Kiss Bank Of America's $8.5 Billion RMBS Settlement Goodbye?

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Tue, 07/12/2011 - 15:11 | 1448905 Lmo Mutton
Lmo Mutton's picture

Score for the peasants.

Tue, 07/12/2011 - 15:16 | 1448938 Careless Whisper
Careless Whisper's picture

maybe someone should investigate all those billions of "build america bonds".

Taxpayer Funded Bridge For San Francisco Bay Being Built In Shanghai


Tue, 07/12/2011 - 17:44 | 1449603 Pladizow
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Tue, 07/12/2011 - 15:12 | 1448909 Gubbmint Cheese
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Tue, 07/12/2011 - 15:19 | 1448956 eureka
eureka's picture

Agree! Who cracks first: BAC or C?

Tue, 07/12/2011 - 15:43 | 1449095 Fish Gone Bad
Fish Gone Bad's picture

Fucking Bank of America.  They really need to go away.

Tue, 07/12/2011 - 16:02 | 1449182 HITMAN56
HITMAN56's picture

F BAC hard and with something LARGE

Tue, 07/12/2011 - 16:59 | 1449453 mr_T
mr_T's picture

Teflon banks....
Justice served Over Easy ..

Tue, 07/12/2011 - 15:13 | 1448913 Cdad
Cdad's picture

Check that chart...10.8 million shares dumped in five nary a flinch on the price, remaining in a 7 cent range.  So much for supply and demand.  Doesn't work here in the "new normal."

I wonder if Ben Bernanke is loading up on shares of Blight on America bank?

Tue, 07/12/2011 - 15:19 | 1448954 sabra1
sabra1's picture

is it coming off their good book, or bad book?

Tue, 07/12/2011 - 20:33 | 1450010 Rick64
Rick64's picture


Tue, 07/12/2011 - 15:13 | 1448914 WALLST8MY8BALL
WALLST8MY8BALL's picture

Eric Schneiderman is gunna get them

Tue, 07/12/2011 - 15:14 | 1448919 Ancona
Ancona's picture


I say we use the scorched earth treatment on these mother fuckers. Fuck 'em and feed 'em fish heads. I say shut the cocksuckers down and throw every last one of the pricks in to prison. I'm talking about the federal pen in Angola, not the club fed in Pensacola.

A couple of years getting ass raped and having their mouth used like a vagina will teach them a good lesson.

Tue, 07/12/2011 - 15:17 | 1448942 Cdad
Cdad's picture

Yikes...raising the bar on hatred for bankers.  I did not think the popularity of this group could go lower.

Cue J. Dimon whining about how hard it is to be a millionaire banker!

Tue, 07/12/2011 - 15:20 | 1448961 yabyum
yabyum's picture

Ancona, Do not sugar coat it! How do you really feel? PS a pound or two in the joint would be good, teach 'em charecter.

Tue, 07/12/2011 - 16:17 | 1449246 cossack55
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Wonderful rant, though maybe a little understated.


Tue, 07/12/2011 - 15:14 | 1448920 Thisson
Thisson's picture

Executive Summary: BOA will pay $8.5b now and $5.5b later to resolve losses of $221b on principal of $424b.  But this only resolves the servicing-related claims, it does not resolve the claims for losses under the securities laws. 


The important thing here is to look at the total losses: 52%


Extrapolated across the securitizations that remain outstanding, how much unrealized systemic loss does this 52% amount to?  Trillions??  The entire banking system will need to be recapitalized.

Tue, 07/12/2011 - 15:35 | 1449039 A Man without Q...
A Man without Qualities's picture

H/T George Washington...

The quote of the day comes from Damon Silvers, a member of the independent Congressional Oversight Panel:

"We are faced with a choice here.

We can either have a rational resolution to the foreclosure crisis or we can preserve the capital structure of the banks. We can't do both."

Tue, 07/12/2011 - 16:21 | 1449257 cossack55
cossack55's picture

Hmmmmm.....justice or the continuation of fraud, malfesance, corruption, criminal activity and fascism.  Hmmmmmmm......

Tue, 07/12/2011 - 15:15 | 1448928 Oh regional Indian
Oh regional Indian's picture

BAC is at the very heart of the empire stateside. The BCCI's brother in arms. The Slush Fund Buddy to linen laundering kinds. Ugly.

It will be one of the last to be assimilated.


Tue, 07/12/2011 - 15:15 | 1448932 carbonmutant
carbonmutant's picture

Obama & Timmay need money.

The banks have money...

How long before they connect the dots?

Tue, 07/12/2011 - 15:16 | 1448936 G. Marx
G. Marx's picture

Right again, Tyler? Speaking from experiance, I'm guessing your friends don't talk to you either?

Tue, 07/12/2011 - 15:17 | 1448937 G. Marx
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Tue, 07/12/2011 - 15:17 | 1448947 Tyler Durden
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They just double post.

Tue, 07/12/2011 - 20:36 | 1450015 Rick64
Rick64's picture


Tue, 07/12/2011 - 15:16 | 1448939 Hondo
Hondo's picture

I'd make an offer right now for BAC for the grand total of $1....but even then after writing off the bad crap on their books (which would eliminate both equity and debt) the FDIC would still have to step in to compete the transaction

Tue, 07/12/2011 - 15:18 | 1448952 papaswamp
papaswamp's picture

Guess someone's state budget didn't get enough of a kick back.

Tue, 07/12/2011 - 15:21 | 1448964 Lmo Mutton
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I will give $1.01 for BAC.  I always wanted a penthouse with a helicopter pad.

