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Bank of America Selloff Accelerating On Heavy Volume
There is no joy in the top floor of 1251 Avenue of the Americas, where the P&L associated with a once mega profitable BAC position has dwindled to nothing. Following our earlier assessment that Bank of America reported yet another miserable quarter, the market has also caught on with the pure ugliness oozing form this report, and has punished the stock by sending it to multi year lows, at last check tumbling to $9.45 on heavy volume. There are still about 30 cents left until Paulson is completely underwater based on his cost basis. Which of course is completely irrelevant in the hedge fund world where only day to day P&L is relevant.
As a reminder, here is what the thinking was many moons ago, in November 2009, courtesy of the infamous Paulson letter:
Yeah, that didn't work out quite as expected...
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jumping out of window bitchez
JUMP!! Gene Burnett - Jump You F*#kers (A Song For Wall Street)? - YouTube
Always worth a listen. Thanks SD-1.
How long until JPMorgan is 'gifted' BAC for 1.88 Billion in a rigged bidding process?
This reminds many of the WaMu and Lehman situations.
Watch for Corruption at the highest levels again.
This is Rinse and Repeat business as usual in this Ponzi-Land called Wall-Street.
About ten minutes
Right after JPM is gifted Morgan Stanley.
give bac to Jamie.
Anything to see that failure and scum taken out like the shitty
garbage they are.
then we can go to work on Jamie.
They will fall as well, Jamie didn't want the crap either.
gentlemens C for shill-is-ity.
Why is it that anytime JPM does a big deal or makes the news, there is always a picture of that schmuck Jamie ?
He is an overrated, attention whoring douche bag.
To add insult to injury, the highly credible Moody's credit rating agency firm (/sarc as to credible, and in this case, if only because they soft pedal the negative so incredibly) has this to say about "all 50 U.S. states":
When do individual U.S. states get tossed/leave temporarily (or permanently) from the protective umbrage of the United States of Amerika, and when does their debt trade at even more incredibly apeshit insane levels/valuations?
Stop being such a bear! This is all bullish news, sometimes you just have to eat your "Peas." This news is just "transitory" and the markets will shoot back up like they always do, its "tradition"
nice!
Peas are beyond the reach of most.
What is the official BLS approved substitute for peas?
Hedonic Quality Adjustment in the CPIAnd this is not in jest: Real study by BLS:
U.S. Bureau of Labor StatisticsFirst Quarter 2011
yes, but we will still rally hard when they approve the new debt ceiling...mkt is crazy
Mark it 0 dude.
This is not 'Nam. There are rules.
That bank really tied the scam together.
There are no rules in Amerika , and if you still live by them , well you cant fix stupid
Somewhere a white-haired iTalian feller is laughing hysterically......
PP where R U?
The government, in its infinite pool of genius, arranged a polygamous marriage between BofA-Merrill-Countrywide, and Mozilo drank the milkshake up (i.e. siphoned mucho dineros, while leaving residual toxic waste).
Hey, look everyone! Resource utilization, factory and manufacturing activity and other signs of robust economic activity are looking great in this 3rd Recovery Summer™:
Great, so is BofA going to be the first shoe to drop?
I have no sympathy for anyone that knowingly invests in a fraudulent operation.
Lack of due diligence = Sino-Forest
Investing in fraud, expecting more bailouts = See-No-Capital
It will eventually be Zero, these zombie banks are worth nothing.
http://silverliberationarmy.blogspot.com/
How can they be worth nothing? We piled $6T (with a T) into them.
6 trillion pieces of paper? Might come in handy for a bonfire.
Who's seen some good nitty gritty on these June housing #s ??
Time for tarp 2
Was thinking the same thing.
Nope, BAC will be nationalized. Real soon now.
Interesting that all the banks are close to zero, except for one. You know, the one that does 'gods work'.
You must be talking about the "bank" that is down -24.25% YTD? That one?
...not the one doing Brigham Young's God's work, that is down -3.8% today?
The Giant Squid is sucking paddy water.
Those volume spikes look like tongues of flame burning up the bottom out of BAC.
Good riddance. But, of note, when the financials are starting to bleed, they will take the rest down.
This coming friday will definitely be EPIC. Open/Close/Fail, who knows anymore, eh?
ORI
http://aadivaahan.wordpress.com/2010/12/20/i-met-the-mother-of-cognitive...
Bac can eat the plate of shit it has cooked up. Anybody Know whats up with crappel? I wanted to buy the 350 put, but couldnt do it.
OH!-so glad I left that one alone!
dumb question but what is BAC ratings?
"Under Survey"
ah, countryfried was one tasty taco.
The financials are bottoming today per Robotart
Check out distribution on WYNN who would have thunk it. Vegas must be booming lol
wynn is clearly manipulated. gaps up overnight the last five days. i smell a pump and dump.
Can you sense the growing weakness in the farce?
Sense it I can, young Jedi.
On CNBC this morning (don't know why I watch, but sometimes I do), they were actually making the case that the banks are doing terribly because of too much regulation and too much regulation to come. Meanwhile, the only reason the banks are alive is involuntary taxpayer largesse. It's really amazing what passes for information and especially "news" these days. Meanwhile, apparently Vegas is crumbling not because of the housing bubble that caused a boom/bust of great proportions, but because Obama is a "wet blanket." Of course Obama is a stinking, rotting wet blanket on everything good, but he has nothing to do with Wynn's losses. What a fucking joke that anyone believes these whores.
It is almost comical since it was the reduction of lending standards that led to the whole housing debacle, i.e. a reduction in regulations.
