We’ve Been Bamboozled by the Banking Industry, but the Chickens Are Coming Home to Roost

Reggie Middleton's picture

While chatting with Herb Greenberg before my interview at CNBC on the banks, he asked me why I was short the banks, JPM in particular (JP Morgan’s 3rd Q & Just How  XYZ Bank Can Never Go Out of Business!!!). I told him that I believe they are overly optimistic about the reserve thingy (Big Banks Will Pay for Optimism), the mortgage put back cosequences (JP Morgan’s Analysts Agree with BoomBustBlog Research, Contradict CEO Jamie Dimon’s Conference Call and The Putback Parade Cometh: Pimco, New York Fed Said to Seek Bank of America Repurchase of Mortgages) and real estate in general.
I also said that in the scheme of things, Jamie Dimon appears to be,
by far, the most effective manager of the big banks, and JPM  seems to
be the best run of the big banks. He negotiated a literal coup with
Bear Stearns purchase, getting the billion dollar head quarters for
free, the company for $10 per share and government backing for the
legacy assets. He made a mistake with WaMu by not demanding a deeper
discount. I know it seems like 28% or so off seems like a good deal,
but it was not  – and I clearly stated it several times (Is JP Morgan Taking Realistic Marks On Its WaMu Portfolio Purchase? Doubtful!).
I just want to make this clear. There is nothing personal here, at
least in terms of investments and financial analysis. The stream of
events are of such grave consequence that this goes beyond mere finance,
though. Why? This country has been “Bamboozled by the Banking
Industry”, but the “Chickens Are Coming Home to Roost”. Let me explain…

Throughout most of 2009, while 10%+ of unemployed middle America stopped paying their mortgages, busy standing in line for shiny fat margin iThingies while in rabid debate about how many pieces of tail Tiger Woods may or may have not hit
(yes, that story got 2160 tweets and 375 comments on how well endowed
“the Tiger” is – would you dare to bet that this article on a potential
depression will get even one third of that?) the  greatest mass fraud of
this lifetime against said persons was underway.

This should be played in 720 HD full screen mode

Mr. and Mrs Middle America, you’ve been Had, you’ve been Took, Bamboozled, Hoodwinked, led Astray, run Amok (yes, YOU have, see You’ve Been Bamboozled, Hoodwinked and Lied To! Here’s the Proof. What Are You Going to Do About It? and click your rung in the socio-economic ladder, ex. your “social class”). From rating agency subprime madness to stress tests designed not to apply any stress to robo-signing and beyond (Mortgage Putbacks, the Harbinger of the Collapse that Will Dwarf 2008!)
the financial and political elite appear to be running a real time
experiment to demonstrate how numb they can prove the mainstream
populace to really be? Will the experiment fail this time around? After
all, things are different with the Web, and independent thought rocketed
around the world in the form of blogs. We shall see what becomes of
this real time socio-economic lab session, we shall see!

A few have been emailing me looking for a bio. I believe my track
record should speak louder than any paragraph or two about my prior
occupation(s). Credibility should come from accomplishment, not
pedigree, no?  Click here to find out who I am what I have done. Be sure to scroll all the way down to the bottom of the page.

Next up:

  1. the updated JP Morgan forensic valuation (yes, what I think it is actually worth) for subscribers (there’s  a surprise or two in here that I’ll reveal to the public)
  2. the Goldman Sachs forensic valuation update
  3. and my proprietary research on the foreclosure backlog this one will be a doozy)!

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anonnn's picture

Reggie--thanks your valuable insights. You are effective!

If any reader cannot hear and understand the Malcolm X remarks in the context of 2010, that reader is unreachable by virtue of being not ready to learn. A casualty perhaps of our mis-education system.


spinone's picture

Nothings gonna happen.  The rabble will look up only for a moment from the corn chips, corn puffs and high fructose corn syrup and, fantasy football and COPS. MMA and corn products, the new bread and circus.

bullwhip29's picture

Basically what I just said in a nut shell...

