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Couldn't happen to a nicer bank. Well, actually it could. At least 5 more come to mind immediately.
Charlie Munger should "suck it in and cope"...F*cktard...
he wears depends...hope he has the type with the double lining..it'll be one of those shit storms come monday.
OMG, it's really about to go down huh. the oncoming shit storm will be catastrophic but morbidly I can't..seem...to..look..away..
WFC ... puts the 'w' into banking........
+ 400 JAN 25 PUTS
Watch out with those put against Wells. I've got me my ass creamed twice shorting it.
There always happens something magical thanks to tinkerbell, and those banks get a lucky street.
Take BAC for example. The media is cooking them, but short interest is only 2,5%.
For WFC, there are only 1% shares short!!
These stocks will soons see a heavy rebound!
Wait at least 2 more week before going short and see what Obama plans to do into election time with this mess.
Me, I'm going long on BAC
True - I nailed them in late 08 - they've got some of it back since then.
One of these days people are going to figure out that earnings going forward will disappoint all but the bears!
Could someone please break this down, for a half drunk layman....TIA
This may help you - http://www.youtube.com/watch?v=OQufxG1GcAk
Trailer Park Boys
double entry error
"Your ears will implode from the shit pressure. You've been warned Bubs...Beware my friend, shit winds are a comin'..."
Following up on Beanblower's comment:
Banks sold shit to investors as candy. Investors aren't all that thrilled, but figured they got the shaft. Turns out selling shit as candy isn't legal unless it's properly documented, conveyed and disclosed. The shit barometer in the Wells office is going off the charts as the winds of shit build into a category 5 shiticaine of forced poo repurchases.
:) Concise and to the point, Dr Murray.
You guys are awesome!!
OMG...haaahaaaa!...what are your tour dates?
It's Monday, that means everyone needs some music to get the week rollin. Here is my answer to Steak's call for playlists (music this time, not comedy):
Steak and Shake:http://www.youtube.com/view_play_list?p=438A49417E0A53F7
while we all win here by having more (very capably selected) tunes to bump to, the big winner here is that baby seal. go on little one, you won't be clubbed...this week at least :)
"It's just a flesh wound" The Black Knight
"It's just a process issue" Sheila Bair 10/17/2010
- oh god bless, jesus, Sheila Bair, why can't she hold her head in a "upright position"? wtf the fuck is she mumbling about?
He told me, ....uuuhhhhhhhhh... heeeeee t..t ..to.....-----------------.-------.-.---------
..."How will developments in the subprime market affect the evolution of the housing market? We know from data gathered under the Home Mortgage Disclosure Act that a significant share of new loans used to purchase homes in 2005 (the most recent year for which these data are available) were nonprime (subprime or near-prime). In addition, the share of securitized mortgages that are subprime climbed in 2005 and in the first half of 2006. The rise in subprime mortgage lending likely boosted home sales somewhat, and curbs on this lending are expected to be a source of some restraint on home purchases and residential investment in coming quarters. Moreover, we are likely to see further increases in delinquencies and foreclosures this year and next as many adjustable-rate loans face interest-rate resets. All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system. The vast majority of mortgages, including even subprime mortgages, continue to perform well. Past gains in house prices have left most homeowners with significant amounts of home equity, and growth in jobs and incomes should help keep the financial obligations of most households manageable"......
..........."Servicers of loans aim to minimize losses, and they appear to be actively working with thousands of individual borrowers to modify their mortgages. To some extent, the dispersed ownership of mortgages may combine with legal and accounting rules to make successful workouts more difficult to achieve. For example, the "pooling and servicing agreement" associated with a given securitized mortgage pool may restrict the share of accounts that can be modified. Accounting rules that, in some cases, require substantially modified pools to be brought back on the originator’s balance sheet may dissuade lenders from undertaking workouts. And extensive modifications that reallocate expected cash flows across different securities associated with the pool could trigger a review of those securities by the ratings agencies. At the same time, if workouts are economically viable, then an incentive exists for third parties to purchase distressed pools at a discount and to undertake the workout process. We see these purchases taking place in the marketplace, a development that should help to increase the number of successful workout"..........
Chairman Ben S. Bernanke At the Federal Reserve Bank of Chicago’s 43rd Annual Conference on Bank Structure and Competition, Chicago, Illinois May 17, 2007
The Subprime Mortgage Market
"Hi, this is John Stumph over at Wells Fargo, is Shiela Bair available?"
"I am sorry Mr. Stumph, Ms. Bair has several calls ahead of yours. If you would like to hold, you will be after Mr. Dimon, Mr. Moynihan and Mr. Pandit. Or you can leave your number, I will make sure Ms. Bair calls you back by the end of the day."
"It's somewhat of an emergency, could you please get her on the phone?"
"That's funny Mr. Stumph, that is what the other gentelmen said, too. She has your number, have a nice day."
I wish you were right. But the dialogue is probably more like this:
Sheila Bair calls John Stumph.
Sheila: John, it's Sheila.
John: Hi, Sheila! Just got off the phone with Timmy. He says we gotta wait until after the election to make this go away.
