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Can You Spell U-N-D-E-R-R-E-S-E-R-V-E-D? If Not, Here Is A Visualization Aid

Tyler Durden's picture


Following today's news of an imminent lawsuit to be filed against Bank of America by such entities as the New York Fed (which, by the way, it had to do, and not voluntarily, but merely as a function of its fiduciary duty to taxpayers through its Maiden Lane holdings, managed, conveniently enough, by Bank of America minority holding BlackRock) everyone promptly has taken a quick look back at the bank's earnings presentation, and especially one little piece of data: the putback reserve. Taking a quick look a page 23 on the pdf we read: "3Q10 reps and warranties provision of $872M is $376M lower than 2Q10, as the current quarter included an increase in expected repurchases from GSEs while 2Q10 included additional provision for monolines." So how does this stack up relative to the $47 billion in putback demands by such legal "dilettantes" as Bill Gross, Bill Dudley and Larry Fink? We have created the chart below to assist in that particular question. We are also confident that with each passing day we will have to add to the red-shaded area as more and more putback lawsuits come out of the woodwork. And as to where the deficiency amount will have to be funded from? Think cold, hard cash. The same cash that until recently would have been on the "sidelines."


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Tue, 10/19/2010 - 16:43 | 662554 Sausagemaker
Sausagemaker's picture

Looks good to me. Nothing to see here. Move along... Oh look! an iPad!

Tue, 10/19/2010 - 16:54 | 662623 septicshock
septicshock's picture

iPad bitchez. I'm actually typing this on mine.

I wonder how Tyler feels knowing I visit his site a hundred times a day on an iPad...

Tue, 10/19/2010 - 17:01 | 662654 Agent P
Agent P's picture

100 times a day???  An iPad???

You must be unemployed and at least 90 days delinquent on your mortgage.

Tue, 10/19/2010 - 17:38 | 662772 AccreditedEYE
AccreditedEYE's picture

+1 lol

Tue, 10/19/2010 - 17:54 | 662823 Rasna
Rasna's picture

That's great!


Tue, 10/19/2010 - 17:06 | 662683 Horatio Beanblower
Horatio Beanblower's picture

Every time you visit, please click on an ad.

Tue, 10/19/2010 - 17:13 | 662704 Sudden Debt
Sudden Debt's picture


Tue, 10/19/2010 - 17:41 | 662783 Bob
Bob's picture

That would make Harry Reams blush!

Wed, 10/20/2010 - 06:42 | 663711 lewy14
lewy14's picture

You know, in my twenty five years online, I have never - ever - seen a use of all-caps which I deemed effective and appropriate.

Until you showed up.

The avatar makes it work.

Tue, 10/19/2010 - 18:18 | 662900 HarryWanger
HarryWanger's picture

Hope you didn't pay full price. You can get them below retail on ebay. Or used ones by those who bought the hype then figured out they have a fairly useless toy.

Tue, 10/19/2010 - 20:34 | 663100 Bananamerican
Bananamerican's picture

I had one for a week and flipped it to Ebay.

It's an ergonomic monster....a la Quasimodo

Tue, 10/19/2010 - 16:44 | 662558 Sausagemaker
Sausagemaker's picture

Hey is that one of the Kardashians?

Thu, 10/21/2010 - 13:25 | 667329 themosmitsos
themosmitsos's picture

Alot of people here with a lot of funny/stupid/goofy nicknames, but your's' made me LOL :) thx

Tue, 10/19/2010 - 16:45 | 662563 tecno242
tecno242's picture

red rocket red rocket.

Tue, 10/19/2010 - 17:52 | 662817 MarketTruth
MarketTruth's picture

It makes me think someone needs to send BoA either an:

Insufficient Funds Notice

-- or --

Bounced Check Fee
(wonder what the fee would be on bouncing such a check?)

Tue, 10/19/2010 - 16:45 | 662564 101 years and c...
101 years and counting's picture

You mean, the mark to myth accounting isn't working?  Hmmmmm...

So, we can expect the same news from such firms as JPM, WFC, C, GS, etc??

When TARP 2 FAILS to pass Congress, the shit will really hit the fan.