Today's most viewed:





and in case there was any doubt...




tempo's picture

Reggie your analysis and blogs are brillant and accurate.   BUT, the US Govt is attached at the hip to these frauds because they forced the large banks to take the crap w/o any dilligence.   So by congressional act or executive order (like recognizing notaries accoss state lines), the Federal Govt. will takeover and trump State property law.   It doesn't make any sense to leave 100000s of home in limbo.   The US will likely guarantee title on all these mortgages in question.   There is no other way except a depression and breakdown of society  (tanks in the street again).   Any home on which payments are not being made must be sold.  Once forclosures are cleared a rebound in housing/jobs is possible.   Look at the bigger picture.   This is 2005-2008 problem with State property law.   Close your eyes and hold your nose.  Large pieces of crap are going to be swept under the rug

bullwhip29's picture

While I give guys like this all the credit in the world, I do wonder how many regular folks out there actually pay any attention to this (or give a crap for that matter)? The market continues to trade higher on hopes the Fed will never remove the IV and that, like every other crisis in recent memory, nothing will change or get resolved. This Enron powered economy will move ahead, the party will go on for those that feel they are entitled to the finer things in life and whatever crap we encounter will just get swept under the rug again and again. I have a nagging feeling we all could be sitting here bitching and complaining about all this for many years/decades while life passes everyone by or until the internet gets shut down (whichever comes first). I am deeply concerned that David Rosenberg will go into cardiac arrest at any moment. That's not a good thing. <sigh> Taking the RED pill was a mistake, wasn't it? On that note, I tip my hat to Angelo Mozilo (he being THE poster boy for everything wrong in this world). The multiple layers of cosmetic surgery don't fool anyone, but you're going to be free man soon, so who the hell cares?

Ich bin ein whatever's picture

Don't worry about the haters, Reggie.  And don't change a thing about the way you do your blog, or your posts.  They're refreshing as hell.  Those that don't like  your posts have the option of not reading them.  But then, they wouldn't have anything to bitch about, would they?

You did an excellent job on Squawk.  I don't normally watch it, but when I heard that you were going to be on it, I had to catch it.  You were a little nervous, but did fine.  A good performance.

Keep the posts coming, Reggie.  Some of us do enjoy them.  Don't let the ramblings of some who are compensating for the smallness of their male appendages get you down.

Didn't I put that nicely!

Ben Fleeced's picture

I'm still numb from the eighties and I get it. Thank you.

You let me know and I can kick 'em to sleep for ya!

the rookie cynic's picture


Your presentation was entertaining and full of high-grade, actionable content. Your critics can eat shit until I see them do better, maybe they're too used to Merrill Lynch's glossy portfolio propaganda.

At least, after seeing your presentation I'll hang on to SKF a bit longer. Though I'm worried that JPM will not fall until they run out of everybody else's money, including mine.


Ripped Chunk's picture


New unregulated fee game for the banksters: buying delinquent property tax certs., then harassing the obligor with illegal collection actions and piling on illegal fees. 

Mercury's picture

Just so you know Reggie sceptics - track record matters more than credentials in weighing the predictive capabilities of financial analysis outside of the actual arguments and evidence presented.  And in the long run track record is all that matters.  Really.

Which highly credentialed/poor track record financial analyst do you think is most worth paying attention to?

Husk-Erzulie's picture

If you do not have a degree from Harvard Princeton or Yale you have absolutely no business trying to understand "modern" economics, much less analysing the markets.  Ha ha, (do I have to mention sarc off).  Count me as a fan,  I'll read it as delivered, no helpful advice on style LOL.  I also thought you did well on tee vee given the difficulties/pitfalls of that format.  Also, yesterdays FREE analysis of Apple was brilliant and probably opened quite a few eyes.  Thanks again.

msjimmied's picture

Reggie, Thank you! When you're right, you're right, and when you're with friends, you crow all you want.

jc125d's picture

What do we do with those chickens, then? Here:


Mmm-Hmm. That's right.

Almost Solvent's picture

Keep up the great work.


You can slice thru all the Apple fanboy analysis, Amen!


(Now let all the Apple fanboys commence flaming!)

HCSKnight's picture


I understand your desire to not have people influenced by your bio when making their decisions, but that's a rather poor argument to most people when you follow up with your desire for them to be influenced by your "recent bio"; i.e. your recent calls and performance.  However, I do greatly agree with the goal of people focusing on your thoughts and not "you".  Might I suggest a different tac? The Federalist Papers as the exemplar...

As for the rest of your piece, what I find troubling is how CNBC and the rest of the main stream media are trying to keep the focus on the wrong but lesser issue of "robo-signing" as opposed to the larger economic impact of the fraud committed during the securitization process; i.e. assignment of mortgages to multiple MBSs, fraud in the risk profile of the mortgages underlying the MBS, and the fraud of title transferrance during the securitization process.  Those who are knowledgeable and intelligent enough to understand these things have to be wondering if the masses will ever figure it out.

