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Is Brian Lin The Next Incarnation Of Joe Cassano?

Tyler Durden's picture


In a must read Op Ed, Bloomberg's Jon Weil takes another long hard look at the balance sheet of the most undercapitalized bank in America (thank would be Bank of America) courtesy of the worst M&A transaction in history, namely its purchase of Countrywide, observes what everyone, even John Paulson now knows, that due to trading at half its book value nobody in the market gives even remote credit to the bank's asset "marks", and concludes that this organization, courtesy of an extremely lax regulatory and audit structure, which continues to allow it to mark any assets at whatever price it desires, could well be the next AIG: "There’s more
at stake here, however, than whether Bank of America’s shares
are a “buy” or a “sell.” The main thing the rest of us care about is the continuing
menace this company and others like it pose to the financial
system, knowing we never should have let ourselves be put in the
position where a collapse in confidence at a single bank could
wreak havoc on the world’s economy. Here we are again, though.
Curse the geniuses who brought us this madness." Indeed: once again, right before our eyes, day after day we allow various higher status quo-embedded individuals to take advantage of the gullible public by misrepresenting the massive risk that the left side of BAC's balance sheet represents, which can have only one conclusion: the same epic implosion that brought down AIG once the market reality caught up the with book myth. Yet in the case of AIG unbridled risk-taking and book mismarking we can at least put the blame on one person: the man at the heart of AIG FP, Joe Cassano, whose reckless bets nearly brought down capitalism. So our question is: is there someone at or affiliated with Bank of America that could soon double as a Joe Cassano for the 2010s? We have one suggestion (although certainly not exhaustive): Brian Lin of RRMS Advisors.

Who is Brian Lin?

Let's step back and look at some of the recent developments regarding Bank of America. As most know by now, the biggest wildcard regarding Brian Moynahan's bank, and the biggest wildcard as pertains to the "known unknown" that is the bank's massive undercapitalization, is that it has hundreds of billions in legacy non-performing Countrywide loans. The same loans which the bank recently scrambled to settle with a group of litigants for the paltry sum of $8.5 billion. This is also the Rep and Warranty reserve that Bank of America took out this quarter after repeatedly promising that it was well over reserved for any future such litigation. Incidentally Zero Hedge has said repeatedly that this amount will be far higher when realistic assumptions are used, whether for modelling purposes, or when the full reality of the deterioration of the loan quality is uncovered.

Sure enough, in a filing today at the Supreme Court in New York, the Federal Home Loan Banks which are pursuing more information from the bank in an attempt to generate greater recoveries, have suggested that the the entity conducting the recovery assumptions that generated the $8.5 billion settlement was potentially incompetent (and arguably criminally negligent - our assumption not theirs), and that a "reasonable settlement" would nearly triple the amount of money that Bank of America would have to charge off: a range of $22 billion to $27.5 billion. Of course, should BAC do this, its Tier 1 Capital would plunge, it would immediately be forced to access the equity capital markets, and confidence in the bank's books would evaporate instantaneously, with all the nightmarish AIG-esque consequences envisioned by Jon Weil materializing immediately.

So who is the person largely responsible for the "overoptimistic" analyses that have so far spared Bank of America from a death spiral?

The abovementioned Eddie Lin of RRMS advisors.... And formerly of Bank of America!

Let's take a look at the FHLB's filing:

BNYM notes that it has now released on a website “all of the expert reports submitted to the Trustee in connection with the Settlement” and implies that those reports may provide all the additional information that the FHLBs need to decide whether to object to the proposed settlement.  Unfortunately, however, the expert reports raise more questions than they answer. By way of example, BNYM published a report from Mr. Brian Lin of RRMS Advisors about the reasonableness of the $8.5 billion that BNYM agreed to accept as part of the proposed settlement. Mr. Lin concluded that “a settlement figure somewhere between $8.8 and $11 billion is reasonable.” But to reach that conclusion, Mr. Lin made certain assumptions, the bases for which are not fully disclosed in his report.