Tue, 10/19/2010 - 16:55 | 662627 erik
erik's picture

Then when TARP 2 does pass Congress on the 2nd attempt, the stock market will crash just like it did last time.

Tue, 10/19/2010 - 20:38 | 663106 Bananamerican
Bananamerican's picture

Tarp II passes 1st Try, post election, in the same manner as the 1st...over our dead bodies. "save the system" and all that.

Tue, 10/19/2010 - 17:02 | 662663 Reggie Middleton
Reggie Middleton's picture

With all of the yapping Ive done on JPM under reserving and there's still a doubt? Granted, they're better of than BAC...

Tue, 10/19/2010 - 17:58 | 662835 Rasna
Rasna's picture

TARP I passed despite the howls of outrage and specific, "don't pass this bill (TARP)" demands bythe electorate...

Tarp II will pass also...

The Congress and everyone else serves at the pleasure of Wall Street and the TBTF banks.

Count on it.

Tue, 10/19/2010 - 16:46 | 662565 Mentaliusanything
Mentaliusanything's picture

Thats taking gearing to a new high. But you don,t make money on self insurance

Tue, 10/19/2010 - 16:46 | 662566 jedwards
jedwards's picture

Isn't it likely that BAC and the other banks will just settle with Pimco, et. al. for a fraction of the amount?

Tue, 10/19/2010 - 17:00 | 662655 Sudden Debt
Sudden Debt's picture

I'll light a little candle for it to be so...


Tue, 10/19/2010 - 17:38 | 662774 ShankyS
ShankyS's picture

That is not a candle - it is a fuse!

Tue, 10/19/2010 - 17:42 | 662790 TooBearish
TooBearish's picture

+1 agree - but great fun with pictures Ty!

Tue, 10/19/2010 - 17:48 | 662808 eatthebanksters
eatthebanksters's picture

Do you think Bill Gross will settle for a fraction of what PIMCO is owed?

Tue, 10/19/2010 - 18:05 | 662855 Quantum Nucleonics
Quantum Nucleonics's picture

He might.... buy at 50 cents (or whatever).  Would you, (a) settle for 55 cents after a couple months and a little negotiating time, or (b) grind it out in court for a couple years (racking up $$$ in legal) for the hope of getting par.

Tue, 10/19/2010 - 18:01 | 662842 Rasna
Rasna's picture

Not a chance of that happening.

Tue, 10/19/2010 - 16:46 | 662569 Cyan Lite
Cyan Lite's picture

Republicans will pass another TARP as soon as they take over the House.

Tue, 10/19/2010 - 16:48 | 662581 Careless Whisper
Careless Whisper's picture

i think mister demint (and maybe mister paul) over in the senate may have a few things to say about that.

Tue, 10/19/2010 - 16:56 | 662629 DarkMath
DarkMath's picture

Yes, if the Republicans even think about another bail out they are going to write a very strongly worded letter to John Boehner. 

Tue, 10/19/2010 - 16:52 | 662614 Shameful
Shameful's picture

Only if the lame duck dems don't beat them to the punch.  Remember both "parties" are eager to serve their banking masters.

Tue, 10/19/2010 - 17:46 | 662798 AccreditedEYE
AccreditedEYE's picture

I don't believe there is political will for it on either side. People in the know (who understood what was going on...and some that didn't! lol) were pissed we had the first TARP... post Dodd-Frank, people will want the institutions brought down. There is no repeats with this shit, not if you want to keep your seat.

I like Whalen's idea on the subject...

Tue, 10/19/2010 - 17:49 | 662809 eatthebanksters
eatthebanksters's picture

And then they will be gone in two years...

Tue, 10/19/2010 - 18:03 | 662845 Rasna
Rasna's picture


No debate, no hand-wringing trying to get Dems on board... They'll give the Dems and everyone else the middle finger salute as they trot it over to O, who will sign it while looking for his balls.

Tue, 10/19/2010 - 18:07 | 662862 Quantum Nucleonics
Quantum Nucleonics's picture

Ehh, if Republicans controlled the House in 2008 there might not have been TARP 1.  It was Democrats carrying water for a lame duck President.

Tue, 10/19/2010 - 16:46 | 662570 Careless Whisper
Careless Whisper's picture

that is an aaa owner-occupied mortgage, dammit. and so are the other 20 miami condos that the same guy owns.