As for CNBC and their talking heads, one has to wonder are they really as ignorant as their on-air words or are they as corrupt as their owner, GE, a bank who has a very large vested interest in hiding the truth?  After watching their on-air behavior when CNBC was in play, I think the self-presevervation influence of gainful employment has a far far greater influence than they or the public realize.

Lastly, watched your appearance on CNBC.  Good job for a first timer.  Keep it up and hope to see more of you.


mikemcsaudi's picture

It cracks me up to read the statements that put Reggie in a bad light.  I primarily go to Zero Hedge to read his comments.  They are 99.999% correct.  They are interesting and they fly in the face of all of the experts!   If I had the money I'd join his services as I  would make more money than I am now by just hunkering down my investments so I don't lose anything.   I love this website.  To me, Reggie is the icing on a great cake.   Get over yourselves.  If all of you nay-sayers to Reggie were any good yourselves I'd be writing this about you ... but I'm not because you are either:

a)  Smart and very lazy

b)  Dumb and very lazy

c)  An A** and very lazy

I'm leaning toward b and c for most of you.

Gloomy's picture

If you don't believe Reggie, try this from Chris Whalen.


The Fed's Zero Rate Policy Is Destroying America Christopher Whalen, Institutional Risk Analytics | Oct. 12, 2010, 9:55 AM | 9,401 | 33

"Crown of Thorns"?
Pearl Jam

In this issue of The Institutional Risk Analyst, we turn the camera eye on two different perspectives on the continuing crisis affecting the U.S. economy, the Fed's deflationary monetary policy and the surging price of gold.  We look at how the rapid changes now underway in how consumers and investors alike view the dollar will affect the risk picture facing banks, companies and individuals. BTW, tomorrow IRA cofounder Christopher Whalen will be travelling back to the heartland to visit our friends at Indiana State University. We will give a talk entitled: "Do Americans Need a New Deal?"  More on this theme next week.

Last week The IRA traveled to Washington D.C. to participate in the latest event sponsored by our friend Alex Pollock at American Enterprise Institute, "Living in the Post-Bubble World: What's Next?" We received a great deal of media buzz before and after the event, but the most poignant comment came in this unexpected and very disturbing letter from Dianna in Rockford, IL:

"I have no way of knowing if this message will ever actually reach you. Nevertheless, I want to extend a most sincere message of appreciation for one of the comments you made during recent participation in an American Enterprise Institute symposium. You are the only financial guru /analyst whom I have heard make any reference to the devastating impact of extraordinary quantitative easing on "grandma" and her carefully laid financial plans. Many middle class retirees have no generous government or corporate pension. We have had to plan and save prudently for retirement. Now, as we watch returns on CD's plunge from an average 5% to an anemic 1.5%, we also experience a plunge from a comfortable retirement into a state of severe "penny-pinching". You were correct...not only do we have to cut back on gifts for the grandchildren, we are also drastically curtailing many discretionary purchases, travel to spend time with family and so forth. I have heard NO other analyst speak to this impact on responsible retirees who thought they had done all the right things to prepare for the "golden years". It just felt good to realize that there is at least one individual who has given any consideration to this fallout from "Fed" policies."

Now you know why we at IRA take time away from our business to engage in public debate about how the world of finance affects real people. And you also see the horrible damage that the Bernanke Fed is inflicting upon real American in order to bail out the large Wall Street banks. And the irony is that all of this damage and sacrifice by Dianna and tens of millions of American individuals and businesses who depend upon interest income to survive will be for naught.  The Big Banks will have to be restrructured in any event using the resolution authority in the Dodd-Frank legislation.

We also heard from our friend Henry Smyth, proprietor of Granville Cooper Asset Management Ltd., which features a unique gold fund that is comprised solely of rolling forward positions in the noble metal. The fund is domiciled entirely out of reach of America's spendthrift government and settles via Julius Baer in Zurich. (Disclosure: IRA co-founder Chris Whalen is a neighbor of Smyth and an introducing party of GCAM.)

Smyth, who we know from our Mexico days, has been pestering us since the summer about a chart created by his colleague Zeke Brustkern that illustrates the growth of the demand for gold over the past decade and how the increased estimates each year understate the actual market performance. Click here to see the gold chart which Smyth explains below:

"What this graphic aims to elucidate is the evolution of parabolic estimates of the future of gold price over the last five years. Starting with five years of data, from Sept. 2000 through Sept. 2005, a growth projection is forecasted through Sept. 2012. Each subsequent year another projection is crafted adding the additional data points into the curve's slope estimate. Five curves are portrayed in all, representing data from Sept. 2000-Sept. 2010, all projecting through 2012. What becomes clear is that despite using estimation methods intended to represent rapid parabolic growth, the estimated values continue to fall short of the real asset value appreciation. With the exception of 2008/2009, each passing year has brought substantial upward revision of growth projections, and has continued to do so throughout 2010."

