This page has been archived and commenting is disabled.
Following Wikileaks Revelations, The Tricky Dick Rushes To The Rescue, Sees Bank of America Worth $21 In Bankruptcy
This is certifiably one of those days when the insanity refuses to end. The latest laugh out loud episode come from the lunatic who has outstayed his "analytic" welcome by about 2 years following his Buy recommendation on a soon to be bankrupt Lehman Brothers (sorry Dick, nobody will ever let it go): The Rochdale analyst, continues to reprise the role of the evil grandpa-in-law who just. refuses. to. leave. even though it is about 12 hours past his credibility-time, now sees Bank of America as worth $21 in bankruptcy. You really can't make this shit up. To wit: from a very funny Dick: "In death, this company would be worth 91% more than it is worth in life." You may laugh now.
From Tricky Dick Bove: Bank of America (BAC) - Let’s Get Real
- It has been reported that Wikileaks has obtained the hard drive of a Bank of America executive. This hard drive is believed to have 5 gigabytes of data on it. Consequently, it may take until the beginning of next year for Wikileaks to sort out the information and select what it wants to reveal. The organization is striving to make the biggest impact by touching upon data that is relevant in today’s marketplace.
- It is further believed that this may narrow the data down to either the Merrill Lynch acquisition or Countrywide’s lending policies. It may be that the executive indicated that Bank of America was fully aware of all the write-offs and bonuses at Merrill well before this information was made available to shareholders.
- Or, the data may deal with Countrywide’s underwriting policies and some type of collusion between the bank and Countrywide related to the issuance of securities. Possibly, the “friends of Angelo” may be revealed including Senator Dodd’s relationship with the company.
- Wikileaks may not even know at this moment what it is going to reveal. The only issue one can be sure of is that whatever the data it will be sensational.
- However, will it be relevant? Bank of America has already paid fines related to the events surrounding its acquisition of Merrill Lynch and no further government action is contemplated.
- The Countrywide underwriting policies and Bank of America’s collusion or non-collusion is now in the courts and there are multiple lawsuits still being prepared relative to this issue. These court battles still come down to a mortgage by mortgage review to determine if fraud was involved.
Thus, it is hard to conceive that the information will be new or that it is not been dealt with by the system already. Yet, the price of Bank of America’s stock continues to fall.
Bankruptcy
So, let’s surmise what would happen if Bank of America failed. First, all of the lawsuits against the company would go away. Second, the liabilities would be paid off from existing assets over a long period of time leaving the company’s net worth for shareholders.
This net worth is now $212 billion. Looking at the bank’s stated assets it has $150 billion in cash and $322 billion in securities that are mainly government guaranteed. Thus, the cash per share that would be available to shareholders on declaring bankruptcy would be approximately $15 per share. The stock currently sells at $11 per share.
Returning to the securities portfolio, there is $53 billion in Treasuries held outright and $200 billion in government backed agencies or agency backed securities. There is another net $32 billion in government backed securities in the trading portfolio.
While there is a great deal of argument as to the value of the bank’s assets it should be noted that at the moment the company’s free cash flow annualized is $40 billion. The fact that the company is in a cash throw-off position indicates that its assets are not being overstated and that in bankruptcy there would be no pressured sales of loans or securities.
Plus, the value of the company’s processing and other non-cash intensive businesses is close to zero. Yet if they were sold they would command prices in the billions. What this all means is that Bank of America’s book value is a valid number. It is worth at least $21 per share. In death, this company would be worth 91% more than it is worth in life.
Operating Basis
The fact is that Bank of America will not enter bankruptcy. Instead it will deal with the Countrywide lawsuits over an extended period of time. My estimate is that they will cost the company $20 billion over five years. The company’s estimate is that they will cost $3 to $13 billion. The courts will decide. Any statement from any executive may be part of the lawsuit but it still comes down to proving that this company did something fraudulently mortgage by mortgage.
Conclusion
This stock is considerably undervalued. It continues to be driven by sentiment and not hard numbers. When this changes, and it will change, the issue will rise rapidly in price.
- 16076 reads
- Printer-friendly version
- Send to friend
- advertisements -


buy buy buy!
Uh oh, you just said a Bove!
stop pickin' on the guy, he obviously forgot to take his meds today.