Tue, 10/19/2010 - 21:12 | 663154 SpeakerFTD
SpeakerFTD's picture

I think you meant, "so is the condo that 20 different pension funds think they own."

Tue, 10/19/2010 - 16:46 | 662572 Dr. No
Dr. No's picture

"Following today's news of an imminent lawsuit to be filed against Bank of America by such entities as the New York Fed"  In order to meet the reserve obligation, BofA will use the discount window.  It will exchange more toxic assets for cash to shore up its reserves.  Back door bail out.

Tue, 10/19/2010 - 16:46 | 662573 TheGreatPonzi
TheGreatPonzi's picture

Bofa will end up in the hands of GS or JPM in less than 3 months.

Tue, 10/19/2010 - 17:09 | 662693 erik
erik's picture

I vote they will end up in Govt control.  The real concern here is how quickly this will spread to Wells Fargo (Wachovia/Golden West) and JP Morgan (WaMu/Bear Stearns).

Tue, 10/19/2010 - 17:39 | 662780 Oracle of Kypseli
Oracle of Kypseli's picture

Last year I had predicted that Citi will go to GS.

Now it looks that you may be right. GS is most likely the one as it does not have any branches. 

Tue, 10/19/2010 - 17:51 | 662811 eatthebanksters
eatthebanksters's picture

It will never happen...the days of TBTF getting bigger, fatter and more systemically dangerous, are over.  Dimon should get his RV and take his daughters on another cross country trip.

Tue, 10/19/2010 - 18:05 | 662857 Rasna
Rasna's picture

I'm thinking GS... JPM/Chase/BAC won't be allowed... Really TBTF.

Tue, 10/19/2010 - 18:15 | 662886 Quantum Nucleonics
Quantum Nucleonics's picture

Not a chance.  Both are smart enough not to touch the Countrywide corpse.  Not even if it were sanitized.  What would GS want with (a) the little people (i.e. retail banking op) or (b) all the people they turned down for a job, i.e. Merrill.  JPM wouldn't want the anti-trust scrutiny (yes, that's laughter in the background).

More likely, if one of the big banks bit the dust, we'd get a look at all the deep flaws of Dodd-Frank, and Ben & Tim would have a bank to add to their conglomerate of car, mortgage, and insurance companies.

Tue, 10/19/2010 - 16:46 | 662575 SignsAndWonders
SignsAndWonders's picture

Sure, I can spell that:


Tue, 10/19/2010 - 17:05 | 662671 Sudden Debt
Sudden Debt's picture




For me, that says it all.

Tue, 10/19/2010 - 17:08 | 662687 Sudden Debt
Sudden Debt's picture

and if you want the know the answer on how this will play out:

Read the 4 words above the 3 letters "O N E"



Tue, 10/19/2010 - 21:14 | 663158 SpeakerFTD
SpeakerFTD's picture

Clearly counterfeit.  It's "In GS We Trust".

Tue, 10/19/2010 - 17:47 | 662800 Bob
Bob's picture

How about F-F-F-F-U-U-G-G-E-E-T-T  DEM    B-B-B-B-B-O-O-O-O-N-N-U-S-S-E-S,


Tue, 10/19/2010 - 16:50 | 662590 Cognitive Dissonance
Cognitive Dissonance's picture


You're taking all the fun out of the final quarter of "managed" earnings and profits for the To Big To Fail banks before the Fraudclosure fecal matter begins to hit the fan. Make sure you wear your Level 5 hazmat suits whenever you write on this subject from here on out. Oh, and make sure your tetanus shots are up to date.

Oh hell, you better wear a full body condom just to be safe. Pictures please. :>) 

Tue, 10/19/2010 - 18:11 | 662876 His Dudeness
His Dudeness's picture


First it's movies with noodle shops...

"Gentlemen. You had a hell of a first day."

Let's Define Something First Before That Something Becomes Obsolete...

When the shit hits the fan


Messy and exciting consequences brought about by a previously secret situation becoming public.


This expression alludes to the unmissable effects of shit being thrown into an electric fan. It appears to have originated in the 1930s. I can't say better than 'appears' as the earliest citation of it that I can find is in the 1967 edition of Eric Partridge's A dictionary of slang and unconventional English:

"Wait till the major hears that! Then the shit'll hit the fan!"