Consider these two data points: First, an American retiree named Dianna who has seen her retirement savings rendered worthless by the ill-considered policy actions of the Federal Open Market Committee. Second, the action of the gold market, which is likewise suggesting that fiat paper dollars have no value. If you take the two observations together, it suggests to us that the Fed's actions are feeding global deflation and that the next leg down in the U.S. financial markets could be particularly severe -- especially if the Fed resumes printing more funny money.

While some analysts are calling for a mild devaluation of the dollar, what we see forming ahead could be something far more dramatic and potentially disruptive to the world economy, namely a protracted period of deflation driven by the subserviant position of the Fed vis-a-vis the largest banks. This new shrinkage will not only see gold moving higher but will also see the dollar collapse a la the FDR dollar devaluation of the early 1930s.  This crisis is being caused by Fed zero interest rate and quantitative easing ("QE") policies.

As we have said before and we'll say again, the FOMC's zero rate policies imply that the dollar and all assets denominated in dollars have no value. Stocks, bonds and other financial assets depend upon income to make these obligations money good. Without a positive return, there is no reason to hold dollar assets. When President Abraham Lincoln introduced fiat paper dollars backed by nothing to finance the Civil War, these pieces of debt originally were convertible into Treasury notes that paid interest. But the need of a growing nation for a means of exchange rendered such devices irrelevant.

Today the situation is reversed. Non-commercial demand for dollars is collapsing in much of the global economy, in part because the Fed is transferring something like three quarters of a trillion dollars annually from individual and corporate savers to the Wall Street banks. And even this vast subsidy will be insufficient to prevent the ultimate restructuring of the top three U.S. banks.  What will Fed Chairman Ben Bernanke and the other members of the FOMC say to Dianna and the millions of other Americans impoverished by their policy errors when we have to break up the top-three U.S. banks anyway?

Forget more QE. If the FOMC does not soon allow interest rates to rise and thereby rebalance the policy equation between American savers and borrowers, then we fully expect to see gold prices climb further. Fed Chairman Ben Bernanke and the FOMC will hand the detractors of the central bank led by Rep Ron Paul (I-TX) the political issue they need to eliminate the Fed once and for all. And President Barack Obama will be wearing the concrete booties that once belonged to President Herbert Hoover.  Unlike your worthless greenbacks, you can take that to the bank. 

Read more: http://www.businessinsider.com/fed-zero-rate-policy-destroying-america-2010-10#ixzz12uaKHMFk



Reggie Middleton's picture

Chris Whalen's a bright guy!

Chemba's picture

Absolutely!  And unlike some other third-party research providers, Chris Whalen feels no need to tell everyone how smart he is every chance he gets.  That's one thing I really like about Chris Whalen, intelligence, insight and humility.

ebworthen's picture

Reggie - thanks for sounding the call.

It is FRAUD and THEFT and OPRESSION on a massive scale, yet we turn on the news or the Internet and there are only stories of booty and who's banging who with flashing credit card offers from Chase and BOA. 

It is an Orwellian nightmare numbed with SOMA that the masses need to awaken from.  Keep making noise.

Founders Keeper's picture

Have read many of your articles, Reggie.

Great work!

Reishi-self's picture

I have noticed that when paid-propaganda agents - also known as satanists. liars or spinners - can not dispute the message - they attacked the messenger.

Thank you for your honest analysis Reggie

Winston Smith 2009's picture


1. Make all charts and graphs full frame and properly orient them with the frame's aspect ratio.

2. Lose the cheesy transitions. Just because they're available for use in the editing software doesn't mean you should use them. They always give an amateurish look to a video.

Perrin Clemenceau's picture

How about you lose the cheezy avatar, douchebag?

Its his blog, and his content. The information is presented in a succinct, readable format. Furthermore, I personally like the entertainment value of the transitions, and I suspect the majority of others do as well.

Another excellent write-up Reggie.

SheepDog-One's picture

I have to say its a good article and all, but I've never been bamboozled by the banking industry, always thought they were a bunch of criminals.