He and Cramer need their 'meds'.. and remember Cramer with his Bear Sterns call.
www.youtube.com/watch?v=gUkbdjetlY8
Dick Bloviate sez buy Bear Stearns.
So if I read this correctly, based upon Dick, BAC is about to get a boner.
I love your penetrating commentary...
Viagra induced?
I know a big man from a small man. Dick Bove is a very, very small man. And he is not even tricky because not trick would have him. Now, Julian Assange--he's a big man.
That said from the heart of a Colombian woman with great cleavage, the words of Dick Bove that Citi was a buy of a lifetime at $20 shows you his size. He is a small man. And anything he has said since is that of what all small men say--Napoleanic sillyness--however you say in America.
I thought that was Doogie Howser, where's Vinnie? Oh, okay that's Julian;)
Time to get out the Rabbit.
I want this on a t-shirt.
http://www.zazzle.com
Awesome site whare you can just upload your pic and print it onto any shirt!!
I assume when you mention big/small, you are referring to size of brain?
Never assume anything.
"And anything he has said since is that of what all small men say"
Big man big cock
Little man all cock
Can I have your number?
William, that is laughingly gross. Bet Dick gets tired of finding this image in his in box over the next few days,
I'll bet Bawney Fwank pays a pwemium pwice fowr his head cheese!
What are the odds of being gay, working for government and having a speech impediment?
Having a mouthful of cum is not a speech impediment
The price of the stock has been falling since mid April. That is the last 7 months.
Is he trying to say the collapsing stock price of BAC is from a statement made yesterday about an unnamed bank?
And BAC assets are marked-to-myth. I don't think it can get 100 cents on the dollar for many of it's assets if sold on the open market as they are only worth what someone is willing to purchase them for.
Dear Bob,
In your 30 weeks here you have learned not so much since you state the obvious. You see, Dickie Bove--he is a legend in his own mind and a bovine signal flasher--when he sees value, he's not shopping with me at Tiffany's, he's at the dollar store. Dickie is a man of many myths in the world of those who guess at valuation. You see, he knew Hamburger Berman was worth $12 Billion alone in early September of 2008 before Lehman was smushed like an overcooked yam, Citi was such a bargain at $20 that when it went to $1 he just dropped the 0 from the 20 and only lost 50%--so, you must see the truth that BAC is worth at least $21 to this pigman that always gets his numbers confused and even goes on the television to embarrass himself. Bad breeding (see below) in the Bovine family.
This means BAC could go to $1 or less just like the amount Vikrim Panda tips my Colombian girlfriends these days. I do not know him personally since he is also a small man.
Sadly, my former lover John Paulson is now a very limp man. Viagra, Vergara--not satisfying. Since he told me his Dick Bove stock was tanking he has been very boring. He has this thing he calls the GLD and tells me it is worth a sooo much. He says it is like gold. My jewelry is gold--22K--and it is shiny and beautiful. When I ask him how gold can be paper, he says it is the same thing. Well, I may be a hot blooded Colombian woman but I know when a bull is shitting. I'm not wearing any paper jewelry anytime soon. And when the jewelry stops, well, let's just say he gets no more weeklyleaks.
I so love the internet and this wonderful ancestry.com. I have learned so much about Mr. Bove. His father was a very large pig but his mother was a javelina(a wild and sexy southwest US and south of the border pig). The combination was not good for anyone that knows these species, according to factcheck.org. Far more unfortunate, he is dyslexic with numbers since he has no understanding of decimals. This is what happens when a large pig and a female havelina mate. Are you related to him with your name Dabolina? I encourage you to go to the incestry.com website and find out.
So when the real number is $2.1 in TBTF pig language, since he only sees the 2 and the 1, thus you have the king of the bad call, unless you sell unlimited uncovered calls at $21, which won't get you much but with say 100000 contracts, you could buy a round trip ticket to my native Colombia and perhaps a wife.
Ha! Your supposed linguistic errors are too delicious! You naughty, naughty girl!
+1000 internets. Awesome bit of satire.
Best chocolate with our morning coffee in some time says Tooley & Agusta. Likes the directions to the seconds rooms you're herdings' we dos'. Such a sweet punch you donate you Rollacoasta luvaa you. ;) Now we get to see IF Bobby can dance as white as Robin since there is little doubt remaining as to his abilities to sing black like the coffee & chocolate we all love so much
+!
http://www.youtube.com/watch?v=KV8dJIglTyI
Tschussss Dulzura
Interpol are after Julian for fucking Dick
Hey Dickweed Bove -- 91% of Zero is Zero...
