURNAL STAFF

BELFAST/AUGUSTA - [BOA] announced...the...center in Belfast is staying open. Mayor Michael Hurley said that is a "permanent decision."

Jack Cashman [DECD] said no tax incentives were requested by [BOA] or offered by the state.

Hurley said [BOA's] acquisition of...Fleet Bank was "critical" to the survival of the jobs in Belfast.

U.S. Sen. Collins: "...MBNA had run into severe problems with capitalization. This new relationship with [BOA] will bring some stability and certainty....

[url=http://www.courierpub.com/articles/2006/02/25/republicanjournal/local_ne...

Naran
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Baldacci: Bank of America Here To Stay

Well, since the state provided the cost of doing business in Maine figures, I hope the Bank of America checks them over REALLLLLYYYYYY carefully.... after all, these are the same people who owe our state hospitals over $300M, and can't find a single way to repay providers what they're actually owed without overpayment, and then having to figure out the resulting mess.

Such stellar accounting! How could Bank of America fail to be impressed!
:roll:

Peter
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Baldacci: Bank of America Here To Stay

It might have something to witht BofA having to keep x amount of jobs in the north east or the purchase of Fleet would not have been approved.

Bob MacGregor
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Baldacci: Bank of America Here To Stay

Naran, have another cookie and relax. Can't you recognize that this decision, made my a huge corporation, is a good thing, and leave it at that? Granted, all of the comments we have heard about their decision making process have come from one side, but I think that their decision to continue to use the investments made here locally over the past several years is a positive reflection on the abilities of the workers and the State. Score one for the State and the Governor, as much as it pains you! :)

Naran
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Baldacci: Bank of America Here To Stay

Nope, sorry.... I am tired of the Balderdash taking the credit for anything decent that happens here, meanwhile prevaricating and deflecting and covering up the mess he's created elsewhere in the state. Governor Gimmick needs to be told off whenever possible.

No cookie remedy possible for this malady. Only the sound of millions of R-positive ballots dropping gently through those polling machine slots in November will do.
:twisted:

Editor
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Baldacci: Bank of America Here To Stay

Is there an AMGer able to explain [i]the state's low franchise taxes[/i] and how they may have effected BOA's decision? Thank you.

skf

David Hughes
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Baldacci: Bank of America Here To Stay

Naran, deep in the family vault I have a cookie recipe for a cookie that remedies any bad situation or feelings of ill will. When the cookie was first introduced to the family the entire batch was taken, hidden and the family member who enticed them from the original recipe holder was told, in no uncertain terms "secure the source if you want more cookies!"

The cookies are small meals, delectable chocolate laden concotions that take the better part of a summer afternoon to mix up the batter.

The cure all cookie does exist Naran, you just have to find it! :lol:

David Hughes
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Baldacci: Bank of America Here To Stay

Scott, Maine Bank Tax rate is 1%. Recently an effort to double it was defeated.

[url=http://www.taxadmin.org/fta/rate/corp_inc.html]tax table by state [/url]

basically an income tax specifically for banks. I do not know if it is instead of or inaddition to regular business income tax.

Bob MacGregor
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Baldacci: Bank of America Here To Stay

[quote="David Hughes"]Naran, deep in the family vault I have a cookie recipe for a cookie that remedies any bad situation or feelings of ill will. ...........
The cure all cookie does exist Naran, you just have to find it! :lol:[/quote]

Unfortunately, the key ingredient in those cookies is illegal in most locations, unless this is a "medical" need.....

Slingblade
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Baldacci: Bank of America Here To Stay

Naran, our governor does nothing but good for this state. Jobs were increased by over 20,000. We have a surplus of $168 million (Oops, Balderdash already spent it). Costs of fuel oil, gasoline and everything else is much higher, thus increasing the amount of taxes the state collects. We have no state debt that anyone can easily find. Starting teachers will receive a higher starting salary that the guv will pay for, not us.
Darn, I burned the cookies. What's the smell, anyways?

Virgil Kane
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Baldacci: Bank of America Here To Stay

Bank of America bought MBNA because of the vlaue of the accounts receivable (I think the figure I heard was in the 90 billion dollar range). But Bank of America is not in the business of selling credit cards. They bought the debt, but they are not taking over the MBNA business.

Orono will close its doors by July and Belfast will close within a year.

Dan Billings
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Baldacci: Bank of America Here To Stay

[quote="Virgil Kane"]But Bank of America is not in the business of selling credit cards. [/quote]

Sure they are. They issued credit cards before this deal and intended to expland that part of their business with the MBNA purchase.

Virgil Kane
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Baldacci: Bank of America Here To Stay

I could be wrong. But my prediction stands. I'm sure you (or someone else) will remind me if I turn out to be wrong.

The Distributist
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Baldacci: Bank of America Here To Stay

Did I miss something? The headlines glare: "Bank of America Closes Facilities - Jobs Lost" and the governor's hacks issue a statement saying Bank of America is here to stay?

That kool aid is a lot more powerful than the stuff I was dosed with in the '70s!

Dan Billings
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Baldacci: Bank of America Here To Stay

BOA had a huge surplus in call centers due to their purchase of MBNA. Call centers were going to close somewhere, there is no question of that. The fact that most of the jobs in Maine survived the cuts resulting from the merger is good news.

lhsbluedevil200
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Baldacci: Bank of America Here To Stay

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