BAC

Tyler Durden's picture

Frontrunning: May 13





  • EU Court: Google Must Remove Certain Links on Request (WSJ), people have right to be forgotten on Internet (Reuters)
  • Harsh weather: German Investor Confidence Drops for Fifth Straight Month (BBG)
  • More harsh weather: China Slowdown Deepens (BBG)
  • Harsh weather as far as the eye can see: China’s New Credit Declines (BBG)
  • "Alien" artist, surrealist H.R. Giger dies aged 74 (Reuters)
  • Pfizer urges AstraZeneca to talk as UK lawmakers slam offer (Reuters)
  • Property sector slowdown adds to China fears (FT)
  • Russia says EU sanctions will hurt Ukraine peace efforts (Reuters)
  • U.S. Considers Relaxing Crude Oil Export Restrictions (WSJ)
 
Tyler Durden's picture

BofA "Finds" Capital Calculation Math Error, Halts Capital Action Plan, $4 Billion Buyback





Just weeks after the Fed signed off on CCAR and ackowledged how great the US banking system is, Bank of America (after being slapped with another $13bn RMBS suit demand) has ackowledged things are not quite as risy as they appeared.

BOFA HAD INCORRECT ADJUSTMENT ON TREATMENT OF SOME NOTES; BOFA SUSPENDS CAPITAL ACTION PLAN ON CHANGE IN CAPITAL RATIOS
BAC SEES REVISED CAPITAL ACTIONS LESS THAN PREVIOUSLY ANNOUNCED; BAC WILL ENGAGE THIRD PARTY TO REVIEW PROCESSES

So no buyback boost... no dividend boost... The question now is - how do we (or The Fed) trust any of the numbers?

 
Tyler Durden's picture

Frontrunning: April 25





  • Russia raises interest rates to 7.5% (FT)
  • Shanghai to Allow Raw Material Exchanges in Trade Zone (BBG)
  • US, Japan Fail to Clinch Trade Deal (WSJ)
  • 'We don't have a magic wand', says ECB's Constancio (Reuters)
  • Tokyo Inflation Quickens to Fastest Since 1992 (BBG)
  • Demand for Home Loans Plunges (WSJ)
  • EU banks urged to grasp chance to raise capital (FT)
 
Tyler Durden's picture

Frontrunning: April 22





  • Ukraine Accord Nears Collapse as Biden Meets Kiev Leaders (BBG)
  • Novartis reshapes business via deals with GSK and Lilly (Reuters)
  • Moscow Bankers See Fees Slide 67% as Ukraine Crisis Grows (BBG)
  • Why ECB's QE will be Ukraine's fault: Draghi Gauges Ukraine Effect as ECB Tackles Low Inflation (BBG)
  • As Phone Subsidies Fade, Apple Could Be Hurt (WSJ)
  • Amazon Sales Take a Hit in States With Online Tax (BBG)
  • Ford Speeds Up Succession Plan: Mark Fields, Auto Maker's No. 2, Seen Replacing Alan Mulally as CEO Ahead of Schedule (WSJ)
  • U.S. force in Afghanistan may be cut to less than 10,000 troops (Reuters)
  • IBM End to Buyback Splurge Pressures CEO to Boost Revenue (BBG)
 
Tyler Durden's picture

David Stockman On 'The QE Follies': Bernanke's Swell Gift To The Big Four Banks





The Fed’s 5-year campaign to drive the 30-year mortgage rate from 6.5% to 3.3% has accomplished nothing except to touch off another of those pointless “refi” booms which enable homeowners to swap an existing mortgage for a new one carrying a significantly lower interest rate and monthly service cost. Such debt churning exercises have been sponsored repeatedly by the Fed since the S&L debacle of the late 1980s. The overwhelming evidence, however, is that America’s shop-till-they-drop consumers have finally dropped. But while peak debt means that the Fed’s entire 5-year money printing spree was destined to fail, it nevertheless has produced massive impacts - all of them bad or stupid. One of the most crucial is that it generated an artificial refi windfall to the Big Banks which now dominate the home mortgage business. And the profit windfall was a doozy. Now that financial results for Q1 2014 have been posted, the impact on Big Four financial results can actually be quantified. The four charts below on mortgage originations per quarter during the course of the Fed’s balance sheet expansion binge are the smoking gun.

 
Tyler Durden's picture

Frontrunning: April 17





  • Putin Doesn't Rule Out Sending Troops (WSJ)
  • Japan Cuts Economic View on Tax Rise (WSJ)
  • No "harsh weather" in Chipotle restaurants where comp store sales rose 13.4% (PR)
  • No sanctions for you: EU sanctions push on Russia falters amid big business lobbying (FT)
  • Consumer Spending on Health Care Jumps as Obamacare Takes Hold (BBG)
  • China Seen Cracking on Property Controls (BBG)
  • Google, IBM results raise questions about other tech-sector companies (Reuters)
  • California city evacuation lifted after military ordnance found (Reuters)
  • For Obama, Standoff With Moscow Jumbles Plans at Home and Abroad (WSJ)
 
Tyler Durden's picture

31-Year-Old Hedge Fund Trader Made More Than The CEOs Of The Six Biggest Banks Combined





Over the weekend, there has been some consternation over the report that the CEOs of the 6 largest US banks: JPM, BAC, GS, MS, C and WFC, collectively made $96.1 million in 2013, more than $86.3 million the year before and the most since the financial crisis. However, we are confident those same people would have an aneurism if they were to learn that James "Jimmy" Levin, a 31-year-old hedge fund trader - head of global credit and an executive managing director at Och-Ziff - last year made a whopping $119 million, or more than all of the CEOs of the six largest firms combined.