Hit it Billy:
"Nothin' from nothin' leaves nothin'..." bitchez...
i think the bigger picture here from what im seeing is that now since wikileaks has turns its gaze upon the banks, American media outlets have come to life
ive seen more articles today revolving around bank volatility and wikileaks than ive seen in collective articles of various topics in the last week.
Wow, this is a new level of complete unabashed douchtardness of the highest order.
Like everybody and everything in the MSM world.
Never go full retard.
This is your cue, Jim Cramer, you are on in five!
http://www.youtube.com/watch?v=gUkbdjetlY8
but, your money was fine, it's the stock that wasn't.
Hilarious and at $62,
This after Tiger Wood's financial "mentor" the hedge fund "genius", Joseph C. Lewis, "snapping up about $860 million worth of the investment bank's stock over the past two months"-an average price ABOVE $100!
http://www.cnbc.com/id/20689769/Low_Profile_Billionaire_Sees_Promise_in_Bear_Stearns
This is just beyond words. How idiotic have these dead fish become in their ramblings of crap to crap. Did anyone mention the 2nd home equity loans, that are off BACs balance sheet thanks to our fraudulent govt.
And looking for the sweet spot to short GM.
Here is hoping it is BAC. That bank evil is only second to JPM and GS. Of course, no one will be prosecuted and those who loose their jobs will go away millionaires.
Sorta OT- Anyone notice that Asange was in the clear (more or less) with a damocles sword over his head until he threatened a bank? Then 24 hours later Interpol decides to issue an arrest warrant? Two possible outcomes. If he is arrested and released before he releases the BAC documents it means he worked out a deal. He will let BAC execs redact the documents before release in exchange of a not guilty verdict. If he is not released and leaks out the documentation, he will die from a strange case of lead poisoning before getting to trial.
I would only add that this guy has to know he could "lose his brakes" or develope a fatal headache at any given moment, so i would assume he arranged for a shit storm of everything to be released immediately upon his demise.
I would also hope that if he has the balls to start this thing, knowing the fatal risks, then he would be willing make everything public without compromise.
you don't care about him and neither does Hillary
That's what the insurance file is for.
I'll wager that the squid is writing insurance policies on Julian, leveraged 70x.
Sure, that is the intent. But there are things much worst than death for Asange. They can promise him a rendition to Siberia under Pooty-Poo's supervision if he releases unredacted. Or a little stint (20 years) in a Syrian prison for screwing with OPEC's cash cow (the US). Oh, yes. There are many things worst than death he can be offered.
Like a week with the Clintons?
Julian will not be touched. He is likely an [unwitting] essential part of the info laundry operations of various intelligence agencies. When you see the "leak" next year of shit you already knew about XYZ Bank, see if you can identify what the creator of the info seems to *want* you to know. What is telling about WL is that so little of the "info" that comes from there is actionable intelligence. People accept it as gospel, call the guy a hero, and compare their product to the Pentagon Papers, a *real* leak from *real* heroes that was actionable, containing shit that nobody knew about. Those guys were tried for espionage. Assange is not some sort of uncatchable Frank Abagnale type. He is roaming about, giving his interviews full of deceptive body language to any dickhole with a mic. If there are nice, wide spreads on him not getting whacked, please tell me where I can get in on the action, because I don't see why anybody would whack him -- even the occasional disinfo target. My $.02.
I have a hunch (completely talking out my ass here) that JPM is the target. No idea why, but it would pretty awesome to see the Death Star go down.
[Anyone notice that Asange was in the clear (more or less) with a damocles sword over his head until he threatened a bank?]---goldsaver
Yes. It did look like Asange was in the clear. Then, all of a sudden, trouble, criminal charges, etc.
This guy is hiding more dirt than a dropped diaper at the county fair.
Lost a 5Gb drive???
After all the time and effort spent redacting BAC from the Fed's bailout documents to be released tomorrow?
funny...