Partridge lists the phrase as Canadian, circa 1930, but as he gives no supporting evidence we have to go by the 1967 date, although it is undoubtedly earlier.

Other, more polite, forms of the phrase, involving eggs, pie, soup and 'stuff', can certainly be dated from the USA the 1940s. For example, Max Chennault's Up Sun, 1945:

"Sounds like the stuff was about to hit the fan."

The Fresno Bee Republican, May 1948, reported on a psychiatrists' convention, under the heading See How Brain Boys Also Run Wild:

"However, once that opening point was settled, the psychiatrists entered wholly in the business of the convention, which culminated, of course, in the selection of officers for the coming year. And that, as the saying goes, was when the soup hit the fan."

The other versions followed soon afterwards.

OBSOLETE REASON: The Dyson Fanless Fan


Wed, 10/20/2010 - 01:19 | 663576 LowProfile
LowProfile's picture

Can't believe this hasn't been posted here yet...

Tue, 10/19/2010 - 16:50 | 662594 lizzy36
lizzy36's picture

Well according to Moynihan BofA's capital markets business "for the second quarter out of the last three ... made money every trading day."

So problem solved.....they will trade their way out of the hole. That always works.

Tue, 10/19/2010 - 17:43 | 662794 RichardENixon
RichardENixon's picture

Might work if they short their own stock. Heavily.

Tue, 10/19/2010 - 18:08 | 662869 Rasna
Rasna's picture

Just like GS... Use ZIRP free-money, speculate, front-run the market with their HFT algo running full blast... rinse and repeat...

Tue, 10/19/2010 - 16:50 | 662595 Spigot
Spigot's picture

Of the $15 Trillion in outstanding mortgages, what percentage does $50 Billion represent? (3/10%)

Of those $15 Trillion what percentage were bundled MBS's and sold but will now be forced back onto the "Banks"? (care to guess?)

If the Banks do not have the money sitting in coffe cans in the back room, what will they have to do to buy back those loans? And what will they do with those loans once they have them?

"Mr. Bernanke, you have a call on line three!"

Tue, 10/19/2010 - 16:51 | 662602 Oso
Oso's picture

i almost spit my drink out laughing at how absurd this is visually.

Tue, 10/19/2010 - 16:53 | 662604 Astute Investor
Astute Investor's picture

Not to be overly pedantic, but isn't the amount reserved (ending balance) $4.4 billion?  A number still way below the $47 billion claim in any case.

Tue, 10/19/2010 - 17:13 | 662705 csmith
csmith's picture

not pedantic at all...correct!

Tue, 10/19/2010 - 17:16 | 662719 TemporalFlashback
TemporalFlashback's picture

That's what I am reading, as well.

Tue, 10/19/2010 - 16:53 | 662616 Sophist Economicus
Sophist Economicus's picture

Is that a REPO in your hand, or are you just happy to see me?

Tue, 10/19/2010 - 16:53 | 662622 Spigot
Spigot's picture

The Federal Reserve system will be the largest owner of unsecured loans on real property on the planet, all the the cost of counterfeiting electronic digital dollars and flooding the coffers of fools and criminals with free money (destroying the savings and fixed incomes of a large swarth of hard working Americans).

This will not sit very well with folks on Main St.

Tue, 10/19/2010 - 17:07 | 662686 Horatio Beanblower
Horatio Beanblower's picture

I think that's why the FEMA camps are being built.

Tue, 10/19/2010 - 16:56 | 662635 HEHEHE
HEHEHE's picture

What does Dick Bove have to say about BofA?  "I am a long term buyer of BofA".

Tue, 10/19/2010 - 16:57 | 662644 tallystick
tallystick's picture

That red bar looks like a hotel on Boardwalk.

Tue, 10/19/2010 - 17:55 | 662826 eatthebanksters
eatthebanksters's picture

Or the 'Ho House' on Baltic...

Tue, 10/19/2010 - 16:59 | 662650 barliman
barliman's picture


Chant it with me now, brothers & sisters!

Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman, Lehman ........


