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BAC Breaks 4 Handle, Drags Entire Market Down
As definitive evidence just how fucked up this entire market is, here is what happens to the ES the second the infinite BAC Bid at $5.00 finally gets taken out. This is the ESH2. That's right - the entire market moved tens billions in market cap because the Plunge Protection Team just failed at protecting the "precious" $5.00 level.
Goodbye $5.00 BAC, we hardly knew ye:
Those in pain:
Goodbye:

h/t Hedgeless Horseman
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I'm all tingly inside.
I am so happy right now.
Can someone comment on the margin requirements? I know that once a stock goes below 5 its more stricter, yes?
Many brokers have increasing margin requirements as stocks trade lower. When closing at $4, the margin requirements are HUGE at most major brokers. $5 is the point when most major funds realize they need to get out. Also, some funds expressly forbid < $5 stocks due to volatility ... nobody likes penny stocks.
I'm overjoyed that bathtub coke loving Buffett is crying today...
A nice warm bath with salts and $7.14 warrants, bwahahaha
buffet has lost 1.5 billion with BofA. hahahaha what a loser!
im not at all defending him here, but he is not looking at what happens months after he purchases a stock. lets wait till bac is dust before dancing on the grave.............
Fo Sho!
The important thing might be SPX under 1200.
Buffet a loser? So I guess all your calls are correct? Any idea what options he has?
Jesus.
How much for 1 rib?
1 BAC share?
Heh. More like a *McRib*.
Back in summer didn't someone put a billion dollar short on BoA at $5 strike?
don't underestimate the oracle, he knows how to play the game that is wall st. It is by no concidence that he owned banks, rating firms, new wires.....now he owns political insiders at the very top...Obama.
He gets $300M divds every year no matter the stock price, so even if BAC goes down 50% to $3.5ish, he lost $2.5B in equity, but earned $300M x year.....in 8 years he would have pretty much broke even with $2.4B in divds + BAC will pay him $250M when they buy his shares back.
Don't forget he also got options for free.
Buffet makes money unless bank of america gets nationalized or goes to zero. Obama will make sure neither will happen.
plus he may have hedge his position with Citibank short. who knows.
All I know is you and I CANNOT get the same deal buffet gets. Free market? yeah right.
Couldn't have put it better myself. The honourable Warren Buffet (presidential medal of freedom winner) is simply buying when there is blood in the streets. While the ZH doomers jump up and down in a frenzy of masochistic glee, Mr Buffet is calmly picking up value stocks at bargain prices. And his courage is truly something to be admired.
Far from your best - Cast another line!
That's not bad, I mean, Buffet is down 20%, right, so now is a great time to buy!
Buy everybody! Buffet is!
Gorge the BAC buffet.
for common yes, but preferreds are down only 9% and buffett gets 6% annual
@Kito - When MDB glowingly endorses your post, you know you fucked up...
Good one MBD if the rest of my honorable ZH borthers and sisters don't get your sarcasim its a shame. You are consistant in your mockery.
ummmm... very courageous to face the hoards of crony capitalist bitchez...
I myself never once cracked even the most mildest of grins because of one of your posts. I honestly cannot figure out why anybody would bother to give you any credence at all.
...the government is a wholesome purveyor of liberty and free markets. The gods shine upon them. We should swear complete fealty to these lovings leaders."...or some such bullshit. It may have been mildly amusing once. It's peurile to me.
Hey MDB, weren't you a bit sad over Kim Jong Il's death?
Then maybe not. Perhaps you're looking forward to his son being even more ruthless.
Blood in the streets? Maybe it's Buffet's?
Use the NDAA to send the financial terrorist to Guantanamo and front run his empire. I'm sure at least a few rats in the sinking ship are drawing up gameplans now.
Uncle Warren has lost it if he did not exercise those warrants when BAC was at $8.xx in the days after his investment was announced.
And Sell-Side Wall Street & The Banks sing out:
Ben Bernankio
Send us a dream
Monetize quadrillions with your Fed Reserve team
Make The Bernank-CERN printer scream
Ben Bernankio
You must plug this dam
We're losing money
We're in a real jam
Timmay Geithner
Send us a dream
Make it all TARP-like
Like we've never seen
Timmay Franz Geithner
Please get more taxpayer blank checks
Our toxic assets
Are causing bondholder defects
Bernankio & Timmay Please send us a dream!