I guess BAC @$21/share in bankruptcy all depends on who the buyer is--naturally, some someone has to buy the MER arm for nothing since blood was already extracted by the bankrupt MER getting 0.66% of a BAC share for each bankrupt share--gee i guess that means that the MER division would be worth $13.86/share in bankruptcy---
speaking of the BAC verses the LEH deal--Barclays gets LEH for NOTHING, yet MER gets 0.66BAC share for every MER share for a bankrupt company--guess we'll have to call in Hank to help architect the deals.
As long as you don't look at the liabilities side, yeah, screaming deal!
In capitalistic America, bankruptcy makes stock price go up.
It called Really, really dick do you think anyone listens to your noise...really?!!??!!
Agreed.
During the debasement period the "inside" investors are selling short, 401k's/entitlements etc. are frozen until the company pays out whatever debts it can with whatever liquid it has left., then the company goes bankrupt, it's assets are filtered off to a subsidiary/holding co that was formed prior to debasement, the projects they were building get snapped up at fire sale prices. Now the projects are paid for, the companies get their money and the country gets its infrastructure for their people to work jobs cheaper than other people in the Old World will work them
Along the globalization trail, TPTB monopolize all the resources they can under corrupt regimes that most of the time they put into power. Then take control of all essential parts of the economy; food supply, energy and mineral resources, fresh water sources, precious stones, cash crops, telecom, and healthcare. The foreign multinational corporations use cheap labour to assemble their goods while owning all other utilities the people of the country use. Once the cheap labour and resources are exploited, the globalists pick up and start the search for a new land to build up. Every new world is built on the dollar of outside investors and tax payers. Outsourcing is the only way the king can afford the peasants wages.
It started with canals, ships, and marinas in olden days and evolved into railroads, locomotives, then into trucks and roads, and most recently aviation. Every logistic means throughout history has been payed for by the outside investor through the use of debasements. Bubbles are built up on the word that 'the good times will never end' and popped on 'we never saw this coming' - all made possible by governments pretending to fail all across the world. All three tiers of government (soon to be four; federal, state, municipal, and soon, Union) are chalked full of failures.
The same groups of companies get the contracts for foreign nation building, usually spawned off each other, tracing their way back to a group of banks that operate throughout the world. These companies debase vehicles of monetary exchange (stocks and stock markets). Most of them having intimate ties with the World Bank. The financiers' of globalization stay the same. Once projects are completed and economies successfully debased, wars are waged to pay for economic recovery and fulfill whatever geopolitical agenda these global financiers have. After the era of fraud there is a period of boom and the cycle repeats itself, the size of the war usually depends on the size of the debasement that preceded it.
Once the Vehicle of Monetary Exchange is debased, the stolen money is laundered through various organizations (charities, non-profits, Legatus, museums). Once the money has been laundered there needs to be a war to destroy the paper trail (the fog of war) so they need an event to set off the war. If multiple countries' economies are down, it will be a global war (each country fighting with it's favourite enemy). At this time the financial sector will air its laundry, and we'll start hearing about frauds and accounting errors. This will lead to federal bodies (FINRA, SEC) bringing cases against the scapegoats (Skilling, Conrad Black) and we will have show trials with show judges (Crater, Landis). The trials will bring justice to the 'rogue conspirators and that's that.
The new bubbles are usually being built up as the current bubble is popping. These bubbles are allowed to happen through manipulation of laws. In America, the crash (era's of fraud) usually coincides with the end of one presidency and the start of another and occur every 4 years. In the lame duck sessions of a presidency, all previous corporate criminals get pardons. This timeline repeats itself throughout history.
And the best minds are working this iteration:
http://brie.berkeley.edu/index.html
Check out some Collaborating Researchers:
http://brie.berkeley.edu/people/collaborators.html
The name Olli Rehn sound familiar?
Fantastic. Thank you.
Thank you Atom, I can use this. With your permission of course!
very nicely said atom
So...we should see Africa industrialized over the next decade, with a corresponding technology bubble in...???
Chinese solars?
Depends how you define industrialization. After all, it is Africa and Africa always wins. In their case it will probably look closer to the Chinese or Cuban version. No need to make the peasants into the middle class, just provide the local dictator with some white women and loot and feed the peasants. Come to think of it, it does sounds like Western industrialization.
+1
Dick knows where Assange is hiding and has already called Interpol.
David Niven has been activated as Bond, James 007 and is on the yob mang
We got Austin Powers looking for BAC's mojo.
Lately I've come to believe that I never did come down from that hit of blotter I took in the seventies...