Banker Bob's picture


As a President of a bank I can tell you from direct experience that you what you have written is dynamic and accurate and I will be trying to offer more insight  into the  black dungeons  of the banking underworld in an attempt to help as you conitnue your quest to help the forgotten people of this country.

DaveyJones's picture

"banking underworld" is that redundant?

New Revolution's picture

I don't have a problem Reg,... but I know the great 'silent majority' of sheople do.   If we're going to change things, we need to focus them.   They're so damn angry they can hardly spit but they don't know what to focus on, what to demand.   We need to use the tools these rascals used when the started this thing at the turn of the 20th Century.   That's what works.

I'm only interested in what works.   The rest of it is ego gratification which is an endless and useless cycle.

SheepDog-One's picture

Look to the French people, when their gubmint tries to cornhole them, they say 'NO!' in no uncertain terms, and shut down the country. Americans just say 'oh well, election coming that will change things'! 

Until people get past this stupid election garbage, the gooberment will run rings around them.

Bob's picture

Malcom voiced the outrage that should now be unleashed by the citizens of this nation against their masters. 

I'd like to see Dre, Jay, Em, et al put their talents together in an educational anthem that would seize the airwaves and mobilize the people.  Got connections, Reggie?  Cornell West, Spike . . . somebody?

Bagbalm's picture

I always worry about advice from a person who comes across as having a big ego and first and foremost promoting himself. It's a little too 'TV preacher' to let me trust. All that ego can get in the way of considering others ideas or recognizing when you have taken a wrong turn in your thinking. It's easier to consider ideas from someone who doesn't use the big 'I' so much. Are we talking about the economy or you?

Rasna's picture


Back the F@#k off!

If you think that he has a big ego and you don't like it, then don't click on his posts


I don't watch TV preachers because I like to interact with the congregation members.  It's a matter of likes and styles.

Reggie runs a business and has to and should promote himself... Again if you don't like it move on... He is competing with industry heavyweights associated with big houses and with "acclaimed" analysts that  show up regularly on TV... I don't know how he attracts business, but speaking from experience, advertising is expensive and for a lot of these people amount to "trying to polish a turd".

As he says, look at his analysis, calls and body of work and ask, "have they been, accurate, detailed, professionally presented and even prescient in some cases"?  If they have then focus on that... If they haven't, move on.

The fact that he regularly posts here and has not been flamed to ashes says to me that we should seriously consider his analysis and debate it.  If we want to go deeper and get nonpublic info that could help us with our investing decisions, we should subscribe...

These are perilous times and a false move could cause ruin... I personally want to be as well informed as I can be.

Bob's picture

Irony of the day: Nothing goes so unappreciated as free advice, however well-meant. 

Reggie Middleton's picture

Nothing goes so unappreciated as free advice, however well-meant.

Exactly what I was trying to get across in my comment to you. I honestly do believe that you had benevolent intentions, though. Thank you.

Reggie Middleton's picture

I always worry about advice from a person who comes across as having a big ego and first and foremost promoting himself.

I don't see why you would worry.

  1. You should not be looking to sites like these for advice. You should be looking for information and viewpoint. Advice is something you should pay for.
  2. Even if you did get what you would percieve as "advice" from a site such as this, it should be subject to your own rigorous research and verification before you even think of acting on it.
  3. I don't have a big ego. I (what you have called) "promote" because that is the only way to get the word around. I also supply a lot of supporting data along with that "promotion". Do you feel that Apple's product's are suspect because they promote them? How about Lamborghini? Be realistic sir. If I didn't self promote, chances are you would not of even heard of me.
Bob's picture

Reg, you can take the feedback for what it's worth or not.  What you're hearing--mostly from people who actually support you--is that the pimping is a turn off. 

I agree. 

We had a guy at ZH for a while who began his comments with the statement that "I have an IQ of 150 and a degree from Harvard."  That screwed up everything he tried to say because following replies slapped him into place about his egotism. 

I see this line of constructive criticism is falling on deaf ears, however.  So try looking at it this way: It's the rest of us who are insecure.  The intense self-promotion elicits a negative response from alot of us. 

Why play with crap that you can intelliegently avoid?  Optimize

Find somebody who gets it to edit your stuff.  I have my own problems (coming across as an egotist though people who know me understand me very differently), so I have my daughter go through my important writings to alert me to this single most destructive element that I am often so blind to. 

Reggie Middleton's picture

I understand what you're saying Bob, but you're missing the point. The stuff that you come to my posts to read is very, very expensive to produce. It's not free. Therefore, either I don't offer it to you, or it comes draped in (again, what you call) promotion. None of my paid content has what you probably consider promotion, but then again those guys support the production of that content by paying for it!