Mr. Krishna make us a hammer,
disabuse us of our lack of responsibility,
make our resolve to care for ourselves through our growth,
beyond the pain that we will feel in piercing our dream-like state,
as we emerge into the horror (the horror) of the larger reality,
we will quiver in fear, but Mr Krishna stands with us and is us,
to make it obvious that we have arrived.
(stare in the mirror and you see Mr. Krishna.)
(he is Tyler Durden and you are the narrator.)
( "you've met me at a really strange time in my life." )
buffet has lost 1.5 billion with BofA. hahahaha what a loser!
I think most here figured he would maybe live to regret that one...........
please quantify with notarized receipts exactly whose money he invested.
you think it was his?
he is a hood ornament of the squid.
he doesn't show the symptomology as much as folks like Munger and Franks do.
but he is nonetheless.
Warren Bufoon, what a maroon! hehehe
Nah? surely, its all just a fiendish plot........
I have a feeling that the tax payers will be some how covering Warren's bets.
You know that's a fact. I'm no fan of BAC, but in the end, the whole country would have to go down before BAC (and a few select others) are left to fry. Warren's fine. He's connected. Most of his terribly bad looking bets paid out - betting against him as proven that you don't know as much (or have as many buddies in the right places) as he does.
I don't think there are any connected billionaires here calling Warren out...
@camaro68ss
Someday, you are going to thank him for what he did for the country during last eight months... but that's the secret... secret secret! Money was the last thing on his mind!
PS -1
And what...you're a billionaire investor?
buffet has lost 1.5 billion with BofA. hahahaha what a loser!
Yeah, but, there's always Becky
OOOps. I read this and got a tingly flash as the old saying "He who laughs last..." flashed through me head.
All I know is that sob is one fuck of a lot by several orders of magnitude richer than I, and I suspect thou, and it ain't over. The question may be, is BAC TBTF, and will his buddies at the White House and Fed make it all better, or will BAC be whacked up and parceled out to the Squid, JPM and other present survivors?
Maybe we could pass it over the sea to Mario (either one of them - the *origianal Bank of America started as the Bank of Italy in San Francisco).
NFP
Someone needs to take a Nebraska corn cob, dip it in mercury and shove it up Buffett's.......
Wow, I agree with you.
N/t
Guess we'll never bump into you at the Dairy Queen.
Frankly Buffet doesn't care, Buffet owns preferred shares (not common equity) which are not traded on any market. As long as BAC doesn't go bankrupt (and the U.S. would never allow that to happen), then Buffet gets paid.
Buffett is such a devious ***k that the avg Joe's ran out and bought the common stock thinking they were buying what Buffett was buying. Poor sheep.
I didn't read the details, but IIRC .... Buffet's stock converts to common. He's pretty much fucked just like the common holders, maybe not as bad... but still fucked.
There were two parts to the deal, the $5 billion in preferred stock which gets him a 6% dividend (pretty frickin' outstanding), and warrants for common stock at $7.14. Now obviously he won't be exercising the common stock warrants any time soon, and his preferred shares are probably technically worth less, but if he's making a 6% dividend it's still a pretty sweet deal considering you can't get yield for shit anywhere these days. Unless of course BAC goes tits up, in which case he's out the $5 billion. Then the bathtub becomes a swimming pool!
Buffet is the muslim's golden boy. Ditto with Corzine. Dems do not lose or go to jail. Corzine and Buffett need to be "sanduskyed"
Bernanke is not muslim.
jesus Freddie...
did a Democrat give you that funky haircut/makeover?
give it a rest ya partisan fanboy...
I think we were all hoping that you had finally given that "Muslim" thing a rest since you seemed to have posted for a day without mentioning it. We can all still hope...
red i gave you a red arrow, because i dont think when all things considered, i would not make that bet 5 bl for 6%....risk, net reward, taxes etc..
i will make this general assumption, ...most people here have known about bac's future ...there was info here that announced when it was trading in the 15's.... announcing its terminal illness....
now with that being said, i'm thinking these fucks drink their own kool-aid and do not realize reality..they have lived in such a manipulated fantasy financial world for so long it has become their reality.....they will never see the exponential wave of nature that is about to swallow them up.. their egos will not allow it..