Sheila: I am afraid he may be right, John, but don't worry. We are not gonna let them lay a finger on you. We are going to to change the laws wherever necessary, use that NSA directive to keep some of this silent (and send a few black ops teams after pests like that 4closurefraud.com guy), and then, if necessary, we will have Fannie and Freddie and the Fed buy every last trillion of this crap to get it off your books.
So the Wachovia steal from Citibank may not have been such a sweet deal after all - thanks to Golden West's mortgage fess ?
Wasn't the loss on the purchase assets limited for WF with any excess being absorbed by a something or other in Washington equally as unidentifiable as the legal owner of the underlying mortgage notes in question?
I think they got stopped out. Anyone else recollect?
they thought they were buying a bank, turns out they were buying a bunch of lawsuits and a large portfolio of trailer parks.
Actually, all kidding aside, trailers (well, mobile homes) are the bad mortgage product, while trailer parks are great. If a trailerowner defaults to the bank or quits paying for his campsite so to speak, ya just tow it away and there's room for a new trailer.
I know, I know, sounds silly, but for real....
William Blacks simplified version of "Control Fraud" and the pathological environment in which it flourished.
I posted this earlier on another post because this is what took 1-1/2 hours at my branch bank on Friday.
Bank Alert: My bank has changed 6 x since the 70's. The last change is Wachovia to Wells Fargo. So, being a customer since 1970 to present. Never bouncing a check and credit in great standing I got the shocker. I have a standing 5k balance in checking acc. and a average of higher. I went to cash a check from Scottrade for 10,000 in cash. I was told I would have to wait for it to clear. I said, "Oh really, Why?" No answer, just has to be. So I said: "O.K. I'll be back in three days to get the cash. 2nd Shocker: They said: "No, you won't be able to get it then either. It will take a week for us to get that much cash ordered and we only order cash on Fridays". Bottom line, they get to hold the cash for about 10 to 12 business days before I can receive my money. Something tells me there is going to be a bank holiday soon.
I plan to do this all again for 15k just to protect my own future needs if there is a actual run. I will do it just because of the line of crap I was fed on Friday. I'll just put it in my safe deposit box with my gold and silver. Screw them. Does anyone trust that they have your money ??? Ironic that this comes out tonight on WFC. Maybe it explains why they are not willing to give up cash.
If there's a bank holiday, you're not getting access to your box, either.
You need to go to a main branch in order to get your money faster.
Any bank must report any transaction $10,000 and over to the IRS. Holding your money is likely part of the government's overall efforts to interfere with money laundering, drug purchases, etc. Cash a check for $4,000 and see if it takes as long to get you your money.
Any bank must report any transaction $10,000 and over to the IRS.
There's a bit more to it than that, they're also supposed to report anyone that they think may be making transfers in amounts intentionally set to avoid the $10k threshold. In other words, they report everything over $10k, and anything under $10k that they feel like. More info here:
It's just another one of those crazy things that the US has to do so differently. Plenty of other countries (take australia for example) you can log into your netbank, direct transfer to any other domestic bank account (regardless of the bank) up to $100k. Not in the US though, apparently that would make life too easy.
I wouldn't look for a Bank Holiday , your bank is simply gaming the system with your large check and 1000's of others . Totally interest free money to play with for 10-12 days . Also this money , if withheld from depositors , near end of quarter can make bottom lines look oh so much better . If you see it in a bank , it is fraud , anything a bank does it is for them alone . But look at the bright side . Pretty soon we will be getting $100 bills by the wheelbarrow load , so no more worries of cashing your Scottrade checks .
If you think that safe deposit boxes are safe, read this:
never going to happen the laswt two administrations are willing to destroy the economy in order to rescue the bankers.
not going to happen!!!!!
when you start to realize the system is corrupt, and those in power have no other choice, you realize the end point.
the banks will no be asked to pay for their mistakes. that comes from the tax payer to pay for their bonus.
the end result wll be a new american revolution, or those in power leave and give up the goodies.
I think it will end in violence, and it should have already. the only question is: will the militry come on the side of the people, or the side of the criminals
Explains why PIMCO is buying MBSes hand over fists.
Yep, buy em up cheap, then force bank to buy back at original sale price.
[Yep, buy em up cheap, then force bank to buy back at original sale price.]
Thanks for your post, FEDbuster.
PIMCO and the FED do indeed "have a thing going on."
They're going to be so happy to buy them. I mean heck, that's the good stuff they homemade themselves! Just a good ole' comin' home, hello darlin, haven't seen you in while kinda love!
They eat all they can and they sell the rest!
Suck it in indeed.Today's word is insolvent.Can you say insolvent boys and girls?
I knew you could.
Today's word is insolvent.
Today's word is insolvent.
Um, let's try that again.
Getting closer. One more time.
Almost have it.
Just about there. Come on, you can do it.
"I've soiled my pants!"
Good boy Charlie, I knew you could do it. Here, have a bank lolipop as a reward.
Someone send Charlie another box of Depends.
xtra small sized so he can suck it in when he puts them on
Thumbs up CD!
Insolvent Green is non-existent Home Loans!
Did Mr. Munger actually say "suck it in"! Anyone who has played even Jr. High sports knows the phrase is "suck it up". "Suck it in" might be heard in beauty contest school. Pencil neck geek!
burn baby burn
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