Mr. Lin started with the full remaining principal balance of the loans in the 530 trusts that would be covered by the proposed settlement, plus the amount that the trusts have lost on loans that have already been liquidated. Together, Mr. Lin calculates that to be $208.9 billion. Mr. Lin then assumed that (1) only a certain percentage of those loans would go into default and (2) even for those loans that went into default, the trusts would recover between 45% and 60% of the principal balance through foreclosure. Both of these assumptions are quite controversial, and the FHLBs need to understand Mr. Lin’s basis for them. Using those assumptions, Mr. Lin concludes that the potential shortfall to the trusts, and therefore the amount that the trusts could potentially recover from Countrywide and Bank of America, is reduced from $208.9 billion to $61.3 billion.

To get from $61.3 billion to a “reasonable” settlement range of $8.8 to $11 billion, Mr. Lin made two more assumptions. He assumed that only 36% of loans that go into default will have breached Countrywide’s representations and warranties about the quality of its underwriting. That assumption is difficult to understand. Mr. Lin did not do any independent analysis of this assumption. Instead, he simply adopted Bank of America’s estimates of this percentage, which in turn appear to have been based on a completely different portfolio of loans that were subject to the underwriting standards imposed by Fannie Mae and Freddie Mac. Moreover, Mr. Lin’s assumption is inconsistent with widely publicized reports by professional loan auditors that even Countrywide loans that are merely delinquent (that is, behind on payments but not yet in default) have a “breach rate” of well over 60% and often as high as 90%. Finally, Mr. Lin assumed that only 40% of loans that both go into default and have breached Countrywide’s representations and warranties could be successfully put back to Countrywide and Bank of America. This assumption similarly demands investigation.  It is hard to imagine why a court would not require Countrywide and Bank of America to repurchase all loans, not just 40% of loans, that are both in default and have breached a representation or warranty.

Each of these assumptions has a great effect on Mr. Lin’s estimate of the amount of a reasonable settlement. As an example, even if just the last assumption were changed from Countrywide and Bank of America having to repurchase all, rather than just 40%, of loans that were both in default and breached Countrywide’s representations and warranties, then Mr. Lin’s estimate of a reasonable settlement would rise from a range of $8.8 to $11 billion to a range of $22 to $27.5 billion. Modifying any of his other three assumptions would cause that range to rise much more.

Similarly, BNYM also published a report by Prof. Robert Daines about Bank of America’s liability as a successor to Countrywide. But Prof. Daines’s report leaves unanswered several critical legal and factual questions.  Indeed, Prof. Daines admits that his opinion is “limited by the available factual record and certain assumptions that I make,” and he concedes in several parts of his report that he  relied on unverified information provided by Bank of America

A closer look at Mr. Lin's biography indicates that he may have just a little conflict of interest when conducting his analysis, which most likely ended up being used in the bank's own application of settlement calculations, and reciprocally used as well by the counterparties, which we are more than certain are doing all they can to merely shut the case, instead of actually seek equitable damages. After all, as a reminder the adversaries to BAC in the case are the who's who of comparable borderline illegal marking pratices: Maiden Lane III, LLC; Metropolitan Life Insurance Company; Trust Company of the West; Neuberger Berman; Pacific Investment Management Company LLC; Goldman Sachs Asset Management; Thrivent Financial; Landesbank BadenWuerttemberg;  LBBW Asset Management plc, Dublin; ING Bank and so forth. To say that these parties are not comparably guilty of similar practices would be beyond naive.

Anyway, back to Mr. Lin, and specifically his LinkedIn Profile where we learn that before RRMS he worked at... Merrill Lynch, and not just anywhere, but in the bank's Non Agency Trading. To wit:

Surely while developing a skillset about evaluating security impairments at Bank of America, Mr. Lin also developed numerous relationships. One may only wonder to what extent these relationships were "utilized" in assisting him in forming his opinion on what the proposed trust shortfall, and thus settlement, and thus potential material undercapitalization of Bank of America, should be.

But why pick only on Brian: let's take a look at the pristine organization that is RRMS. For that we turn to Crain's New York where we read that...