The old fart did not "buy" BAC as an investment but rather as a way of promoting confidence in his paper regime. $4.99 shows that his credibility is eroding and it is rather irrelevant what type of shares he bought. Afterall if BAC goes, so will his beloved BRK
Don't buy the stock, load up on some DITM puts....
Sit back, smoke a cigar and break out the Grand Marnier..
Dirty magazine, optional
Anyone out there own the SKF? If so are you also suprised like I am that is is 66 freakin bucks when it should be about 150/share right now? Horseshit.
It is where it is... There's no "should be" about it. That's trading - know when to bail out. If and when it gets to 150, that's where it is - and that's all that matters.
"Lehman Brothers is still trading." Hell even American Airlines! In this market "no company is too bankrupt not to have a chance to still squeeze a tenth of a penny out of." Absolutely ridiculous. The irony of course is that the USA is on the cusp of the biggest energy revolution since the discovery of oil. And of course..."the losers" make it worse for all us as a consequence.
HFT algos and SkyNet malfunctioning the markets. Air plant blows. What is barometric i mean volume pressure of hopium leviation undercurrent now?
I am NOT happy and tingly inside. This could be nother one of those straws that breaks the system. And ALMOST ALL of us will suffer, even those of us with Au and Ag.
Extreme caution everyone...
The Fed will bailout BofA perpetually, and Uncle Asshole's preferred stock along with it.
Nothing can happen perpetually. BAC goes to zero when the FRN goes tits up.
Beans, bullets, bullion.
We need to reset. Not for me or my children, but for their children. The entire system is corrupt. Get rid of the banks, period. Lets really have a free market economy. I am tired of feeding the monster. It is never satisfied.
You're right, no matter how much my balance sheet goes up from being short, we'll all suffer from the shit hitting the fan. But at the end of the day (...er, century), there isn't any other way for things to get fixed. Anything less than a complete assraping and wall street and washington will contrive to blame it all on an anomaly that could never happen again. No new rules will be made, nobody will be punished, nobody will learn a god damn thing about prudence, and we'll just spend years more getting slowly drained of our blood.
To be honest - I just want to make money on my puts and GTFO. I hope BAC doesn't go kaput, and it probably won't because the Fed will nationalize it.
hey the oracle is getting fucked real good. i love it when a plan comes together. what goes around comes around..............
On the close of trading today, I dub him 'Orfice of Omaha'.
Not me, I had just bailed on all my puts 'cause it was such a snoozer of the day and went to the gym. Oh well, lesson learned.
This is a feel good day! I hope old man Buffet loses his fucking shirt!
pauson did do something right when he dumped much of his position in bac earlier this year..
Ms Quick...Hurry Mr Buffett needs you...he just pooped in his bath, apparantly BAC went to less than $5!!!!
Wouldn’t you take money out of individual accounts rather than losing your life? According to SilverDoctors, that’s the choice Corzine was faced with.
http://silverdoctors.blogspot.com/2011/12/jp-mograns-jaime-dimonthreaten...
While its entirely possible that its true its total reckless speculation of Keiser. I guess his interenet presence and possibly himself will be disappeared soon.
BAC breaks, and drags entire market down"---or vice versa. Causation is always difficult to specify, and is frequently in the eye of the beholder.
Bruce Berkowitz just had a really, really bad day week month. With the exception of MBIA.
this is smoke. wait til BAC hits 3 handle. then we see fire. I'm filled with glee to know the bank that absorbed countrywide financial may be a penny stock in the next 8 month.
Yes...there IS a Santa after all! Merry Christmas Bank Against America!
Yes, Happy Crucifixtion Day, Bank of Unmerica. Do those nails need another tap, or are they just about all right like that?
call the VIX
YOU SAY THE F WORD.....!!!
I think the word is appropriate. The overall market moved massively on a single penny move of BAC. This shows fragility. Many traders are already gone for the end of the year. The traders still present are laying low and trading cautiously since they've already closed their books for year end.
If this was a high volume day, you'd probably see a -15 pt move in the S&P500 at the same event. So yes, this is totally fucked. This is as fucked as the intraday trading that occurred when the US received its downgrade from AAA. That intraday was also FUCKED beyond belief. No trader could keep up with that fast paced market, it was entirely PPT and HFT trading.
