Bank Of America As An Analog To WorldCon And, Of Course, Horseshit

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Fri, 09/02/2011 - 15:43 | 1627561 chunga
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Come on Tyler...let's have another "Bear Market Open Thread" like two weeks ago. It's Friday.

Fri, 09/02/2011 - 15:47 | 1627569 lizzy36
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something tells me you may get your wish.

Fri, 09/02/2011 - 16:15 | 1627712 AldousHuxley
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AND it is a long weekend for 85% of those who are still employeed.


Labor day is a good time to reflect how labor gets screwed over the interest of capitalists' greed: Money > Mankind


I'd actually would like to see some unions thugs fck shit up in DC and NYC.

Fri, 09/02/2011 - 16:22 | 1627740 TuesdayBen
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"I'd actually would like to see some unions thugs fck shit up in DC and NYC."

No problem, the Mets are in town for a three game series against the Nationals this weekend....

Fri, 09/02/2011 - 15:52 | 1627598 tekhneek
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Yes, lets.

Fri, 09/02/2011 - 16:04 | 1627648 chunga
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FHFA suing Barclays and Merrill Lynch too. Yippee! Next thing you know we'll get the "junk" button back. It was so anti-social.

Fri, 09/02/2011 - 16:22 | 1627744 candyman
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since we are cleaning house lets bring back the mark to market.

Fri, 09/02/2011 - 16:07 | 1627658 Western
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let them eat cake

Fri, 09/02/2011 - 15:44 | 1627565 wang (not verified)
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Buffett invests in horseshit





Fri, 09/02/2011 - 15:49 | 1627575 nathandegraaf
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Quadruple A rated horseshit. 


Fri, 09/02/2011 - 15:50 | 1627584 anony
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Buffet doesn't invest, or gamble. 

He gets the United States government to back his 'rescue' plays.  This takes the government off the petard, appears to put him on it instead (private enterprise and all that horses doofers), and when something turns sour WE, as in the taxpayers,  reimburse him thru a bailout of the institution.

He can't lose. Doesn't.  He makes money regardless of what happens.



Fri, 09/02/2011 - 16:19 | 1627730 AldousHuxley
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Buffett is JP Morgan of this depression....the last bankster standing rescuing his own.

Fri, 09/02/2011 - 16:59 | 1627908 Jasper M
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I'm taking  the under on that trade

Fri, 09/02/2011 - 15:56 | 1627613 Chuck Walla
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whatever he does, he certainly spews a lot of it.

Fri, 09/02/2011 - 23:34 | 1628883 Captain Obviousness
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But only if it's too shitty to fail.

Fri, 09/02/2011 - 15:46 | 1627568 caerus
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this reeks of desperation (and horseshit)

Fri, 09/02/2011 - 16:42 | 1627831 RockyRacoon
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Talk about desperation...  Dick Bove on CNBS just now talking up B of A.   There was desperation in his voice.   What do those guys have on him anyway?    Pictures and credit card receipts to prove whatever indiscretions they have on the poor fool.

Fri, 09/02/2011 - 17:55 | 1628203 Cash-NonCash
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"the fury against this company will weaken..." said Dick on 23 August.

I'm not furious, because my puts are on fire.

Dick.  Dick? What have you been up to Dick? Ooooooh Diiiiiiiiick...


Fri, 09/02/2011 - 15:48 | 1627573 LoneStarHog
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Hey! As an equine lover and former breeder/rancher I resent the degrading tone toward something as wonderful as horseshit.  Many days were spent with an apple rake cleaning stalls to the wonderful aroma and visuals of this fine product. /Rant Off

Fri, 09/02/2011 - 15:57 | 1627620 caerus
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i too come from a tx ranching family...course i grew up around shit of the bovine variety

Fri, 09/02/2011 - 20:01 | 1628533 DCFusor
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What's been fun in the rural boonies is these new hobby horse "farmers" that have moved into the area as the old folks die and their kids split up the big places into mere 20-50 acre lots.  They think they're returning to nature and all (it IS nice here).  Hosrsehit seems to scare and/or disgust them though.  They'll even pay to have it taken away (and will sometimes do the collecting for removal themselves).  As an organic gardener - shit by any name can smell pretty sweet in a strange sort of way.  HS smells not much at all...

Not all things of value are golden and shiny.  How about a large patch of the richest soil on earth, having had many tons a year of organics put on it?  Heh.

Fri, 09/02/2011 - 15:49 | 1627577 Greater Fool
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Meh, still might buy some when it gets to 6. I need a little excitement in my life.

Fri, 09/02/2011 - 15:54 | 1627607 tekhneek
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Excellent idea. While you're at it sell your house, car, precious metals and buy NFLX.

Fri, 09/02/2011 - 16:11 | 1627684 Greater Fool
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Wow, a lot of the funny people here have no sense of humor. What's not to like about being able to buy a share of the biggest bank in the US by assets for about what it costs you to get a supersized value meal?

Fri, 09/02/2011 - 16:14 | 1627708 chunga
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When you're hungry a whopper always seems like a good idea...until it lands in your stomach like a bag of cement.

Fri, 09/02/2011 - 16:17 | 1627726 Greater Fool
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A lot of Americans would probably live longer if, say, 1 time in 3 when they were going to buy the whopper they bought a share of BAC instead. Moynihan should do an infomercial.

Fri, 09/02/2011 - 16:00 | 1627628 eftian
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a little excrement more likely..

