Bank Of America Desperately Does Not Need The Cash...But Will Take It; Sells Remainder Of China Construction Bank Stake

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Mon, 11/14/2011 - 09:08 | 1875190 silver500
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Mon, 11/14/2011 - 09:10 | 1875201 GeneMarchbanks
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Um, who's there?

Mon, 11/14/2011 - 12:51 | 1875891 dlmaniac
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The bank is entertaining to observe, if you don't have an account there or at least have pulled it.

Mon, 11/14/2011 - 09:08 | 1875193 GeneMarchbanks
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 Our decision to sell the bulk of our remaining shares in China Construction Bank is consistent with our stated objective of continuing to build a strong balance sheet,”


Mon, 11/14/2011 - 09:15 | 1875210 CPL
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Translation:  They are running/selling as if their lives depended on it.



Mon, 11/14/2011 - 11:07 | 1875498 TheFourthStooge-ing
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"...consistent with our stated objective of continuing to push this boulder to the top of this hill," said Bank of America spokesman Sisyphus McGuffin.


Mon, 11/14/2011 - 12:24 | 1875797 francis_the_won...
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BofA should have been smart like Wells Fargo and bought an entitiy that didn't make bad loans like Wachovia.........well, accoridng to WFC's filings, none of Wachovia's loans have gone bad.

Mon, 11/14/2011 - 09:08 | 1875195 Irish66
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I believe the mortgage case is up in 6 days, look out

Mon, 11/14/2011 - 09:09 | 1875197 pudding
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China is down! Do you copy? China is down! Over.

Mon, 11/14/2011 - 09:09 | 1875199 Alex Kintner
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Cops in riot gear now marching on Occupy Oakland. Three foot billy clubs in hand. Looking Ominous.

Live feed.

Matt Taibbi has it right. All this police time and resource spend on crushing a legal public demonstration/movement. And zilch investigation of who is responsible for the collapse of the world financial system.

Mon, 11/14/2011 - 09:27 | 1875232 pupton
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Aren't these guys getting bored of this? Just marching around in circles and yelling...

And why are the cops bringing 12 different agencies?

Mon, 11/14/2011 - 09:31 | 1875242 Alex Kintner
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Yeah, Homeland Security is there in numbers. Apparently Occupy is now classified as a Terraist Movement.

Mon, 11/14/2011 - 09:28 | 1875236 HD
HD's picture

Won't matter. Genie is out of the bottle.

Mon, 11/14/2011 - 09:38 | 1875203 HD
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BAC doesn't need money. It has access to the FED/CNBC hopium reserve.

...And if all else fails, BAC has the wet, naked love of one Warren Buffet - who is ready and willing to inject liquidity directly, if that's what it takes to satisfy the need for more capitol.


Mon, 11/14/2011 - 09:13 | 1875205 chunga
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Show you care. Close your BOA account today.

Mon, 11/14/2011 - 09:13 | 1875206 BW
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What's up with the futures?

Mon, 11/14/2011 - 09:20 | 1875216 firstdivision
firstdivision's picture

Don't worry, they'll be green by open.

Mon, 11/14/2011 - 09:41 | 1875254 HD
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Bots don't like down days. It makes them sad several million times a second.

Mon, 11/14/2011 - 09:14 | 1875209 gangland
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buffet's azumi dow 30 intervention lasts about 20 minutes on dow futures.

Mon, 11/14/2011 - 09:16 | 1875211 bob_dabolina
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Buffet just said "we are going to have to break our promises in the future" and "we won't be able to give people all the things we promised to them" 

So basically Buffet has admitted the US is going to default

Mon, 11/14/2011 - 09:22 | 1875220 GeneMarchbanks
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Not exactly. You get what you were promised, only it is now almost worthless.

Mon, 11/14/2011 - 09:28 | 1875239 HelluvaEngineer
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I'm sure Buffett will get everything that has been promised to him, as will the rest of the .01%.

Mon, 11/14/2011 - 11:14 | 1875520 TheFourthStooge-ing
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You've correctly interpreted his statement. In Buffett-speak, "people" is a euphemism for human cattle, also known as the 99.99 percent.


Mon, 11/14/2011 - 09:17 | 1875213 Shizzmoney
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And zilch investigation of who is responsible for the collapse of the world financial system.

On top of that, what about the REAL CRIME in Oakland that has risen since they, according to the city+state, "ran out of money and had to cut officer's time".  You have stick up kids, Crips+Bloods, Cholos, Pimps and Hooker, all sellin' rocks, all on blocks that STAY HOT.  And they use all these resources to enforce law against some protesters, hippies, and Iraq veterans who are ALL on the right side of the argument while bank finanically finger the populace up the ass.

But according to the Government, everything is OK.   

Mon, 11/14/2011 - 09:22 | 1875221 Alex Kintner
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Right. Oakland has deployed 1,000 cops at a $1,000/day to crush a peaceful demonstration. Oh well, just layoff more teachers to pay for it.