At RRMS Advisors' offices in an aging building on East 40th Street, Vincent Spoto and his four partners share space with a small headhunting outfit, and they hold meetings in a windowless conference room the size of a large closet…

Mr. Spoto, who was laid off more than a year ago from his position as a mortgage specialist at Credit Suisse, is grateful that he has a job. He has reinvented himself as a consultant to investors who hold toxic mortgage investments…

“There's a stigma out there, no doubt, because I was part of Wall Street,” ...along with a dash of guilt—he is among the band of survivors of Wall Street's collapsed mortgage machine who are getting the chance to assist in sorting out the financial mess they helped create. In fact, some of them are in high demand because they are among the few who understand complex instruments such as mortgage-backed securities, collateralized debt obligations and other products whose imploded values can only be guessed at…

These are the people who can fit the key in the lock,”…“The problem for a lot of these Wall Street guys is that they don't know much about real estate,” says Robert Baron, president of American Real Estate Executive Search Co. in Manhattan. “All they know is a lot about slicing and dicing mortgages and selling them.”…

Over his 20-year career, Mr. Spoto worked mostly with mortgage servicing companies to ensure they were collecting on the mountains of loans that investment bankers packaged into securities and sold…Brian Lin, a veteran mortgage trader who was formerly with Merrill Lynch and other companies…

The firm also has Robert Pardes, who was chief lending officer at New Jersey-based OceanFirst Financial Corp. until May 2007. He was ousted after the bank disclosed that employees were hiding losses in the subprime lending division, which it had acquired from Mr. Pardes seven years earlier

The plot thickens: not only do we have a person who may have a conflict of interest courtesy of prior professional relationships with Bank of America Merrill Lynch, but the firm he currently works boasts such individuals who were terminated for knowingly misrepresenting and hiding losses in RMBS books.

Does one now see why perhaps Mr. Lin may not have been the best choice to evaluated the trust shortfall, and the "settlement" process. Perhaps somebody slightly more objective would figure out that instead of $8.5 billion, Bank of America is actually on the hook for an amount that is at least 3 times greater if one uses proper impaired security valuation protocols?

However, as noted above, the question becomes "what then?" Should the true extent of deterioration of Bank of America's books be revealed, then its market cap would be not $100 billion but some modest fraction thereof. In fact, even John Paulson, formerly the biggest believer in BAC has now washed his hands. And he doesn't give up (read: look foolish to the investment community) easily. Our advice is to have a chat with Jon Weil: after all he is the man who said to "Curse the geniuses who brought us this madness."

In the meantime, and in the absence of Mark to Market, we are confident that the legal process will prevail and that the presiding judge on this case, and if not him then certainly the New York District Attorney, will step up and demand a thorough reevaluation of the settlement process. Because if law itself is held hostage by a bank's massive undercapitalization, then one may as well admit that America has devolved into complete fascism.

As for our question if Mr. Lin is the second coming of Joe Cassano, the answer is likely no. It is everyone that behaves just like Lin, in allowing what is blatant disregard for fair and equitable process, to continue... in exchange for give or take 30 pieces of silver (physical, not paper).

Unfortunately in our rapidly devolving society we have gotten to a point where the next epic collapse will have not one but an army of Joe Cassano's behind it.

h/t Manal Mehta


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Thu, 07/21/2011 - 22:08 | 1479467 Steroid
Steroid's picture

 "Joe Cassano, whose reckless bets nearly brought down capitalism".

Capitalism can not be brought down. It was fascism that was at risk and was saved.

Thu, 07/21/2011 - 22:41 | 1479523 grandcanonical
grandcanonical's picture

Exactly. It was very disturbing to read that line on ZH. 

Thu, 07/21/2011 - 23:09 | 1479564 nmewn
nmewn's picture

"The price of freedom is eternal vigilance" TJ

Fri, 07/22/2011 - 01:32 | 1479700 MobBarley
MobBarley's picture

With enough torture, even Tyler Durden can be made to love Big Brother.


Fri, 07/22/2011 - 03:55 | 1479795 French Frog
French Frog's picture

We should all congratulate Brian in making it into ZH's 'big league'

Thu, 07/21/2011 - 23:32 | 1479595 Freddie
Freddie's picture


Also great work by Tyler.


Too bad Forbes, WSJ, Bloomberg no longer do reporting like this.  It is all Lady Gaga, the porno business model (true - Forbes had garbage like that) amd Kim Kardashians newest STD"s and cellulite.  

Fri, 07/22/2011 - 03:03 | 1479765 A Man without Q...
A Man without Qualities's picture

"In a must read Op Ed, Bloomberg's Jon Weil takes another long hard look at the balance sheet of the most undercapitalized bank in America...."

Credit where credit is due...