I worked on Wall Street during that time. I can tell you MANY of the major wall street firms were maxing out their pipelines and systems were getting backed up like crazy just handing tick and quote processing. People could not enter trades before they'd be invalidated by automated systems.
Sounds like a "free market" to me.
That's how you know FOR SURE things are bad, Tyler losing his cool.
That hasn't happened since he shot that gun at himself in the back of the van loaded with Nitro.
So, now what?
Now, BAC shareholders bend over and grab their ankles...
Reverse Split. Or the Fed buying their shares.
Yep. 1 for 10; just like Shitibank.
See ya BAC. Don't come BACK.
Wonder how the BUFFET is feeling bout now?.
As long as WF stays afloat, I'd say he's happy with his ROI.
Reverse Split. Or the Fed buying their shares.
"They" finally gave in...
oops, does not seems we are going to have a Jesus party....
Guess he is delaying his visit to this planet. He suposed to bring armagedon but decide to leave that job for bankers.
PicassoInActions
You will get your Jesus party.
Hope you have changed your mind when that one starts.I can't descibe the feelings you will have if you do not.
In the meanwhile keep being cute, and smarmy.
Plus, since your clueless on how Armageddon starts, maybe you should refrainmaking ignorant comments.
The longer HE delays, the more time the lost have to get found. Be very Happy for that.
From my vantage point we are getting really close to a return.
"Plus, since your clueless on how Armageddon starts"
i wrote some time ago
To fully understand the simple solution, we will need to establish the few doctrines of our own.
1. Bible is the absolute truth.
2. Prophecy must be fulfilled.
Let me try to elaborate what Prophecy is.
If someone is predicting the future and it never happens, we simply will call that person a liar and not a prophet. Since many Christians are claiming that gazillions of prophecies in the bible were fulfilled, we can safely assume that gospel writers (prophets) from Christian bible somewhat on track.
Most commonly accepted Christian prophecy that will be fulfilled (the date of cause getting pushed out constantly…) is Armageddon, or in other words an apocalyptic catastrophe. Apocalypse is revealed to us by our most commonly quoted writer of the 4th gospel “John”. We simply call it revelation.
According to John (I assume he was good at math…) certain amount of people will be punished and send to hell forever and ever ,plus few more “ever” on top of that. John gives us clear indication of how many people will be punished, so we won’t have to guess.
Revelation 6:8
And I looked, and behold a pale horse: and his name that sat on him was Death, and Hell followed with him. And power was given unto them over the fourth part of the earth, to kill with sword, and with hunger, and with death, and with the beasts of the earth.
Revelation 9:15-18
And the four angels were loosed, which were prepared for an hour, and a day, and a month, and a year, for to slay the third part of men. And the number of the army of the horsemen were two hundred thousand thousand … By these three was the third part of men killed, by the fire, and by the smoke, and by the brimstone, which issued out of their mouths.
Now, we can do the basic calculation to see how we can prevent the disaster.
Step one is to figure out how many people will end up in hell:
Okay, let’s count them up. 1/4 will be killed by Death and Hell (per Rev.6:8). That leaves 3/4 alive, 1/3 of which will be burned to death by the 200 million fires and brimstone breathing horsemen of Rev.9:15-18. Since 1/3 of 3/4 is 1/4, half the human population will be killed in these two slaughters. (Source: http://dwindlinginunbelief.blogspot.com/2006/08/how-many-more-will-god-k...)
Step 2 is to find out what’s the world population at the present moment.
The current world population for mid-year 2007 is estimated at 6,602,224,175.
Step 3 is to finalize our counting effort:
We have 6.6 billion people and according to John (revelation) 6.6 /2 = 3.3 billion people will be destroyed (with one way ticket to hell)
If we analyze the number of people who will survive (half of the population) we can safely assume that people who get saved are the true Christians. (John 14:6: “Jesus answered: ‘No one comes to the Father except through me’”)
Christian Research indicates that by the middle of last year (2006), (inflated) 2.14 billion people made up the world’s Christian population (source: http://www.christianpost.com/article/20060106/22515_Christian_Population...)
From this, we can clearly see that while total Christian population is less than half of the world population, there will be no Armageddon. Otherwise the John’s gospel “revelation” is wrong, and that is not acceptable by Christians, by any means.
Finale:
We need to keep growth of Christian population under half of the total population of the world, and then we can continue our safe journey into the future.