Tue, 07/12/2011 - 15:24 | 1448979 The Axe
The Axe's picture

OK OK OK  I am finally all abroad the GOLD train  . the chart looks good, for GLD' the miners seem to have bottom...the metal seems about to explode to 1650....

Tue, 07/12/2011 - 15:27 | 1448997 williambanzai7
williambanzai7's picture

This guy Schneiderman has potential...

Tue, 07/12/2011 - 15:38 | 1449056 WALLST8MY8BALL
WALLST8MY8BALL's picture

New and improved Spitzer? um er eh

Tue, 07/12/2011 - 15:39 | 1449059 Northeaster
Northeaster's picture

Until the banks pull a Spitzer on him.

Tue, 07/12/2011 - 15:30 | 1449017 Tense INDIAN
Tue, 07/12/2011 - 15:32 | 1449026 Seasmoke
Seasmoke's picture

someone should ask Ken Lewis what he thinks

Tue, 07/12/2011 - 15:44 | 1449102 Logans_Run
Logans_Run's picture

He hasn't died in his hot tub yet?

Tue, 07/12/2011 - 15:41 | 1449079 Atomizer
Atomizer's picture

Why does this BOA story have a foul odor?

Reminds me of Ken Lewis & Paulson showdown.

Tue, 07/12/2011 - 15:50 | 1449125 EcoJoker
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Tue, 07/12/2011 - 16:03 | 1449188 monopoly
monopoly's picture

Justice? Will believe it when I see it. But, a start.

Tue, 07/12/2011 - 16:05 | 1449200 apberusdisvet
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And Mozilo is scot free; I wonder how many bodyguards he has?

Tue, 07/12/2011 - 16:05 | 1449203 apberusdisvet
apberusdisvet's picture

And Mozilo is scot free; I wonder how many bodyguards he has?

Tue, 07/12/2011 - 16:13 | 1449237 New American Re...
New American Revolution's picture

One thing you've got to remember about Bank of America, and that is that it is the 'Vatican Bank'.   And as such is, has, and always will be in the cross hairs of the devils that run America.    Paulson tried taking them down my by force feeding them Merrill and that didn't work, but that won't stop them until they've consumed it whole.    That's why all of the 2B3Fails have got to go.   

They are all insolvent.   Those who think they are not, will know better when they are given back their Maiden Lane and other such bullshit paper and we take back the Treasury's they received in exchange.    It doesn't matter, all their bosses and their affilliated Primary Dealers and Hedge Funds are going to jail compliments of the RICO Act.

You think I'm shitting you, don't you?    But it's true, and it's all in the New American Revolution, and every voting American has a front row ticket.

Tue, 07/12/2011 - 16:41 | 1449351 aerojet
aerojet's picture

Well, fuck the Vatican, too.  Damn boy molesting Nazi sympathizers.

Tue, 07/12/2011 - 16:45 | 1449258 Franken_Stein
Franken_Stein's picture


George Carlin - The Owners of America


Tue, 07/12/2011 - 17:47 | 1449611 Geoff-UK
Geoff-UK's picture

Am I too cynical to wonder if the NY AG's buyout price is less than BAC's potential liabilities?


Tue, 07/12/2011 - 17:58 | 1449640 max2205
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Tue, 07/12/2011 - 18:04 | 1449653 The Peak Oil Poet
The Peak Oil Poet's picture


When the Bankers go to Jail

the bible tells us not to steal
it's there in black and white
our laws are based upon it too
do not do wrong - do right

but somehow since these laws were writ
we've seen the system fail
but things will change for all the best
when the bankers go to jail

when the bankers go to jail my friends
when the bankers go to jail
we'll finally see justice done
when the bankers go to jail

when the vampire squid has been deep-fried
in the slime of Bernank's words
when politicians tell the truth
and not be lying turds

when "austerity" applies to them
and fairness does prevail
we'll finally see justice done
and the bankers go to jail

when the bankers go to jail ee-hah
when the bankers go to jail
we'll all be dancing in the streets
when the bankers go to jail

if all was as it ought to be
when any business fails
investors take a haircut
amid their tears and wails

but in our mean kleptocracy
that the MSM does hail
the working man pays all the bills
and no banker goes to jail

when the bankers go to jail thank God
when the bankers go to jail
the haircuts will be number ones
when the bankers go to jail

we're predators i must admit
it's human nature too
to seek a better living for
our wives and children too

but animals we're not you see
it not just fine detail
we keep the law, control ourselves
and the bankers go to jail

yes you bankers go to jail you scum
all you bankers go to jail
you'll be some brother's jail-house bitch
when you bankers go to jail

you may think it's a silly dream
to think of their demise
they're oh so very powerful
and every banker lies

but one day soon we'll overthrow
and have them by the tail
we'll tar and feather all of them
and send them all to jail

when the bankers go to jail for good
when the bankers go to jail
we'll hear the bells of freedom ring
when the bankers go to jail


Tue, 07/12/2011 - 18:44 | 1449773 waterhorse
waterhorse's picture

Wow, love this!  I hope you don't mind, but I copied it over to livinglies wordpress site - I thought it would give good cheer to some folks fighting the banksters.  I did give you credit of course : )

Tue, 07/12/2011 - 18:56 | 1449795 highwaytoserfdom
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What is the tempo?   is it a rap or to when Johnny comes marching home?

Wed, 07/13/2011 - 02:28 | 1450690 Peter_Griffin
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Tue, 07/12/2011 - 20:34 | 1450011 Pez
Pez's picture

Wait....All aboard the Bribery/Black Mail bus...plenty of room for civic leaders to hop aboard. Hey with HDTV and A/C (and Booze/Babes)we're going places.... you can too Mr/Ms DA/Regulator.

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