Thu, 07/21/2011 - 23:36 | 1479603 Hohum
Hohum's picture

Sure, it can.  If it doesn't get the energy and materials it needs to expand, it perishes.  I know ZHers don't think this is possible in the next few million years.

Fri, 07/22/2011 - 00:14 | 1479607 Rynak
Rynak's picture

"If my ideology is practiced as i want it, it is valid. If my ideology is practiced as i do not want it (which merely requires parasitism - individual or in collaboration), then it's not really my ideology, and thus i, identifying with my ideology, am free of guilt - it was someone else who did it".

Or in short: If stuff happens as i want it, then that was me. If stuff happens as i do not want it, then that wasn't me.

Right, if only everyone could have it as "comfortable", as ideologues.

Junk away - but remember: A "desired outcome" is not a model.... it does not include any description about the "how".... it is just a desired outcome..... a "claim". And even assuming that it were a model (which it isn't), any "tool" can be used for its intended "purpose", or be perverted. But really, let's not dig too deep and start thinking... let's just keep stuff generic, so that we don't have to bother adapting our thoughts to the details of the situation at hand.

Let's just continue claiming, that X is always the right approach, regardless of the circumstances, regardless of how and for which intentions it is done. Let's just continue to claim, that details do not exist: A holistic justification for reductionist ideology :)

(and yup, radical holistic ideologies will do the opposite bullshit: Justify themselves with reductionist assumptions, while rejecting the existence of them. To get this more in line with ZH terms: Radical individualist ideologies, are grounded on collective generalizations. Radical collectivist ideologies, are grounded on individual generalizations. Or in short: Both expect everyone magically taking something for granted, and never ever resist those premises.... because if they would do, the whole fancy ideology collapses like a house of cards)

Thu, 07/21/2011 - 22:18 | 1479482 Ahmeexnal
Ahmeexnal's picture

Chinese mole planted deep inside US financial system?

Modern warfare. Who needs bombs.

Thu, 07/21/2011 - 22:28 | 1479501 Robot Traders Mom
Robot Traders Mom's picture

Did you see the movie Salt?

It was fiction.

Thu, 07/21/2011 - 23:39 | 1479609 Freddie
Freddie's picture

Who is the largest investor and joint venture partner in every TV network in the USA plus ownership and access to other western TV networks?  Prince Al Waleed aka puppet who manages Saudi Arabia's investments.

Who made the call to fire Rebekah Brooks at News International/News of the World (aka Fox aka Sky News aka News Corp)?   Al Waleed.  The Saudis are good friends with Mordeci's other tribal handlers who are quietly close with the Saudis.


Fri, 07/22/2011 - 03:04 | 1479767 A Man without Q...
A Man without Qualities's picture

I think the idea of someone who doesn't really understand what they are doing is the more reasonable expectation.  

Fri, 07/22/2011 - 11:27 | 1480851 Robot Traders Mom
Robot Traders Mom's picture

Ahmeenaxal has a picture of Zack Gilifanakis so he can pretty much ramble on about whatever he wants.

Fri, 07/22/2011 - 08:37 | 1480027 snowball777
snowball777's picture

You can't tell Koreans from Chinese? Stupid round-eye.

Fri, 07/22/2011 - 08:45 | 1480048 Pladizow
Pladizow's picture

No, we cant tell the difference and for obvious reasons.

You dont have blond, black, brown or red hair.

You dont have curley or wavy hair.

You dont have blue, green, brown, hazel or violet eyes.

You dont have black or dark skin.

The option for variation is limited and therefore so to the look.

Sorry - its just nature - noithing more.


Fri, 07/22/2011 - 08:57 | 1480077 snowball777
snowball777's picture

Sorry, toots; your humble snowball is the stereotypical blue-eyed devil, but I can tell the difference (especially when given the advantage of a surname). Perhaps you should try looking at them!

Fri, 07/22/2011 - 12:31 | 1481194 Ahmeexnal
Ahmeexnal's picture

Right, so if they change their last name to Chapman you would never think they are ruskies.

Thu, 07/21/2011 - 22:22 | 1479492 buzzsaw99
buzzsaw99's picture

the tan man is laughing.

Fri, 07/22/2011 - 07:10 | 1479869 Miss Expectations
Miss Expectations's picture

Once upon a time, one would laugh all the way to the bank.  Now, well, they just walk away.