Don't waste yor time or mine.............in the end we will see.
who's end? INteresting how some pople at least trying to apply common sense and logic to most of the things, but when it comes to chemical reaction in their body ( what ever they call faith) the logic and common sense getting trow out.
No worry, bible had more modifications during the life cycle than wall street rules and regulations.
Comrade Trotsky, is that you?
yup it is me.... 1917 all over.
Just don't get angry at us nonbelievers. If you think the world is cominng to an end make sure you tell us.
those belivers are like bankers, adjusting their dooms day on yearly bases.
I bet they already planning how to explain Jesus delay for the next Obamamama term
Why didn't HE come sometime between 1933 and 1945? That time was the worst time ever! I wonder how many people fully believed that prophecy should be fullfilled at the dawn of that "age" and it simply didn't happen. What a disappointment that must have been to those praying and believing folks back then. I'm not saying it couldn't happen but with all the blood shed across the world we've recorded through history, I'm just wondering why that time hasn't come yet.
Statistically speaking, I think you're going to be probably disappointed if you hold out to see the Revelation fullfilled in your lifetime.
Don't waste all your life waiting for it. There's so much to look forward to every day. Can't even imagine how you'd go through life every day, every night and hoping for His return and Armageddon to happen. It's kinda screwed if you want my honest opinion.
the only revelation we are going to get is when ECB or FED will admit that they rape us.
Others revelation willbe delayed for infinity.
See, the problem is that a large part of the population probably believe it's better to wait for His return and stay put than to make some noise and take matters into their own hands. Bankers are just very good con-artists and thieves that have made allies with organized religion centuries ago. When the time comes to stop the charade and the games, our faith will neither save us nor hurt us.
My favorite story in the Bible is when Jesus went into the temple and ransacked the money changers. Faith and money don't mix well.
Travis?
Your ignorance is disgusting. Go buy BAC.
A thorough study of Revelation will reveal that much of it is written in symbolic language. From John the Revelator's perspective he was looking into the future and he wrote down what God enabled him to see.
First symbolically speaking in the bible a horse is a church. Symbolically the color of the horse is the spiritual condition of the church, i.e. pale means a dying church. Symbolically the rider is the leader of the church. The white horse in REV 6:2 represents the pure church in the era of 31 to 100 A.D. The red horse of REV 6:4 represents the loss of purity (see also Isa 1:18) of the church in 313 to 538 A.D. The black horse of REV 6:5 has corruption (black equals opposite of white) as its rider as well. during the same period. Finally the pale horse rider was the death of some 50 - 1oo million Christians at the hand of the inquisition from 538 to 1798.
As for REV 9:15-18 I suggest to go on to Rev 20,21 to find out that only a part of the idol worshippers were killed and that there was more to come. A superficial interpretation of the Bible always leads to the wrong conclusions.
That which is asserted wthout evidence can be dismissed without evidence
"c. hitchens"
RIP
Jesus was gay, why else would he roam around the desert in a sarong with 12 other guys and one fag hag???
And Jesus retured from the heavans to smite BAC and CIT and all other criminal enterprises, so sayith the Lord. Revelations Chapert 1 SEC verse QE3. He has challanged the squid to a banjo dueling.
Bank of 4merica
#Winning!
Bonus Pool: Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, US Bank, and Wells Fargo are set to award themselves $156 billion in compensation (including salaries, benefits and bonuses) to executives in 2011, a 3.7 percent increase over 2010.
Despite a dismal year, Bank of America set aside [estimated $35.1 billion] 7% more compensation through the first three quarters of 2011 than it did during the first three quarters of 2010.
It takes the average Bank of America teller 441 hours, or 11 weeks of work, to make what Bank of America CEO Brian Moynihan made in one hour last year ($5,000).
banks could write down the principal of underwater mortgages at a one-year cost of $71 billion saving underwater families an average of $543 per month, pumping billions into the economy and creating one million jobs. The banks have the money – this year’s compensation pool is projected to be more than double that.
http://warisacrime.org/content/2011-big-bank-bonuses-set-be-near-record-...
Someone should start a campaign to ask executives to donate their bonuses. The donated funds could be used to give grants to entrepreneurs who create the most jobs. I guess Bonuses for Jobs could be a more popular campaign than the occupy kind.