Barliman     ;->

Tue, 10/19/2010 - 17:09 | 662697 Sudden Debt
Sudden Debt's picture


Tue, 10/19/2010 - 16:59 | 662651 Sudden Debt
Sudden Debt's picture

Didn't the waranty expire when they put those papers in their pockets and drove of the lot?

Tue, 10/19/2010 - 17:34 | 662766 boricuadigm-shift
boricuadigm-shift's picture

Well... They can reference the "Lemon Mortgage Note" protection clause and the warranty terms are not valid.



Tue, 10/19/2010 - 17:52 | 662818 kathy.chamberli...'s picture

who do you think crowned her having the longest legs, herself?

i got damn long legs, like 38 inch inseam.

Tue, 10/19/2010 - 17:58 | 662834 eatthebanksters
eatthebanksters's picture


Tue, 10/19/2010 - 18:08 | 662867 Rusty Shorts
Rusty Shorts's picture

Hey baby, what's cooking?

Tue, 10/19/2010 - 19:14 | 662999 frankTHE COIN
frankTHE COIN's picture

At the Zero Hedge member get together you will get a lot of conversation.

Tue, 10/19/2010 - 17:18 | 662728 SteveNYC
SteveNYC's picture!!! Hilarious!!

I think Ping Ping is dead though, so no longer the shortest man in the world.

Tue, 10/19/2010 - 17:05 | 662672 frankTHE COIN
frankTHE COIN's picture

Gen Custer could have used his ipad to order more reserves.

Tue, 10/19/2010 - 17:08 | 662690 Mitchman
Mitchman's picture

The graphic looks like it was put up by Billy Banzai 7.

Tue, 10/19/2010 - 17:13 | 662706 Chemba
Chemba's picture

While it does not change the conclusion, it would help if ZH understood the difference between a flow and a balance or reserve.  the provision in the Q is $872.  The balance in the reserve is $4,400.  So, yes, that is <<< than $47,000.  Also note that $47,000 is the notional value, and losses against that reserve would be substantially less than notional.


Tue, 10/19/2010 - 17:23 | 662727 Spalding_Smailes
Spalding_Smailes's picture

Yes but this is just the first wave.

Do you know how to sew ?


GS would be in the same boat as Lehman without the bailouts ... Goldman derivative book is toast just like the rest .... Securitization is in the history books the ponzi is falling onto itself, Blackrock ect going after the banks I LOVE IT !!!

Tue, 10/19/2010 - 20:38 | 663108 Kali
Kali's picture


Tue, 10/19/2010 - 17:23 | 662743 Fed Supporter
Fed Supporter's picture

"47,000 is the notional value, and losses against that reserve would be substantially less than notional."


Is that marked to market? If not what would the real value be? Does anyone have an estimate on the losses?


Tue, 10/19/2010 - 19:39 | 663032 Astute Investor
Astute Investor's picture

Unfortunately, your comment was 20 minutes late.....

Tue, 10/19/2010 - 17:16 | 662716 Howard Bork
Howard Bork's picture

Tyler - quick correction:  The reserve balance is $4,402MM, not $872MM.  The $872MM was the provision during Q3. 

Tue, 10/19/2010 - 17:34 | 662764 ReallySparky
ReallySparky's picture


Million - Smillion.  And your point is?  They are still toast.  However I do appreciate your attention to detail during this crisis.

Tue, 10/19/2010 - 18:28 | 662916 Quantum Nucleonics
Quantum Nucleonics's picture

Just to throw some numbers at the issue, $47 billion in face value, say 70% recovery rate, would be $14.1 billion in losses.  That means they need to come up with anothere $10 billion-ish.  60% recover would be about $15 billion in additional exposure.  And that's just $47B that BAC is disclosing in exposure. 

Tue, 10/19/2010 - 17:35 | 662763 deepsouthdoug
deepsouthdoug's picture

Where’s the 'helicopter ben' column?

Tue, 10/19/2010 - 17:40 | 662781 economessed
economessed's picture

Red candle?  Did someone page a red candle? 

Mmmmm -- melty burning red candles........

Tue, 10/19/2010 - 17:41 | 662785 FortyTwoIsTheAnswer
FortyTwoIsTheAnswer's picture

Perhaps they are under-reserving because they know they will be bailed out?