Fri, 09/02/2011 - 15:49 | 1627579 tmftdoyle
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having been duped by bernie, i still have clear memories of all the shenanigans, but unfortunately they are expo-facto. What the tracker, which was spun in summer 01 achieved was a monster of a 10k filing which made finding the smelly shit that the board member qouted referred to extremely difficult to find. for anyone interested in forensic accounting pull up the worldcom 2001 10k and go to the footnote concerning lease commitments, magically from year-end 00 to year end 01, lease commitments were reduced (if my memory is correct) by about $5 billion. yet there were no writedowns. when i read this footnote, admittedly after the company was outed, i puked. worldcom put its fraud into its public filings but just made it hard to find. BAC has not been that forthcoming to date.

Fri, 09/02/2011 - 20:48 | 1628621 Kayman
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And if Bernie could have marked to pretend, he wouldn't be in jail today. What a fucking world we live in !

Fri, 09/02/2011 - 15:50 | 1627580 Misean
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Perhaps if they spin CFC into a SIV...or package up hunks of it into Super Senior, Senior and Investment Grade with AAA ratings on them as the risk is removed from the process...or something.


Fri, 09/02/2011 - 16:03 | 1627639 Greater Fool
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You forgot the part where the structured bonds get sold to ME sovereign wealth funds and the Chinese government five minutes before the whole thing implodes and they lose their entire investment.

The American way!

Fri, 09/02/2011 - 22:47 | 1628814 cranky-old-geezer
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Or maybe something like ... re-re-mixes :)

(@ 6:30)

Fri, 09/02/2011 - 15:53 | 1627597 Gringo Viejo
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Sign on a stock kiosk, London, during the South Sea's Bubble.

"A most marvelous and profitable undertaking, no one to know what it is."

From: "Extrodinary Popular Delusions And The Madness Of Crowds"

            by John Mackay, 1852

Fri, 09/02/2011 - 15:59 | 1627624 caerus
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i love that book

Fri, 09/02/2011 - 15:53 | 1627601 lolmao500
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Bail it out or tanks will be in the street and you'll be eating your own children for dinner because you'll be so poor!! Or so says the bank shills in Congress, the White House and the FED.

Fri, 09/02/2011 - 16:15 | 1627710 TuesdayBen
TuesdayBen's picture

...or will the children be dining on you...?

Fri, 09/02/2011 - 15:54 | 1627606 kengland
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"...than a WorldCom director likened to, well, horseshit."

Spoken like a cityboy...I sell horseshit for $40 a yard. That's $40 more than the BAC's equity is worth. Watch yourself

Fri, 09/02/2011 - 15:57 | 1627622 tekhneek
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I could use some actually. My organic matter's pretty low right now. Fall season's comin' up and I might actually get some rain in my garden in TX sometime this year. But that's just wishful thinking.

Fri, 09/02/2011 - 16:19 | 1627716 hedgeless_horseman
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Easy enough to find, if you're willing to shovel it.

Fri, 09/02/2011 - 16:59 | 1627910 Falcon15
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Rain in Texas? What is rain? I live in TX too, and it is hotter than the hinges of the Gates of Hell and three steps closer. Need some horseshit? Shovel up what Perry has been spreading. Ron Paul 2o12!

Fri, 09/02/2011 - 20:05 | 1628548 DCFusor
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Shhh.  Don't tell my dumbass hobby horse farming neighbors that "it's really good shit, Ms Preske".  I'll have to pay then.

Fri, 09/02/2011 - 20:54 | 1628626 Kayman
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And if you charged for the cost of feeding and maintaining a horse, the price would be $400/ yard.

The only thing more expensive that a horse is a ......  (sorry- my wife might read this.)

Fri, 09/02/2011 - 15:55 | 1627610 John McCloy
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And cue.....the stock dilution death rattle.Because they do not need capital.

Fri, 09/02/2011 - 15:56 | 1627614 Piranhanoia
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They can't go broke yet,  They have furniture I am selling to get my money back at a foreclosure sale on their local branch.  POS is rat infested crap that looked bad when it was designed in burnt orange and avocado modern.  Am going to keep the safe because it was emptied anyway.

Fri, 09/02/2011 - 15:59 | 1627626 Josh Randall
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I remember the Sprint - WorldCom buy-out talks back in the day, the whole town of KC thought they were going to have to find work elsewhere, not to mention alll the suits that would have had to relocate to scenic Jackson, MS.

SNIFFFF, Awwwwe I can still smell the panic in the air...

Fri, 09/02/2011 - 16:01 | 1627631 Fur Trader
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"....existing equity value will drop to about $0.00... or $0.01 tops."

I own BAC Oct Puts.... paid $0.01 yesterday... do I win??

/sarc, but true and with apologies.

Fri, 09/02/2011 - 16:02 | 1627635 buzzsaw99
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Somewhere, out on the Pacific, a very tan man is opening a bottle of champagne that was paid for by someone else's grandmother.

Fri, 09/02/2011 - 16:13 | 1627704 caerus
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Fri, 09/02/2011 - 16:02 | 1627637 Caviar Emptor
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It's always been about BAC. THe March 09 stock market meltup was done so that BAC could recapitalize by doing a secondary. QE and repealing MTM was in large part so they could hide their disasters. They are an ex-bank. They have gone to meet their maker. They have rung down the curtain and joined the choir invisible. 

Fri, 09/02/2011 - 16:04 | 1627644 bania
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Bath of America

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