First round of FAZ is on me tonight!!!
Been watching it all day, even the PPT can't hold EURUSD, ES, and BAC all up at the same time. Panic is on - bitches
Capital raising imminent for BAC. Will occur within a week. They need to rush it before their stock drops below $4 or they won't be able to raise nearly the same amount as they could now. The goal is to shaft existing shareholders more and faster, front running the actual market bidding down the common shares to <$4
Here we go. Santa Claus isn’t coming to Wall Street
Doesn't this push BAC into a new stock classification??
Is this.........good night now?
note quite: 4.99
Technically makes them list as a Penny Stock. Will go Bidless under 5 handle WST barred to Bid. Let's see if they get liquid overnight???
Will close above $5.oo though.
Today or ever?
Why do you say that?
I've been reading forever how this stock can't go under $5.00.........and now that it does...........You say it's going back?
I say no way.........The circuit breakers have been lifted and BAC is going to get blown the fuck up.
He went long 200,000 shares at $5.04 this morning.
Should've learnt that lesson a while back when he went in at $5.12 cause of the Australian gold mining projects BAC was announcing...
<shrug> It was in the high 5's in the last month. He could have made some coins and bailed. I honestly don't keep that close a track of his positions, I just read his long this morning.
maybe he can recycle those steam-rolled nickels?
the euro fell outa bed, too
ether fits, probably...
I think he's pondering the now typical 3:30pm hopium that CNBC vomits on us to push the mkts before the close.....which is just a joke of course.
Or not.
So, you think Robotrader's going in long with both hands on such an "opportunity"?
Or will he just hope this afternoon's autoerotic strangulation will take its full and natural course...
The volume weighted average for SPY is half percent or so above present level. On a low volume day like this there is usually an end-of-day ramp by the robots to hit that target. BAC was above 5.00 at that level. Don't be surprised if/when BAC ramps up above 5. It will be very significant if it doesn't rise from the dead today. Tomorrow is another day. Even Lazarus eventually died and stayed buried.
DeadFed
Second that, everyone knows the floor is $5 and it will be bought now and flipped tomorrow.
That is what they said about another TBTF:
$4.99...pretty close, it was trying to get back to $5. There wasn't the customary fill at the close.
They said the same thing about the Titanic. However the Titanic was taken out by mother nature and didn't have someone keeping it afloat.
Dude, not indulging in any schadenfreude here (although I do have puts on C and what's bad for BAC is bad for C), when I saw your post this morning I thought, bad move. Time will tell, of course, but I guess if you can gamble with a million dollars, losing $14,000 won't kill you.
Actually, I should clarify that post. I didn't think "bad move", I thought "ballsy move", and one that I wouldn't make for a number of reasons. I think I understand your thinking, that the TPTB wouldn't let it drop further, and it was sure to bounce from $5.04. Maybe it still will. But, I've been thinking that if they are going to let a US bank fail, BAC is a likely candidate, so I put no faith in them to necessarily save it from dropping below $5.00. The truth is, all the big banks should be penny stocks, but thanks to legalized fraudulent accounting, they are still able to show profits and pay bonuses. Anyway, I guess if you gamble like that, you better be prepared to take your lumps, and I'm sure you are.
Remember that BAC moved its derivative exposure to the commercial bank division. BAC blows up, nobody gets anything... including depositors.
Plan B bitchez.
maybe Italy can help out. lmao
Nah. They're too busy shipping Euros to the IMF to bail themselves out...
How could that be! /sarc
anyone can explain what is ESH2? thanks.
First future in 2012 for ES mini (future on SP500)
American Bank Nationalization Act in 5........4.......3......2......1....
BAC finally stuck its dick in the mud. Have fun BAC.
Well, this takes care of the dilemma of whether or not to put a share of BAC, or Meal #5 from McDonald's via a gift certificate, in Johnny's stocking. Even little Johnny doesn't want this worthless shit.
http://vegasxau.blogspot.com
I smell a capitol raise, coming right up...
4.95 boys. Hold on tight.....,
Ouch to those longs at $5.04/share.
And I just went to all cash except physical. Lets blow this up and get it over with. No miners.
And tell them what they've won!?
A... brand... new... BANK!
Congrats America this is officially your bank. Moynihan and Buffet, your services will no longer be needed...