Per chance, you did'nt score it from Fred the Mouse in El Paso around Mar. 1971. Did you?
Dick Bove is a moron or a liar.
A bankruptcy halts pending lawsuits, but it does not eliminate them. They would be removed to bankruptcy court, which would eliminate any possibility of punitive damages and sharply curtail plaintiff's attorney fees. Compensatory damages could still be awarded.
Upon filing, common stock would be worth virtually nothing unless and until all senior claims are provided for somehow. Any remainder would spill over to common stock...in a few years.
The rub is that upon filing, certainly all covenants in all short derivatives would be broken and become actual claims against the bkc estate. Such would probably wipe out any remaining equity for common stock.
$21 describes Bove's net worth were he to put his wealth in BOA stock.
Have to wonder what is Bove's motivation for spouting such patently false drivel.
I vote moron. Liars think more.
Thanks. That is rich. As is your name by the way.
Curiouser and curiouser...
I believe bovine was a bit actor in between one of his 97 boiler room "analyst" jobs.
http://www.youtube.com/watch?v=rULKKiJp6NY&feature=related
All the whores were there in 08 when bovine called citigroup, then trading at 30 usds, "a once in a generation buying opportunity", with burnett, the CFR butt slut, leading the band of liars, traitors, and thieves usually found in dante's eight level of hell.
http://www.cnbc.com/id/23522110/
this guy is a moron to think that you value a bank based on its balance sheet...... you can't just add the cash on its balance sheet and, if the assets equal more than its market value of equity, conclude its equity is undervalued. He assumes that BAC has zero liabilities, which I'm sure is not the case because banks are levered fairly highly because of the fractional banking system.
I'm 23 years old and know this, how is this jackass even getting any attention at all
This is one of those posts you lock away in a time capsule. Re-read this thing in a year or two for the laughs.
Always wrong, never in doubt.
http://www.cnbc.com/id/23522110/
“You only get a once in a generation chance to buy a stock like this at this price. This is it"
Dick was right.. buying Citi at $27 was a once in a lifetime opportunity, I will never be able to buy Citi at $27 again in my lifetime :)
Since 2008, I make screenshots of every strong statement I read in the press, or blogs, etc. (such as "Banks are a buy", "This is a fantastic opportunity to buy stocks", "Time to buy real estate", "There is no sovereign crisis"...) I will take them out again 2 years later.
I've already accumulated a couple of big laughs, and concerning statements issued by very respected and "serious" organizations/people.
I like facts and reality. They do the cleansing.
There is just not enough liquor in the world to listen to or read these clowns.
My liver is screaming "no mas".....
What if it's actually a 5 GB hard drive? That would imply data from like...circa 1990!
Ha! He cannot possibly believe this. I wonder how much of his own money he has in BofA - or has he kept it all in Ambac.
Thus, the cash per share that would be available to shareholders on declaring bankruptcy would be approximately $15 per share
Hehe...nice try, Dick! But the money would first flow to the bond holders and bankruptcy lawyers. And at that valuation the shareholders would almost certainly get pennies on the dollar. Remember that March weekend when the Fed wiped out nearly all Bear Stearns' shareholder value? They uped it after a huge protest, but that worked back then wouldn't now.
Shakedown Socialism in America
http://www.pjtv.com/?cmd=mpg&mpid=174&load=4494
Learn the ropes from an expert who lived under the change & hope agenda in another country.
I have long suspected that they have thrown all the toxic garbage besides merrill and countrywide into this bank and will bankrupt it.......
Same goes for Europe there is a bank thats taking all the crap.
the music is going to stop soon.
The "Bad Bank"; I get this impression too.
Insiders are selling at 8K to 1 and this flaccid DICK thinks the POMO penis pump is going to keep BofA alive? Debt backed money, fractional reserve lending and usury is about to be BLOWN apart. Iceland grew a pair and told the ECB and IMF/BIS to find some other serfs to bailout bond holders. They must understand that central banks create money and credit (P)principle but not the (i)interest needed to pay back the loan (P+i). So if there is a money supply (P) but everyone owes P+i and i does not exist because central banks do not create it... ummmm that means the debt can never be paid back in full. Only defaulted on. Enjoy your BAC shares DiCkHeAd.
