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We don't need anymore capital! We don't need anymore capital! Ehh, we need more capital (bitchezz.)
"We don't need to shore up no capital" BAC sounds so pre-Bear-Stearns and pre-Lehman.
They don't need capital! They just want to pay more dividends? and hire more customer service representatives...? After all, they are all about customer satisfaction and stability?
it's not denial, they're just selective about their reality
No doubt the pressure is on Moynihan.
If he doesn't do something to get the Heatmappers to jump on BAC, then Warren Buffet will have to drag "Bathtub Becky" back into the tub for yet another "rub and tug"...
I can just picture that pasty white Becky with her hair halfway hidden over her eyes playing with Warren's stiffie trying to get him into the "Clouds and the Rain".
great first post from the office after a hard commute w. the blow-up doll in the diamond lane?
L.A. is like New York during the summer.. only the help is left behind to suffer the elements.
Looks like BAC, who said they needed no new capital, is getting more new capital. I love full frontal corporate nudity.
"will take the market the usual several hours to figure out"
I really don't get it. So, On this news BAC soars 3% or so. Does anyone think this means they are actually in good shape, or are traders just betting on some form of bailout that keeps them alive long term?
deal to close Monday..damn they are quick
Speed reading, I guess
Have to admit this leak was well played by BofA IR.
This sale does not appear to be a sign of desperation like the Buffett giveaway. Knowledge of it has been out there for quite some time.
Still waiting to see how it is priced vs market for signs of BAC weakness. And who the suckers buying it will be.
I have to give a golf clap to the grotesque amount of fraud happening today, though. Seriously, I hate these SOB's more than anything else on the earth...but, this is some seriously epic and world-class fraud today. You have to hand it to them. They really know their shit.
May they die a long slow horrible death.
Buffets investment will turn out wrong in the long run, its a grantee.
Not his money anyways :)
so what? there really is nothing to see here, but a bank doing some liquidation, as per the farce we call: American Justice
the political fix is in on the legal liabilities, i wld surmise or buffett wouldn'ta playa'd up the do-re-mi
BAC got "screwed" by paulson et al, so now they get a compensatory break from the criminals who control the "justice" system
welcome to america, BiCheZ!
Where I come there's a say: A watter bottle can only go to a slippery well until it breaks! What we keep seeing since 2007-2008 is going to end one day, and it will be THE END of The Society as we know it now! It does not matter how Much longer it can/may take but the innevitable is the same, total destruction of everything and anything, survivers? Very FEW and they won't be rich!
Where I come from they say 'Butter Fingers'.
just get it over with, this is like watching a bad chic flic...it feels like its never going to end, but you know it will
i guess you never watch Jennifer Aniston, her bad chic flics all morph together and they just keep coming and coming and coming
Apple moves up 2.2% to 383. The apple trade was unvelied on Aug 25.
20% trade with 3% VaR.
Read premium trade of Apple at":
Apple trade charts
Here you go - hope this helps http://finance.yahoo.com/
I have a $400 check sitting on my desk, drawn on BofA. Should I just deposit it or run to a BAC branch and demand cash?
I'll probably take my chances that it clears by Monday, or maybe Tuesday or later, depending on Irene. Besides, I hate the stench of burning money in those BAC branches.
Hmmm... maybe a drive-through window...
Full disclosure: BAC SUX.
So...should I pay off my BofA 10,000 credit card debt?
No reason to. You heard the reports on CNBC. They are flush now. Anyway, if you have done business with them you should be aware they are so screwed up it's 50/50 they will forget you owe them the money.
You could always offer them 2 cents in the dollar? Fair's fair.
New item in your series of interest:
Working Paper No. 11/208: Global Economic Governance: IMF Quota Reform
Author/Editor: Virmani, Arvind Summary:
The paper examines the principles on which a reform of a Quota based global economic institution like the IMF must be based, taking account of both the relative economic power of countries and the need for voice and representation of the poor countries.
These principles are then used in the context of the global economic realities of the 21st century to examine the suitability of different variables in the IMF.s Quota formula.
Based on this analysis a simple transparent formula is suggested, which will help increase the credibility and legitimacy of the IMF as a global macroeconomic and financial institution.
I suspect yesterday was a $10B capital raise. BAC gets to issue $5B in new shares to satisfy the warrants when exercised.
Warren probably exercised them yesterday and sold the shares into the market for a profit. Presto change-o, capital raise without that pesky secondary process and its attendant "quiet period" and all the other red tape.
Will be interesting to see if that is the case. Even more so, watching him explain it.
selective amnesia i don't remember seen that news before news before news before
Do I hear a clock ticking. Getting closer.
Gash, so many paranoiacs on this board, I have My money in BAC
as well, no problems, no worries. BAC is fine..
WE got Market Rally today, Told ya previous Q GDP would be revised
upwards. f* doomsters!!!!!
Curious how you managed to log on to the internet, let alone post.
whats the song:
just a gigalo, everywhere I go,
getting the preferred i want it....
I aint got no body, NO Nobody......
move on, no one is watch da Craimer, and his calls.
Bathtub Becky.....I Lov date.
send it to the Washingmachine Regulators.
"The US bank has approached sovereign wealth funds and other investors in the Middle East..."
A few of their large investors from N. African countries are distracted right now...
Greater Sucker Theory:
The greater fool theory (also called survivor investing) is the belief held by one who makes a questionable investment, with the assumption that they will be able to sell it later to "a greater fool"; in other words, buying something not because you believe that it is worth the price, but rather because you believe that you will be able to sell it to someone else at an even higher price.
It is similar in concept to the Keynesian beauty contest principle of stock investing.
This reminds me so much of *NATIONAL CITY*. Screaming how they had TONS of Tier-1 capital. No danger of failure. While behind the scenes, their scum-bag CEO was working out a deal with PNC to parachute into a lucrative VP job. They lied day after day about their financial state. Same with Wachovia. Loaded with toxic assets. Their CEO crying about how they were getting treated unfairly with all of the selling pressure.
I'm guessing that BAC is *FAR* worse off than National City or Wachovia ever was. Already scrambling for capital. NCC had a big stake in Visa. There was never talk of them selling that to raise cash -- where-as BAC is actively shoppiing it's China Construction Bank position -- practically pleading for a buyer.
Buffet hops on board, but only b/c the terms of the deal were impossibly sweet. It's not like he just went out and bought the stock quietly on the open market. Aren't those guys normally secretive in their buying. Always refusing to comment on their holdings until they are forced to release them?? Ya. When they announce their buying, it seems like it's a last ditch attempt to prop things up. Like that Middle East dude who bought a bunch of Citi and then it plunged much lower after.
Anything involving BAC is absolutely rotten to the core. They are like a dead tree. Still standing -- great place for an old owl like Buffet to stop for a rest -- but destined to come crashing to the ground. Just a matter of when...
In my humble opinion, I see something like nationalization happening at some point down the line. Shareholder value wiped out. Then they will sell off the pieces at pennies on the dollar to JPM, GS, et al and make the tax payers absorb the loss.
Why don't they just pass the tray around billionaires row and have each of them take their 6% pref share divi IOU receipt from the block? Problem solved.
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