And More Bad News For Bank Of America: SEC Says Bank Of Lynch Loan Policy May Have Been "Inconsistent With Industry"

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 04/04/2011 - 16:46 | 1134272 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Julian, where's that promised BofA hard drive sh*t son?

Mon, 04/04/2011 - 16:50 | 1134288 HamyWanger
HamyWanger's picture

It's a vaporware, just like Duke Nukem. 

Same thing for AnonOps. 

Mon, 04/04/2011 - 16:52 | 1134295 Conrad Murray
Conrad Murray's picture

To all you readers that have access to dirty laundry, clean that shit up with some sunshine.

Mon, 04/04/2011 - 16:55 | 1134314 Careless Whisper
Careless Whisper's picture

apparently julian and his anon buddies have better things to do.

revolution - the empire rebellion is on hold for 3 months. now demands criminal central bankers: "resign, s'il vous plait"

and i was hoping for a new music video every week.

Mon, 04/04/2011 - 17:01 | 1134366 magpie
magpie's picture

yup still want euros back wasted on BAC puts - I'm talking to you, Julian...

Mon, 04/04/2011 - 16:50 | 1134285 max2205
max2205's picture

Researching BAC.... humm, naw,

Better.... Is it time to go home yet?!

Mon, 04/04/2011 - 16:48 | 1134286 truont
truont's picture
  • Wow!  BOA had even more fraud than the "industry standard"!?!?

    More than JPM?  More than Citi?


    Mon, 04/04/2011 - 17:41 | 1134531 Ruffcut
    Ruffcut's picture

    They need the next scapegoat and then see how they protect this first line of their personal defense. It is more like a vent, for many of awakening amerikans, getting tired of their zero hedge neighbor, telling them to prepare, buy silver and other stoopid shit.

    Bears are treated like dogs and they(crooks) are only throwing a rather, small bone.

    Mon, 04/04/2011 - 16:48 | 1134287 Arch Duke Ferdinand
    Arch Duke Ferdinand's picture

    Loans, Schmoans, who cares anymore when you got.....

    Here comes the 5th War Front!!!!!....Iran/Saudi Arabia over Bahrain...

    ...and How can you not have a party without a 6th War Front this Spring of 2011...Hamas and Israel...

    Mon, 04/04/2011 - 16:50 | 1134289 DutchTreat
    DutchTreat's picture

    Triple A rated porn.

    Mon, 04/04/2011 - 16:50 | 1134297 DoChenRollingBearing
    DoChenRollingBearing's picture

    Ruh roh, B of A...

    Mon, 04/04/2011 - 16:52 | 1134299 Your Mama
    Your Mama's picture

    another campaign contribution and they'll forget all about it......

    Mon, 04/04/2011 - 16:53 | 1134301 Arch Duke Ferdinand
    Arch Duke Ferdinand's picture

    "Everyone takes the limits of their own vision for the vision of the world".

    You know who said that?....Freud?....Schopenhauer?...Who?...No, my cousin Mendel,

    He's a kosher butcher...

    OT: OT: Wrong Side Up...2 min short film...

    Mon, 04/04/2011 - 16:54 | 1134307 zebra
    zebra's picture

    are you new? no news is bad news anymore. bad news means opportunity to arise from fire and cinder.

    Mon, 04/04/2011 - 16:52 | 1134309 Seasmoke
    Seasmoke's picture

    are we talking BOA, or Countrywide, or Merrill Lynch ?????.....i cant keep track at who had the worst policy

    Mon, 04/04/2011 - 17:35 | 1134513 A Man without Q...
    A Man without Qualities's picture

    I assume Countrywide, by quite a wide margin.  The issue seems to be they understated the risks in the mortgage products, and BAC will probably argue privately that if the world become aware of the deficiencies, borrowers will stop paying and when they cannot foreclose, investors will demand putbacks.  It's a catch-22, once they admit how fucked they are, they're fucked.

    Mon, 04/04/2011 - 17:46 | 1134552 Ruffcut
    Ruffcut's picture

    The  trading at merrill is the only ones keeping BAC alive. If goldballsacks says there is no more for the merrill charity, then BAC is going to get pushed out.

    I have had BK puts for over a year on this shitbag, rolling them over, rolling them over into my own weiry broken bliss.

    Mon, 04/04/2011 - 16:56 | 1134318 TruthInSunshine
    TruthInSunshine's picture

    New [Bank of] American Dictionary:

    Inconsistency. A blatant fraud on both a civil and criminal level.

    Use [e.g.]: "I do apologize about the inconsistency of Mr. Madoff's statements to all of you."

    Use, urban context [e.g.] "Bitch, why you gotta be all inconsistent wit me? Better have my money tonight."