Hey, if Tyler wants to turn this in a pay per view or subscription column, I'll gladly change the format. Please take this as constructive criticism - Don't expect to get something (or anything) of substantial value for free. Free is actually one of the highest prices you can pay over time.

Personally, I don't think I'm being so promotional. I run a subscription site, so I mention subscriptions. I don't see anybody saying Apple is pimping when they discuss selling iPhones. That's what they do, isn't it? I do hope you take this to heart and don't take it as egotistical. I'm seriously trying to get the point across concerning how expensive and difficult it is to offer the depth of stuff that I put out without explicitly charging for it.

Find someone who get's it to edit your stuff

But Bob, you are asking me to either pay someone, or ask them to work for gratis - so you can read some very high quality content WITHOUT PAYING for it in a fashion that is most to your liking. That is a pretty hard sell to any employees, or even friends and family members. Don't you think??? Subscribe and you won't have to put up for promotion for you will be compensating the source of the information. If you don't like the information, then you always have the choice not to subscibe, but to dictate additional expenses so one can get info that it most favorable to thier liking is not a strong business move on the recipients part, no?

Take a trip over to the Yahoo boards, and you'll see a significant difference in content. The difference is there for a reason.

lamont cranston's picture

Agreed, Ken Lewis is not that stupid. He was the most unlikely candidate to be CEO - lots of people thought Ed Brown or Ken Hance would get the job.

As for "the chickens are coming home to roost", does that mean Rev Wright is doing sermons on MERS?

moneymutt's picture

Too intelligent? Reggie's presentations may contain more detailed info than some people want, but he is not hard to follow...compared to your economist, he is a breeze to understand...he speaks quite plainly in his headlines and conclusions, if people can't manage to look past the detailed info they don't understand, who cares.

And Reggie, why insecure about the bio...you have years of voluminous research and accurate, gutsy calls, who cares if you have traditional credentials or not.If you don't, it makes you more interesting. I'm curious how you do it, finding, organizing, presenting so much info, I have a hard time keeping up just reading all your stuff.

And thanks for the hoodwinkerd quote, I've always loved repeating that everytime some fraud disclosures come out, everytime some bad econ stat is reported, and everytime some big business gets over on me with a hidden fee or some such,

Reggie Middleton's picture

"And Reggie, why insecure about the bio...you have years of voluminous research and accurate, gutsy calls, who cares if you have traditional credentials or not.If you don't, it makes you more interesting."

There's no insecurity. I think my bio (the full one, at least) is actually rather impressiv, especially when you let me tell it:-). It's just that I'm tired of people making important decisions based upon, what is at best, tangentially relevant data. This particularly so when a clean and clear track record is available. Put simply, how good I am at what I do can only be realistically determined by what I've done and what I'm currently doing, and cannot be accurately determined by what school I went to, who my employer was, the social clubs I belonged to or what kind of suit that I wear.

If anything, I'm the anti-streeter. I grew up listening to hip-hop, I don't do the employer commute thing, and I'd rather spend extra time with my kids than declare an 8 digit bonus.

JohnKing's picture

You judge a tree by its fruit, not the root.



oddjob's picture

Credentials...I used to fit ball thru circle and now make overly obvious market calls...get over yourself.

SWRichmond's picture

...I'd rather spend extra time with my kids than declare an 8 digit bonus.

Amen, brother.

sethco's picture

If you're angry, close your accounts with BofA, etc. Don't worry, you can set up your e-payments the same way at your local bank, or even credit union, They all have the tech. That was the thing I was most reluctant to part with. Just start a new account at a new bank, change your direct deposits and other linked functions, bleed out the BofA, then close it later. Stop using their credit cards too.

I started out with an account at a smallish local bank in 1996, which through a long series of buyouts, ended up being a Bank of America account. I never signed up for their bullshit. Now I'm out. I feel clean.

fallst's picture

BOA = AIG 2010?


Patsy, Fall Guy, Mark?


Did Paulson pressure Ken Lewis to buy CountryWide?


Ken Lewis is NTS (not that stupid)


So GS would be last man standing?

strannick's picture


Reggie G's a legend in his own mind, and in some of ours

ISEEIT's picture

Found this great link. Not a 100% correlation, but I see it as an ingredient in the same soup.


Al Gorerhythm's picture

SHTF and it's dung beetle shit.

Let's see how large Bart Chilton's balls are now. It's a game changer for Bart Dude.