P = Principal (credit)
I = Interest (Your payment in labor credits)
P+I (payments) = E (Enslavement, yours)
You got it awfully wrong
lender (guy accepting USD): L->I
Borrower (guy buying in USD): B->P-I
I was thinking, "yeah, $21, it could easily be worth that..."
Then I realized, he meant "$21 PER SHARE" ....
even at $21 for the whole company you don't want it ... debt is about $900B.
I know a great way for BAC to realize shareholder value and to God's work.
BAC will go the way of GM - meaning some slick insiders are going to transfer the low risk profits offshore leaving the taxpayer to pick up the tap.
Watch for the Obama Debt Commission to vote on Friday to get rid of the mortgage interest tax deduction as part of America's austerity. With 14 votes it goes to Congress.
With everything else going on, it makes perfect sense to scare millions from owning their homes period and otherwise torpedo the RE inventory. What would that do to the RE market and BAC/WF balance sheets? One profitable element from the banking crisis has been the return for banks leasing their OREO. Next up - banks to be your (everyone's) landlord. Let's all hope this hysterical thinking never manifests.
"Thus, it is hard to conceive that the information will be new or that it is not been dealt with by the system already"
As usual the argument is that 'it's all priced in'. I truly am living out an episode of the Twilight Zone now...
You know today I criticized JA's mentioning of the planned leak on a U.S. bank. Thinking was that he may have just shot himself in the foot as they'll hunt his ass down.
Yes - maybe. But then again - a day or two after you already see folks mentally masturbating on all the past bad deeds and what else may come to light in January. Obviously this is a dangling sword of damocles that will haunt banksters across the board throughout the X-Mas season.
I like it :-)
Correct - Sword of Damacles / Carly Simon's "Anticipation"
I don't freaking know and stopped reading the last 20% of the comments. Why should BAC be different than any other bank? They are all crap. Outing one bank probably means that they are all guilty. Like these people (BAC) have a single original idea.
Having checked with Sheila Blair and after some serious number crunching based on the average overstatement of assets for the average bank that fails and taking into consideration the intangibles such as goodwill and market logo, both she and I concur that Dick (H) Bove has underestimated the full unimpaired value of BAC. Its is Ladies and Gentleman worth a Full $32.05c, not per share but 3 x 10's + 2 green reams of bum wipe Bennie bucks and a nickel.
I so love the the BAC insignia Red losses papered over a little blue sky.
So I guess its ramp time for the Homo Pomo queens tomorrow - Hey!
Smoke 'um if you got 'em
When bulltard just won't do, there's "Bove." Kinda like Spinal Tap's "11."
And for the uninitiated. It would go like this
Nigel Tufnel: (Bove) [on what he would do if he couldn't be a rock star] Well, I suppose I could, uh, work in a shop of some kind, or... or do, uh, freelance, uh, selling of some sort of, uh, product. You know...
Marty DiBergi:(Tyler) A salesman?
Nigel Tufnel:(Bove) A salesman, like maybe in a, uh, haberdasher, or maybe like a, uh, um... a chapeau shop or something. You know, like, "Would you... what size do you wear, sir?" And then you answer me.
Marty DiBergi(TD) Uh... seven and a quarter.
Nigel Tufnel:(Bove) "I think we have that." See, something like that I could do.
Marty DiBergi:(TD) Yeah... you think you'd be happy doing something like-...
Nigel Tufnel: (Bove)"No; we're all out. Do you wear black?" See, that sort of thing I think I could probably... muster up.
Marty DiBergi:(TD) Do you think you'd be happy doing that?
Nigel Tufnel:(Bove) Well, I don't know - wh-wh-... what're the hours?
Fuck you Bove. Since reading that a company is worth more as a bankrupt than a going concern, it has taken 15 mins to clean the cold gruel I was eating as my main course, off my computer.
Signed
Shareholder.
Shut her down then so that I can make a profit, will ya.
1 day after his interview saying he had dirt on one of the banks, there is an international arrest warrant out for him. Reminds me of how quickly the authorities went after the programmer at GOLDMAN who took the trading program code.
There is more to that story. Its just you won't hear about it unless you can breath under water at 40 Fathoms.
I hope my Aussie mate has 5 trillion in accidental death insurance. FIRE Economy Indeed???
(Finance , Insurance and Real Estate)
Never go full retard.
