Bank of America Tumbles To Paulson's Cost Basis Following Report Bank Will Need $50 Billion More In Capital Cushion

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Ancona's picture

Whoa Nellie!

Looks like BAC is terminally fooked.

Cognitive Dissonance's picture

If they would just leave the fracking fractional fiat alone they wouldn't be so freaking fooked.

SheepDog-One's picture

Like telling a crack junkie 'Hey man, just put down the pipe'!

Cognitive Dissonance's picture

They probably should have just said no to "Just say no". Sadly they didn't, which just goes to prove that bad ideas are addictive and make people significantly more stupid than they already are.

Look at me for the perfect example.

camaro68ss's picture

Dam, i bank with BofA, well im cashing out.

francis_sawyer's picture

Omg! Looks like THE SIXTH SICK SHIEK'S SIXTH SHEEP'S SICK!

Long tongue depressors!

Cognitive Dissonance's picture

That hurt my brain just from reading it.

jus_lite_reading's picture

YUP I said months ago that BAC was FOOKED and it cant be saved. 

FWIW I did not junk you but it seems the junk monster is back.... hey TD can you ban this basturd from ZH?? PLEASE!

SheepDog-One's picture

To HELL with Blight on America someone shoot this pig and throw some lime on it!

SilverDoctors's picture

Tyler, Reuters reports that HKMEx just announced the launch of silver futures on Friday!

http://silverdoctors.blogspot.com/2011/07/hkmex-to-launch-silver-futures...

williambanzai7's picture

Give or take $20 billion.

jus_lite_reading's picture

THERE was a time when 20 BILLION was a lot of cash!!! NOW we laugh because everything is sooo fooked up

HungrySeagull's picture

20 Bil is still alot of money.

To those of us who have none.

WALLST8MY8BALL's picture

yeah The Trashury just replaced all the ink cartridges!

Cognitive Dissonance's picture

Time to find a rich Saudi Prince to rescue BAC.

hedgeless_horseman's picture

IN SIMILIAR NEWS:

Giant Squid stock down -24%+ YTD.  Economists expect Q3 and Q4 will be better...

SheepDog-One's picture

So 'all is well, recovery firmly on track'...well as long as we can take on at least $4 trillion in new debt and throw another $2 trillion minimum at the zombie banks and bubble markets...oh thats just GREAT!

oogs66's picture

Citi's reverse stock split working like a charm too :)

snowball777's picture

is this funding simply to replenish the cash to have a decent Tier 1 ratio, or is the bank merely preparing for a waterfall of litigation now that the seal has been broken?

 

c) all of the above

Fuck the Bank of Lynching America Countrywide and Paulson can suck a bag of unwiped assholes.


redpill's picture

Still have a decent sized account sitting over there...probably past time to move it...

Precious's picture

Screw BofA.  For that kind of money, we could bail out Greece.

SheepDog-One's picture

Thats the amazing thing isnt it? Here we have single companies that are in far worse bankruptcy than these entire countries problems everything hinges on daily.

Deepskyy's picture

Couldn't happen to a nicer group of cocksuckers.

Die a slow death BAC and take the Morgue and Citi Farcenancials with you.

 

A Man without Qualities's picture

resolution authority, bitchez....

BinAround's picture

I't is not just BAC.  All financials are dropping today, and not just those with skimpy capital.  Look at what investors think of book value, P/B:  DB 66%; Lloyds 61%; Barclays 50%; Citi 61%; BAC 45%; JPM 87%; GS 99%.  As Clint Eastwood said "what we have here is a lack of communication". 

francis_sawyer's picture

When they eventually get the pre-prescribed "technical bounce"... Robo will be along to tell you about it...

tony bonn's picture

citi will be happy to empty its loan loss reserves to help boa...its loan portfolio is so sterling and solid due to the booming recovery it is still predicting that it could more cover boa's troubled position...

boa is the most arrogant snot nosed asshole in the banking world outside of goldman sachs....boa people sicken me....they are nothing but punks.....i would love to see that bank go up in flames...

lolmao500's picture

Time to buy some US treasury short ETFs...

Larry Darrell's picture

at my house we use a much simpler mechanism.......ounces.

SilverDoctors's picture

And it looks like BOA doesn't even need Wikileaks to help it fail.

francis_sawyer's picture

Sorry everyone it's all my fault...

I went in last Friday to my local branch & exchanged a $20 note for 10 rolls of nickles... 

As soon as I o the "patriotic" thing of BORROWING $20 at 27.98% interest + annual fee, the stock will recover...

jkruffin's picture

Say goodbye to the Euro risk trade,  back to 1.20 she goes and fast.....this little fake bounce the past half hour is crapola....short it on every fake bounce....the trouble is brewing...

Stoploss's picture

Finally shut mine down after ten years last week, they would absolutely not get off the 14$ acct fees.

Then they try to sell you something else that costs even more money to stay with them.

Bye, bye BAC.

High Plains Drifter's picture

but but but, the tarp, the tarp..........

lincolnsteffens's picture

The tarp has been left in a dark damp cellar and it has dry rot.Looks ok when you turn on the lights but if you try to pick it up it will fall apart in your hands. Sorry, might as well haul it to the dump.

f16hoser's picture

Should I stop paying them my monthly mortgage?

Piranhanoia's picture

Find out if they really have any rights to it, then you decide. 

Boxed Merlot's picture

"soured home loans"..."more mortgage related costs"...

What's the big deal? DC just provided the solution. Any foreclosed property with defective, unlawful activity associated to the transfer is all good. Title companies are now rendered unnecessary and obsolete.

Fiat isn't limited to the concept of "money" ya know, it's equally or possibly better when used in the creation of law.

Git er done.

buzzsaw99's picture

The bonuses will be huge again this year.

hedgeless_horseman's picture

In nominal terms.  Real terms, not so much.

spekulatn's picture

Mr. Tony at macrostory.com shares some technicals on BAC.

"Gap yet to be filled at $3.73."

http://macrostory.com/?p=5288

 

Holy shi*!

Cruel Aid's picture

Didn't Obama force a load of bad mortgages on them via Merrill.

Probably insignificant compared to the Countrywide.

israhole's picture

Ahhh, Countrywide.  Orangelo Mozilo should be in prison with the rest of them!

citta vritti's picture

would that any of them were in prison

BlackholeDivestment's picture

Bank of America will no longer give out candy to the kids, instead, free Red Fez hats for everyone. http://www.youtube.com/watch?v=swBYeKXn6TE&feature=related