Falcone Continues To Syphon Cash, This Time Pledging Artwork As Collateral For BofA Loan

Tyler Durden's picture

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Dr. No's picture

The only thing better than a rags-to-riches story is a riches-to-rags.  No doubt BoA gave him a floater (prime+%).  I will be anxious to see the payments on that loan if 5 years.

firstdivision's picture

Wow, it is such a slow news day.  Kind of too quiet.

RobotTrader's picture

Wonder what kind of trading mistakes he made.

He must have been short stocks the last 2 months.

Gaston's picture

Yeah, But the FED taught him, Short this market if you dare....

Sam Malone's picture

Full quotes by off-the-record sources...

This whole situation strikes me as a convenient way for GS, Blackstone, et al to shift the attention away from the fact that they stuck with a losing bet for so long. It's easier to say you're disgusted with someone's ethical behavior than try to answer why you lost 15 pct YTD backing a loser.

Robslob's picture

If everybody would just quit buying stocks this market would crash? 

doolittlegeorge's picture

absolutely huge story.  fascinating investigation by current AG and soon to be Gov. Cuomo into "the hedgie who ran GM" too.  There's the "long arm of the law."  Then there's "the short stick" of it, too.  "The age of the States" is well underway.

Cognitive Dissonance's picture

Reportedly this was one of the pieces of "art" they pledged. It's a family self portrait painted last Christmas by a distant relative of Van Dog. :>)

Phil is the bulldog with the Ace of Spades up his paw.

 

Robslob's picture

Sweet...I have the same picture from my college days.

Worth $200,000,000 for sure...calling BofA today to see if I can get the same rate/deal!

Arius's picture

 

$200,000,000 in old or new dolars?

RobotTrader's picture

If Falcone would have only bought Ford, he would have "made this year", and new investors would be clamoring to jump into his funds.

Especially since the government has a vested interest in powerjacking this sector in advance of the GM IPO.

Samsonov's picture

You mean all he had to do was listen to Jim Cramer and he'd be fine?

RobotTrader's picture

Heck, he could have bought Tesla just 10 days ago.....

Investors cannot wait to buy this stock even though the company is losing millions each year.

But hey, its in that auto sector, so it must be bought by the POMO monkeys, no matter how dire the economy is or how poor the company's finances are.

Oh regional Indian's picture

Elon Musk is a made man. Al Gore and others are tied up with Tesla.

They will be made to succeed, even if .giv ends up buying all their production for th eforthcoming war effort.

That is the only reason this stock is up.

Makes one want to scream!

ORI

http://aadivaahan.wordpress.com

shortus cynicus's picture

Tesla must be down because of rear earth metals - always this evil Chinese.

USA must bomb them, but i assume there is chinese embargo on exporting metals

used for bombs made for China, so, so bombing is not an easy task today.

Beatscape's picture

Is he short gold and AAPL as a paired trade since 2008?? 

Robslob's picture

If this is true look for the market to crater the day after GM IPO...yeah!

DavidC's picture

Tyler,
You guys are brilliant and priceless (no pun intended given the subject of your post)!

DavidC

Sespian's picture

BofA: "The pawn shop for the bourgeoisie."

slaughterer's picture

From BAC PR office: "Phil's precious collection will soon be brightening up the Ken Lewis memorial cigar room..." (/sarc)

animalspirit's picture

Lightsquared's SkyTerra-1 satellite started communicating today.

http://boeing.mediaroom.com/index.php?s=43&item=1519

11,900 watts of transmitting power -- something nobody else has, not even close.  I'd pawn my artwork for that bet too!

Clycntct's picture

I read the release. Sounds impressive.

Is this the new base for robust mobile broadband?

Cognitive Dissonance's picture

It's the new base for a robust mobile microwave oven.

Of course, all the artifical electromagnetic radiation we swim around in on a daily basis is entirely harmless. My government assures me of this. 

Ricky Bobby's picture

+10 Scatter X-ray is actually good for you cause I know Big Sis has only our well being at heart.

Buck Johnson's picture

I knew that he must have had all his money tied up in that fund.  Why borrow 113 million dollars to pay taxes if he had the money on hand, no this fund is going to implode and implode big time.  If a man can take out 113 million dollars for taxes, then say I've paid back maybe half and then still need to get a loan from BoA for 5 years, when is he going to pay back the rest of the money to the investors for the taxes and the loan.  He can't and he won't, because he's dead broke and that satellite deal (when are these investors going to realize that this has destroyed alot of people setting up) sucked up so much money on top of him shorting the stock market.  Bet this guy is going to get frog marched in front of the cameras real soon.

And as you said last week, this may be harbringer of things to come.

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