 
Tyler Durden's picture

Banks Win Again As Proposed "Toughened" Basel Derivatives Rule "Seems To Have Evaporated"





So from MF Global's "vaporized" commingled client assets to Basel's "evaporated" toughened derivatives rules, the banks are indeed "very happy." And now back to perpetuation the illusion that the system is stable.

 
Tyler Durden's picture

Frontrunning: April 9





  • Top Medicare Doctor Paid $21 Million in 2012, Data Shows (BBG)
  • Separatists build barricades in east Ukraine, Kiev warns of force (Reuters)
  • Greece launches sale of five-year bond (FT)
  • High-Frequency Trader Malyshev Mulls Accepting Outside Investors (BBG)
  • U.S. defense chief gets earful as China visit exposes tensions (Reuters)
  • GM Workers Who Built Defective Cars Fret About Recall (BBG)
  • Kerry, Congress Agree: Superpower Status Not What It Was (BBG)
  • Crimeans Homeless in Ukraine Seek Solace in Kiev Asylums (BBG)
  • JPMorgan's Dimon says U.S. banks healthy, Europe lagging (Reuters)
 
Tyler Durden's picture

Frontrunning: April 8





  • Russia's Gazprom says Ukraine did not pay for gas on time (Reuters)
  • Ukraine Moves to Keep Control in East (BBG)
  • Banks Set to Report Lower Earnings as Debt Trading Slumps (BBG)
  • More DeGeners and Obama selfies needed: Samsung's lower first-quarter estimate highlights smartphone challenges (Reuters)
  • Citi Is Bracing to Miss a Profit Target (WSJ)
  • Another slam from GM? Safety group calls for U.S. probe of Chevy Impala air bags (Reuters)
  • Japan drugmaker Takeda to fight $6 billion damages imposed by U.S. jury (Reuters)
  • EU court rules against requirement to keep data of telecom users (Reuters)
  • White House may ban selfies with president after Ortiz-Obama photo promotes Samsung (Syracuse)
 
Tyler Durden's picture

Frontrunning: April 4





  • Nato chief defends eastern advance (FT)
  • Russia looks east as it seeks to rebalance trade interests (FT)
  • Plane from Guinea briefly quarantined in Paris after Ebola scare (AFP)
  • US attacks Japan’s stance on Trans-Pacific Partnership (FT)
  • Thank you IMF: Ukraine PM says will stick to austerity despite Moscow pressure (Reuters)
  • U.S. Army seeks motive for Fort Hood shooting rampage (Reuters)
  • China Slowdown Adds to Emerging-Market Growth Hurdles, IMF Says (BBG)
  • Top investors press Allianz to step up oversight of Pimco (Reuters)
  • U.S. to Evaluate Role in Mideast Peace Process, John Kerry Says (WSJ)
  • Scientists dismiss claims that Yellowstone volcano about to erupt (Reuters)
  • Ukraine detains 12 riot police on suspicion of 'mass murder' (Reuters) - on CIA orders?
 
Tyler Durden's picture

Bank of America No Longer Even Bothers To Blame The "Weather" Or "Storms" For Weak Consumer Spending





Two weeks ago, when Bank of America found that its weekly retail spending data has continued coming in far weaker than expected compared to 2013, it did the laughable: it blamed not the weather in general, but one storm in particular, to wit: "once again adverse weather potentially impacted spending last week, as the storm “Titan” moved across the US over the weekend of March 1st and 2nd and was followed by yet another cold spell." Two weeks later, after shockingly BofA finds precisely the same weakness continuing into the end of a balmy March, it no longer even bothers looking for excuses. The sad reality: there are none.

 
Tyler Durden's picture

Frontrunning: March 27





  • BOE to Sign Agreement With China on Yuan Clearing Next Week (BBG)
  • U.S. law firm plans to bring suit against Boeing, Malaysia Airlines (Reuters)
  • Citigroup Fraud Stings Mexico Star as Medina-Mora Chased (BBG)
  • Fraternity Chief Feared for Son as Hazings Spurred JPMorgan Snub (BBG)
  • UBS suspends six more forex traders (FT)
  • Goodbye CSCO Q1 EPS: China to strengthen Internet security after U.S. spying report (Reuters)
  • Good luck: Spain Banks With $55 Billion of Property Seek Deals (BBG)
  • Citic Pacific Said to Plan About $4 Billion Public Offering (BBG)
  • Yahoo Japan to buy eAccess from SoftBank for $3.2 billion (Reuters)
  • "Whatever it takes" to talk down the Euro: Euro, peripheral bond yields fall on ECB easing debate (Reuters)
 
rcwhalen's picture

Is the Citigroup Stress Test Rejection Really a Surprise? Really?





Why is Citigroup not like any of the top four banks, including JPM, WFC, USB or BAC?   

 
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