Not only do I have to hear it from CNBS itself, but also regurgitated from the mouths of people who watch and believe it.
Yep, they'll have to delute the stock once again to avoid BK.
GET OBAMA ON SPEEDDIAL!! ONE OF HIS CONTRIBUTORS NEEDS CASH!!! 100 BILLION WILL DO!! PRONTO!!
actually...
a lot of his contributors needs cash again...
LAUNCH QE3 AND QE4!! FIRE AT WILL!
TELL BERNIE TO GET HIS CHOPPER READY!
Exactly what will happen. Can't let BofA fail, that would be wrong. And I love how these guys continuously bite the hand that feeds them in order to give credence to the Tea Party types.
The one change that has occurred since 2008 is the mindset of those without wealth - they would rather live a simpler life and say F*ck the Joneses. Those with good credit ratings have no interest in taking on new debt. They would rather continue to pay off their outstanding loans. Regular people known damn well that they aren't getting raises for sh*t, that food and gas and utilities and bogus hidden taxes are eating up more and more of one's income. PT Barnum said "there is a sucker born every minute." However, when every sucker alive over the age of 20-something has been f*ucked, then it takes a good generation or so to create new "economic suckers."
Once Moynihan resigns, 4 - 5 days worth of shorts could get obliterated in an instant.
dick Bove & Robo... sittin in a tree...
wearing lulu and eating cmg
+1 (& wiping it off their chin as well)
Oil rocketing. When will you interview the CEO of conoco? LOL...
Sure Vegas is crumbling. The odds are much better on (visibly) Wall Street.
I heard they will soon be offering Presidential Campaign ETFs !
No support between here and $8.85...
Going Old School...how quaint.
But WFC is being bought. WTF?
Buffett luvs this pos
I'd love to see that fucker go down in flames!
Nobody cares about BAC, everyone is whistling past the graveyard and tons of tech stocks like EBAY, FFIV, BRCM, KLAC etc. are running hard today.
And don't even get me started on FOSL.
Hands down the most spectacular retail stock run in NYSE history:
http://bigcharts.marketwatch.com/charts/big.chart?nosettings=1&symb=fosl...
Lunch break..........robo.
They let you take one?
bubble bubble toil and trouble.
No problem - AMZN, AAPL, CMG, LULU, NFLX, etc. scream higher. Who needs functioning banks, solvent governments or employed consumers anyway? Maybe AAPL should should just buy the US govt.
Huge bank goes down like the $5 crack whore it is and the system rolls on. yea right
Got MERS?
...Mr Hudsucker??....
Nope.
Just his proxy.
ORI
are their no foreclosure mills for
$ 265 B of this $ 550 B portfolio.?
5% default rate? $ 20 B by the ANAL-ysts?
but 1/3 of the portfolio is 90+ days NOD?
Level I at 9.5% and its at 4.7% now.
lol. maybe QE 3 is this Zombie.....
Tip of the spear is falling on a triple digit market rise - when the ponzi leaves you behind you know your fucked.
Sigh, made a lot of money shorting BAC, but covered around 10. I just have this feeling that someone will pull a rabbit out of the hat one more time if it goes much lower, stealth or otherwise. QEn, TARPn, something, and of course it would be announced over the weekend to create the best possible short squeeze. I feel like I made enough for now off them, right hand of satan that they are.
No way they are allowed to fail outright, darn it. Now THAT would be god's work.
Indeed.
It may have to be God's work. It would be easier to have Jack Sparrow fix it.
Me thinks BAC needs something like a gravity well like object near it. That way it can siphon the excesses off the "Star" until it collapses.
I say the equity goes to 0 but senior debt is bought by Fed at 100%.
I am enjoying the daily ritual of BofA being sold down the river in flames. In two weeks I will celebrate the TWO YEAR ANNIVERSARY of defaulting on the CUNTrywide mortgage inherited from my deceased father (7/16/09).
The bank foreclosed in March of 2010, and the case stalled. I've heard absolutely ZERO since then from the lawyers, the court or the bank. Maybe that bogus assignment they submitted after the proceedings began, complete with three vastly different dates may have had something to do with it.
Also, got a letter from BofA a week or so ago, address to my father, that spells out that they are seeking to recover some money (well, almost $100,000) and that BofA is acting as a collections agency, since the loan was sold to Fannie Mae.
Now, that is in direct contradiction to the foreclosure filing, in which they stated they owned the loan. I will be sending a letter asking for validation of the debt, and the bank then has 30 days in which to produce the proper paperwork. If not, Sayonara, bitchez, because I'm all but certain it will take them another six months to inform Fannie that they are unable to proceed against the estate and another year before Fat-ass Fannie gets around to doing anything, if they even can.
Got MERS all over the original mortgage docs, and, this being the Great State of New York, foreclosing will be somewhat similar to a camel passing through the eye of the proverbial needle.
Who says there's no free lunch? Using another old cliche, "crime doesn't pay," bitchez.
So, yes, death to BAC. I told a friend a few days back that if BAC falls under $9 a share, prepare for the death cycle, similar to what CUNTrywide did just before they sold out to BAC.
Should get under the $9 mark in a few more days, then slide to around $7, stall, and then begin the slow spiral under $5/share, at which point it is worthless and almost a perfect candidate for breakup under bankruptcy. Or maybe it will just die because no other bank sees any assets worth going after.
In any case, FU, BANK OF AMERICA.
As a taxpayer, dollar-holder, and therefore bagholder, may I be the first to say "you're not welcome."
Jump u phukkers!!