    Mon, 04/04/2011 - 16:55 | 1134321 ebworthen
    ebworthen's picture


    Psychologically we are at the point where lying makes you more acceptable, and pointing out the lying makes you a "tattle-tail" or a "doom and gloomer".


    Mon, 04/04/2011 - 18:21 | 1134670 knukles
    knukles's picture

    Or a Conspiracy Theorist or just plain downright un-American pleading for a visit by federal agents to suspect, arrest and disappear you as a tourrist.

    Mon, 04/04/2011 - 20:08 | 1135002 ebworthen
    ebworthen's picture

    I've been here all my life, but I guess if you go back long enough we are all "tourists", eh?


    Would that mean I don't beileve in not TBTF banks or insurance companies at the expense of families?

    Guilty as charged.

    I hoist the Jolly Roger with pride, for the sake of the Constitution and my Children.


    Mon, 04/04/2011 - 16:55 | 1134334 mynhair
    mynhair's picture

    I stopped reading at SEC in the title.

    Mon, 04/04/2011 - 16:58 | 1134336 EscapeKey
    EscapeKey's picture

    I started again when I saw "porn".

    Mon, 04/04/2011 - 17:21 | 1134455 disabledvet
    disabledvet's picture

    and apparently "they know porn when they see it."

    Mon, 04/04/2011 - 20:07 | 1135010 ebworthen
    ebworthen's picture

    Did someone say "porn"?

    Are there garter belts and stockings involved?

    Mon, 04/04/2011 - 17:00 | 1134362 vote_libertaria...
    vote_libertarian_party's picture

    ...aaaaand BAC is up a smidge on the news AHs.


    Yepper, it's all good in Bizarro World.

    Mon, 04/04/2011 - 17:04 | 1134375 Homey Da Clown
    Homey Da Clown's picture

    Angelo Mozilla is laughing his orange ass off right now. And why not? Everyone knows the SEC is bougth and paid for.

    Mon, 04/04/2011 - 17:12 | 1134424 Bansters-in-my-...
    Bansters-in-my- feces's picture

    The sec "Does Dallas"...

    Mon, 04/04/2011 - 17:22 | 1134466 augie
    augie's picture

    the SEC has "done" more than Dallas.

    Mon, 04/04/2011 - 17:17 | 1134432 eureka
    eureka's picture

    If you want something done - do it yourself.

    Destroy Bofa by boycott & default.

    Mon, 04/04/2011 - 17:19 | 1134444 Ned Zeppelin
    Ned Zeppelin's picture

    B Of A's bad news? There are no consequences to any of this whatsoever.  The SEC is a joke.  

    Mon, 04/04/2011 - 17:39 | 1134523 bankonzhongguo
    bankonzhongguo's picture

    Wells Fargo is far worse.

    Mon, 04/04/2011 - 17:49 | 1134565 jkruffin
    jkruffin's picture

    I remember a few years back, Wells Fargo was charging me $25 a month, claiming they were doing a home site visit to make sure I was still the resident.  No one ever knocked on the door to ask, and I never saw anyone who claimed to be from the crooked banks. Believe me, when I found out about it, I went straight to court and got my money back.  Question is, how many are they doing this and getting by with it to pad their earnings?

    The whole game is hosed up, and the smart folks out there need to devise a fool proof plan to end this crap once and for all.

    Mon, 04/04/2011 - 17:49 | 1134574 bbq on whitehou...
    bbq on whitehouse lawn's picture

    Law applies to everyone or its not law at all.  In the absence of law force (might) exists. Might makes right? Reason leads to stability, then onto compassion. It is only by reason and compassion can civility exist.  In the absence of civility we have...force and might.

    Its interesting to live in a time and place to experience the fall of empire.  For empire can only exist if civility exists.

    At least now we know how empires fall. Lack of law.

    Mon, 04/04/2011 - 17:57 | 1134580 bbq on whitehou...
    bbq on whitehouse lawn's picture


    Mon, 04/04/2011 - 17:57 | 1134597 bbq on whitehou...
    bbq on whitehouse lawn's picture

    double post.

    Mon, 04/04/2011 - 18:58 | 1134787 What a mess_man
    What a mess_man's picture

    Hilarious comments as always, and spot on too.  Of course, this is just more of the new normal.  BofA has like a 30% share in depository accounts, like 1 in 3 bank with them.  They are the prototypical To Big To Fail player.  Of course nothing will happen, because NOBODY in any position of power at all has the balls to do anything about it. 

    Mon, 04/04/2011 - 19:07 | 1134808's picture do we make money on this news?  Of course everyone will say PM's (that's understood) but what else?

    Sat, 04/09/2011 - 22:02 | 1154247 thames222
    thames222's picture

    B of A, why so moronic?  At least Citigroup has it figured out.  I've never banked with B of A and I never will, they're simply too sly for  me.


    Do NOT follow this link or you will be banned from the site!