First of all
1. 5 GB will be a DVD or a USB STICK, NOT A HARDDRIVE.
2. In those 5 GB, I don't think we'll see a lot of documents, but rather EMAILS. (the would also be possible because most banks put on a limit of 100MB to 5 GB on mailboxes, anybody working for a bank knows these rules). Also, according to the age of the mails, almost every bank puts attachements in a email vault after 4 weeks so not all mails will have these anymore.
As we are talking about a secured computer system and not you're average network, there are only a few people who have acces to these files.
AS WE SPEAK, the entire ICT departement is on the GRILL.
Also, you are not permitted to carry out media outside or bring media into the building of banks offices.
SO the person who did take it out, had a senior management function at least to bypass security.
Believe me, I used to work for a bank and this isn't peanuts to move all that data.
3. Source of the data: The question about the source is very important. Who leaked it and why.
If it's a manager who got sacked 6 months ago and has now send out 6 month old files, who can quarantee that these files where not edited?
4. Nobody seems to remember this, but there was a serious question about the talks between the FED and BAC.
The rumor has it that BAC was FORCED by the gov. to act in several ways.
IF these kind of mails will be revealed...
Government dictating Commercial banks what to do...
= proof of state controlled economic = Communisme = End of Obama.
Just a comment. There's been some discussion that it's impossible, due to security restrictions + trip wires of various sorts to get this info and get away with it (to leak it,) hence it must be intentionally leaked.
That is true if the data was accessed live. However, to generate this sort of leaks and walk away with it is rather simple if one reads backup tapes.
1. Server was backed up to tape.
2. Tape is about to be sent to off-site storage site at the end of the day.
3. Before end of the day, someone rereads the tape (provided data wasn't encrypted or key/pass is commonly used) and makes a dump of the server for themselve and walks out with it.
1. Tape backup? That tech is 10 year outdated.
2. The data is not send off set on tape. It is send to remote serves through fiber cable.
3. EVERYTHING is automatically encrypted. I even remember that the ICT guys always needed my key to access my space.
Also common stations didn't have access to USB or had any CD/DVD, let alone writers.
4. FTP and other kinds of sites where ALL blocked.
As I worked in Marketing, I got a "few" privileges and I did have some access points...
actually...
THE MARKETING DEPARTMENT IS ALSO A SUSPECT!
As I speak from experience, EVERY marketing department is full of loonies.
SD-good description of TS security, thanks.
"marketing" --> where the rubber meets the sky.
- Ned
I suspect a surplussed computer hard drive that was incorrectly wiped.
I wipe hard drives by taking it out and drilling holes in it.
Bove certainly seems to have some very specific hypotheses about what's in the data.
I suspect BAC knows exactly what's about to be leaked, where it came from and who is responsible.
Bove is a low down two bit gutter whore who would fuck his mother out of her last two cents to get at the cookie he thinks she hid in the cupboard
he is a bottom feeding shit bag who has fucked tens of thousands of good people out of jobs and enriched himself over the dead bodies of those he has dragged into the blood filled street
he has filled the air with halitosis laced investment sophistry and more than once has committed what is proveable in court as felonious conduct
other than that, he's a decent man who likes children under the age of two years; and dogs, fully and finely bred, will tolerate his existence if he is at least two rooms away
I'll try for a buy, well, more like selling ITM put spread when price action gets over black line. To me this looks like a textbook W to be formed http://i.imgur.com/5BAVY.png
Tom Flanagan: “I think Assange should be assassinated”
http://looncanada.com/2010/11/30/top-advisor-to-stephen-harper-calls-for...
The madness builds...
This is such a classic post, I hate to ruin it further with an additional nitwit reply.
"For Senator Chris Dodd the decision to step away from the U.S. senate came in communion with his old friend Ted Kennedy even though Ted had left this world.
It happened on Christmas Eve last year, in Arlington cemetery where he had gone for the first time to see the grave of his oldest and dearest friend.
It was at his graveside with the Washington he loved so dearly visible in the distance that Chris Dodd finally felt at peace with a decision to forego politics and create a new phase in his life."
http://www.irishcentral.com/story/news/periscope/senator-chris-dodd-says-goodbye-with-an-irish-wake-for-old-friends-in-the-spirit-of-ted-kennedy-108572339.html
A Dead Ted Kennedy told Mr. Dodd that It's Over.