Thu, 07/21/2011 - 22:24 | 1479495 Ahmeexnal
Ahmeexnal's picture

Guess who are the 2 people who have recommended him.

Thu, 07/21/2011 - 22:26 | 1479500 Robot Traders Mom
Robot Traders Mom's picture

Unbelievable reporting Tyler.

This is why Zerohedge has the most loyal following in everything that is important.

Thu, 07/21/2011 - 23:20 | 1479585 RoRoTrader
RoRoTrader's picture

Just out of curiosity, do you ever put a price on it as in 'buy at' or 'sell at'?......timestamps are nice........whatever, oil, equities, currencies.


Fri, 07/22/2011 - 08:42 | 1480044 Robot Traders Mom
Robot Traders Mom's picture

Not sure who you are talking to or what you are talking about...

Are we related?

Thu, 07/21/2011 - 22:32 | 1479509 Arch Duke Ferdinand
Thu, 07/21/2011 - 22:39 | 1479513 bob_dabolina
bob_dabolina's picture

BRIAN LIN BOHDI: [getting ready for their next robbery] 90 securities Johnny. That's all I ask for, just 90 MBS of your life Johnny, that's it. This is our tactic, is we strike fear. Once you get them to pee and shit down their leg, they submit. Also about fear, fear causes hesitation, and hesitation, causes your worst fears to come true.
[hands SEC AGENT a shot gun] 


SEC AGENT: I can't do this. 
BRIAN LIN BOHDI: Yes you can, who knows, you might like it. 
SEC AGENT: Bohdi , this is your fucking wake-up call man. I am an S, E, C, Agent! 
BRIAN LIN BOHDI: Yeah, I know man. Ain't it wild? That's what makes it so interesting. You can do what you want, and make up your own rules, sell naked CDS who gives a shit. Why be a servant to the law, when you can be it's master and sell CDS? 

MARY SCHAPIRO: Fuckin' a! 

TIM GEITHNER: I love this job. 

Thu, 07/21/2011 - 22:42 | 1479525 lolmao500
lolmao500's picture

Wonkbook: Is July 22nd the new debt-ceiling day?

You've probably heard that Aug. 2nd is the drop-dead date for a debt-ceiling deal. Nuh-uh, the White House tells Damian Paletta. It's actually July 22nd. Writing and passing the legislation takes some time, as does working the money through the Treasury Department. This can't be left until the last moment.

Thu, 07/21/2011 - 22:48 | 1479536 Hacksaw
Hacksaw's picture

In the immortal words of Matt Taibbi,

And nobody appears to give a shit. What the hell is wrong with people? Have we all lost our minds?

Fri, 07/22/2011 - 08:05 | 1479948 theprofromdover
theprofromdover's picture

So just abandon Corporation Tax.

Just make it a sales tax on every sale -try moving that out of the country.

Then you could simplify the entire tax code and start working on all those 'special reliefs'

Tax the dividend, tax the salaries, tax the bonuses.

Should be enough tax revenue for a lazy corpulent central government, Shirley.

Thu, 07/21/2011 - 22:56 | 1479542 Atomizer
Atomizer's picture

They want a synchronized global forex collapse. Wall Street bets are banking.

Fri, 07/22/2011 - 04:12 | 1479810 ZeroPower
ZeroPower's picture

How? One pair down = one up.

Thu, 07/21/2011 - 23:03 | 1479551 GiantWang
GiantWang's picture

This is fine, fine work Tyler and Zero Hedge.  I too believe in the legal process and was amazed to see such a small settlement amount.  I will be buying BAC puts tomorrow.

Thu, 07/21/2011 - 23:05 | 1479557 Tater Salad
Tater Salad's picture

Tyler(s), why the viagra, 4+ hour hard on for BAC?

Move along, dead news...

Thu, 07/21/2011 - 23:43 | 1479618 Ropingdown
Ropingdown's picture

Probably because BAC is one big big bitch.

"When mark-to-market become the-market-is-the-mark."  BAC chapter.

Thu, 07/21/2011 - 23:09 | 1479566 Atomizer
Atomizer's picture

The New World Order Currency Crisis

The policy makers are at their end of rope. When US comes to agreement on debt ceiling, all domino's begin to fall.