Tue, 10/19/2010 - 17:42 | 662788 Real Estate Geek
Real Estate Geek's picture

What is this "fiduciary duty to taxpayers" of which you speak?

Tue, 10/19/2010 - 18:05 | 662854 trav7777
trav7777's picture

this is hilarious...where the hell are the fiatsco FRNs going to come from to paper over this gigantic black hole other than the FRBNY?

Tue, 10/19/2010 - 18:15 | 662885 Sudden Debt
Sudden Debt's picture

They are planning a brainstorm weekend in Malibu and you'll get a short answer after the weekend.

Tue, 10/19/2010 - 18:14 | 662879 goldmiddelfinger
goldmiddelfinger's picture

Wasn't Stan O'Neal brilliant to buy First Franklin Financal for $1.9 BILLION in September 2007? It's now buiried inside BAC like an ecoli viral bomb.

Tue, 10/19/2010 - 18:17 | 662895 goldmiddelfinger
goldmiddelfinger's picture

BTW the  "Mortage Lender implode-a-Meter" website is still running strong.  Since 2006! Plentey-o-meat still around since NO ONE has taken a hit yet!

Tue, 10/19/2010 - 18:15 | 662887 Charley
Charley's picture


Tue, 10/19/2010 - 19:34 | 663022 themosmitsos
themosmitsos's picture


on  that chart Tyler! :)))

Tue, 10/19/2010 - 19:44 | 663037 boricuadigm-shift
boricuadigm-shift's picture

Isn't the FDIC responsible for these losses?  I mean BAC was force to acquire Countrywide , right?


Tue, 10/19/2010 - 20:05 | 663061 Cdad
Cdad's picture

No, the fed  held them to the agreement they had previously made...and wanted to back away from.  Some might say semantics...but I think there is a material difference between that and "made/forced" them to buy.

But hey...whatever...

Wed, 10/20/2010 - 03:21 | 663663 Bear
Bear's picture

The Gov didn't force them to takeover Countrywide, they just said if they wanted to be in the banking business, they had to help out the Gov by taking over Countrywide

Tue, 10/19/2010 - 20:15 | 663075 toros
toros's picture

Everyone has a bad that they tried defend, and it would just get worse and worse... I think the FED is having one of those trades.

Wed, 10/20/2010 - 02:33 | 663644 StychoKiller
StychoKiller's picture

Reminds me of what a commentator once said about the Red Sox' losing streak in the World Series:  "Hey, anyone can have a bad Century!"

Tue, 10/19/2010 - 20:37 | 663105 subscriptionblocker
subscriptionblocker's picture

Wonder if Bernanke ever reads ZH :)

Wed, 10/20/2010 - 03:18 | 663662 Bear
Bear's picture

Everybody reads ZH

Tue, 10/19/2010 - 22:05 | 663239 Buck Johnson
Buck Johnson's picture

This is just the beginning and it will be extremely bloody.

Tue, 10/19/2010 - 22:13 | 663247 antidisestablis...
antidisestablishmentarianismishness's picture

No ridicule heaped on Doug Kass for buying boatloads of BAC right here due to overblown concerns?

Tue, 10/19/2010 - 22:37 | 663289 Destinapp
Destinapp's picture
Their reserves for loan buybacks,  Liability for Representations and Warranties, have only increases $900M since Q3 2003, but their Outstanding Claims by Counterparty have increases $5B  to 12.8B.  If you look at claims approved versus claims rejected, they have been running about 50-50 over the last year.     Net-Net, if they have $10 in claims, they have been paying about $5.  So if they now have $13B in claims, the reserve should be at least $6B and they only have reserved $4.4B.    The $64 question is, What are the total claims going to be once the investors we've been hearing about jump on board, because most of the claims so far have been from the GSE's?
Tue, 10/19/2010 - 23:24 | 663381 Occams Aftershave
Occams Aftershave's picture

Most readers are innumerate.   Visual aids make it real.

Sat, 11/13/2010 - 08:31 | 724522 mark456
mark456's picture

Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic.
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Fri, 01/21/2011 - 11:43 | 893284 profoundlogic
profoundlogic's picture

Get rid of the insolvent fab five and sell off the assests to deserving local and regional institutions who will actually lend money.

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