Thu, 07/21/2011 - 23:11 | 1479568 random shots
random shots's picture


Thu, 07/21/2011 - 23:11 | 1479569 chump666
chump666's picture

Great article!  Forgot about that rogue trader...we are due for another rogue play gone bad. 

Wonder if one of Talebs black swans are flapping around somewhere on the rogue /mega bad bet trade?

Thu, 07/21/2011 - 23:21 | 1479572 Founders Keeper
Founders Keeper's picture

More corruption. More crony capitalism. More conflict of interest. More injustice.


"we never should have let ourselves be put in the position where a collapse in confidence at a single bank could wreak havoc on the world’s economy." Geez, you think? 

"It is hard to imagine why a court would not require Countrywide and Bank of America to repurchase all loans..."  The courts have been corrupted? The judicial branch is colluding with the executive branch? The courts are no more interested in exposing the truth than anyone else? (Ask GM bond holders.)

Because if law itself is held hostage by a bank's massive undercapitalization, then one may as well admit that America has devolved into complete fascism. The word you're searching for is not "fascism." It's corruption---plain ol' corruption.  Nothing fancy. (It's been around a long time.)

Does one now see why perhaps Mr. Lin may not have been the best choice to evaluated the trust shortfall, and the "settlement" process. See why? Geez, half-way thru the article I assumed Mr. Lin and RRMS were assigned the BoA job on the basis of cronyism.

No offense, TD. This is a solid article by every measure. It's me. I've read all I can read about the ongoing corruption.


Thu, 07/21/2011 - 23:13 | 1479574 chump666
chump666's picture

"At RRMS Advisors' offices in an aging building on East 40th Street, Vincent Spoto and his four partners share space with a small headhunting outfit, and they hold meetings in a windowless conference room the size of a large closet…"


Fri, 07/22/2011 - 07:18 | 1479878 Miss Expectations
Miss Expectations's picture

Sounds bad, but 10 East 40th Street isn't so bad:

Fri, 07/22/2011 - 09:50 | 1480261 blunderdog
blunderdog's picture

One of my past office gigs was there.  Fine building, dodgy elevators, somewhat inadequate AC.

Thu, 07/21/2011 - 23:37 | 1479606 vegas
vegas's picture

Great post TD.

At the heart of all this shit is the undeniable fact that there is no accountability or repurcussions to those that "finacially rape" the system. To every eyebrow raising moral hazard, conflict of interest, and under the table cash spread everywhere, there is absolutely no deterrent stopping them from repeating the process.

The reponse to all this shit is - move along, no story here -  afterall, these are the "wizards of smart" and the world couldn't turn if it wasn't for their genius.

Thu, 07/21/2011 - 23:57 | 1479637 Yen Cross
Yen Cross's picture

  Tyler I agree whole-heartedly. should we in the private sector. Be feeding unlearned J.D.'s this information? It seems that every single idea is reverse engineered and used against us!

Fri, 07/22/2011 - 00:04 | 1479642 Vic Vinegar
Vic Vinegar's picture

I like seeing you give us more than one sentence.  And I want to party with you more than any other Zero Hedger...yet I want to party with a lot of Zero Hedgers.

Fri, 07/22/2011 - 00:25 | 1479658 Vic Vinegar
Vic Vinegar's picture

I gotta log off now so here's a couple of quick thoughts:

Tyler - with all due respect, the only must-read thing we are going to get from Bloomberg from here on out is the piece where Dom Chu opens up about the number of women he's tagged.  Vegas has set the over/under at 0.5.  To Dom's credit, if you want the under, it's -120.

Yen - you are the man.  Keep on rockin' in the free world, buddy!

Fri, 07/22/2011 - 00:00 | 1479639 cosmictrainwreck
cosmictrainwreck's picture

man oh man.... how pathetic is this? Some douche with a BS in business (GPA?) out of a crank-'em-out public university "advising" on multi-billions. I'd be speachless except I'm jaded. Just one more illustration of my favorite analogy: that $2 billion aircraft fixin' to be grouded (or crashed) by failure of a $4.95 part......

Fri, 07/22/2011 - 01:32 | 1479699 old naughty
old naughty's picture

you 'pointed' it down in flame.

thanks to Tyler for sharing.

Fri, 07/22/2011 - 08:41 | 1480040 snowball777
snowball777's picture

New York University (NYU) is a private, nonsectarian research university based in New York City.

Fri, 07/22/2011 - 13:44 | 1481520 cosmictrainwreck
cosmictrainwreck's picture

Well shut mah mouth....I am humiliated. Guess that makes him infinitely more qualified? Even so, I doubt this turns out well......

Fri, 07/22/2011 - 01:32 | 1479701 Michael Victory
Michael Victory's picture

F*k all.

Fri, 07/22/2011 - 01:34 | 1479704 MobBarley
MobBarley's picture

There comes a time when the laughter stops

and the anger is real


Fri, 07/22/2011 - 01:58 | 1479713 OldPhart
OldPhart's picture

If you're still doing business with Bank of America you are either a fool, a traitor, or both. Kill this bank, then move on to Citibank.

Fri, 07/22/2011 - 03:10 | 1479774 Milton Waddams
Milton Waddams's picture




Fri, 07/22/2011 - 08:42 | 1480043 snowball777
snowball777's picture

Was that directed to Tyler...or Brian Lin?

Fri, 07/22/2011 - 07:19 | 1479882 Monedas
Monedas's picture

There isn't ever a single Capitalist phenomenom that isn't immediately set upon by Socialists, stopped, maligned then revised out of history ! Capitalism is like your ex-wife's pussy.....there is so much that hasn't even been used ! Monedas 2011 Capitalism....our last frontier !

Fri, 07/22/2011 - 07:54 | 1479923 Miss Expectations
Miss Expectations's picture

Mr. Lin concluded that "a settlement figure somewhere between $8.8 and $11 billion is reasonable".   But to reach that conclusion, Mr. Lin made certain assumptions, the bases for which are not fully disclosed in his report.

Who here doesn't recognize a $8.8 to $11 billion target that was backed into and that all the other numbers were plugged in?  The caption under his photo should read: Mr. Lin receives important phone call from Bank of America. 

I guess no one sees anything coming, because the geniuses who brought us this madness are backing right into it.


Fri, 07/22/2011 - 08:30 | 1480011 whoopsing
whoopsing's picture

Nice work TD,a real eye-opener.Thank's! Oh and Miss Ex. not to put too fine a point on it ,but 10 E 40 IS probably a hell hole inside, class-b office's (at best),certainly not the expected domicile of such Titanic genius's. I cut my teeth back in the day working in building's such as this ,in this very neighborhood, Not very impressive.

Fri, 07/22/2011 - 08:40 | 1480037 Miss Expectations
Miss Expectations's picture

whoopsing...I know what you're saying.  I once worked in the Flat Iron Building and the inside was also a hell hole.

Fri, 07/22/2011 - 09:04 | 1480096 lamont cranston
lamont cranston's picture

banksetrs, bansters, banksters...

The other day Wise Ol' Unk Hugh McColl was on Charlotte TeeVee stating that the economy wuz turnin' 'round an' BOA wuz in great shape to zoom back.

Now ain't dat a co-in-cee-dence. Wun der how much stock he still has in that asshole bank. And let's not ferget the very, very quiet Ken Lewis, who is probably lyin' (teehee, pun intended) low somewhere around Linville, NC.

Wiki Linville & y'all will understand.

Fri, 07/22/2011 - 09:49 | 1480253 toxic8
toxic8's picture

Had a funny feeling when I saw the photo, then I looked at his LNKD profile.


I went to Brooklyn Tech HS ... full of schemers and dreamers

Fri, 07/22/2011 - 10:40 | 1480575 Use of Weapons
Use of Weapons's picture


As noted before, social media such as LinkedIn can be useful, glad to see Tyler is getting the how-to on using it. I'd suggest a trawl through Moody's rating officers for a fun day out [entry - she worked on Bank of Austria account at the same time as rating Portugal / Spain]. Suffice to say, plenty of people have large mining outfits combing it for who is scratching whose backs.

On another note, nice to see the pswrd + zombie email used on this account compromised... guess we should have been less goading whilst watching Grosse Point Blank - although filed under "fair warning" since changing the passwords is the intarweb version of a polite passive/aggressive note on the fridge to stop stealing the peanut jelly.

We'll play nice, didn't even comment on Mr Hoare's unsuspicious and inauspicious exit to stage right.




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