Mon, 11/14/2011 - 09:23 | 1875222 bob_dabolina
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There are people getting murdered and raped at the OWS protests. There are people stealing from eachother left and right. There are people pimping out underage girls. There are all kinds of sickness getting passed around. 

If you want to expose yourself to that I think you should be able to enjoy your freedom and do it.

Mon, 11/14/2011 - 09:41 | 1875246 Eally Ucked
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You have to ask yourself if there is not pimping underage girls in high bankers society, not to mention of stealing on very large scale. Murders are not rare events either. Are you concerned  with it too? 

Mon, 11/14/2011 - 09:47 | 1875265 bob_dabolina
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I don't know what bankers are doing with underage girls. I know underage girls are getting pimped in public areas at these protests. 

And Wall Street never stole anything in my opinion. Our government handed it to them. I don't see people protesting the elected officials that opened the vault and invited them in. 

Like I said...all this rape, murder, theft, drug dealing, pimping, and spread of disease are all occuring in public places. The police are 100% correct to disband these gatherings.

Mon, 11/14/2011 - 10:24 | 1875364 ViewfromUnderth...
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.gov troll revealed

Mon, 11/14/2011 - 11:37 | 1875630 TheFourthStooge-ing
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bob_dabolina retched, emitting these chunks:

I don't know what bankers are doing with underage girls.

...and that's just how they'd like to keep it.

And Wall Street never stole anything in my opinion.

Of course not; they did it the old-fashioned way - they earned it, every dime of it.

I don't see people protesting the elected officials that opened the vault and invited them in.

When the strings are visible, why protest the marionettes?

Like I said...all this rape, murder, theft, drug dealing, pimping, and spread of disease are all occuring in public places.

That's not entirely correct; some of it happens during closed sessions of congress.


Mon, 11/14/2011 - 11:23 | 1875569 TheFourthStooge-ing
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bob_dabolina opined thusly:

There are people getting murdered and raped at the OWS protests.

No kidding. Those people that tried to close their bank accounts were ass raped in broad daylight.

There are people stealing from eachother left and right. There are people pimping out underage girls. There are all kinds of sickness getting passed around.

Exactly correct, and the OWS protests formed as a response to this lurid behavior.


Mon, 11/14/2011 - 09:26 | 1875230 PaperBear
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Soon to be bankrupt Bank Of America.

Mon, 11/14/2011 - 09:27 | 1875231 stateside
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This is the perfect training exercise for when the real protests start by real Americans who finally get fed up with the system. 



Mon, 11/14/2011 - 09:29 | 1875233 gangland
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buffet paid avg $170 for IBM missed april low, also said lobbying works for me, it may not work for my cleaning lady, but what can she do about it.

Mon, 11/14/2011 - 09:28 | 1875235 junkyardjack
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Bank of America is just taking the initiative on creating a bad bank.  Soon they will be rid of all of their good assets and they can start buying up crap assets from other banks.  It brings a tear to my eye to see a company really taking one for the team, even Jamie Dimon would have to say this is American.

Mon, 11/14/2011 - 09:28 | 1875237 Caviar Emptor
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The banking cartel circles the wagons: dumping shares in a Chinese bank into private hands, bypassing "Free Markets" altogether. 

Of course they really mean they're exchanging the shares for IOUs from companies with higher credibility than BAC. A credibility swap :-) Like giving $100 to Buffet in exchange for his personal check for $100 would 'raise your creditworthiness' . 

Next up: C-suite office furniture tag sale. 

Mon, 11/14/2011 - 09:35 | 1875247 ArkansasAngie
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They shoot horses don't they?

Insolvency ... let's get down to brass tacks.  The business model is broken.  This will require structural changes.

Hey Benny ... whatcha gonna do now?

Mon, 11/14/2011 - 09:40 | 1875252 Seasmoke
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soon BOA will just be a shell holding a bunch of underwater mortgages and worthless HELOC

Mon, 11/14/2011 - 11:04 | 1875489 prodigious_idea
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Or a variation of that.  Fun facts: Since Sept 2nd, BoA has foreclosed on 1,600 homes in Oregon, with most after Sept 30 (can anybody say terrible 4th qtr results).  If you assume an average $200k mortgage (maybe high), that's $320M.  Not insignificant for nine weeks of activity in a state that makes up less than 1% of the nation's population.  And from the real estate sales in the state they aren't selling them all so that suggests that the homes are now in some bloating asset category on the balance sheet.  Clearly BoA is in scramble mode on all fronts except lending.

Mon, 11/14/2011 - 09:56 | 1875285 LauraB
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Tyler -- Did you see these stories from last Friday?  It looks like the FDIC is stepping up to try to prevent the BAC transfer of derivatives from Merrill Lynch to Bank of America.  The federal gov't has been bailing out the banksters with impunity until now.  What are they afraid of all of a sudden?  Do they realize that if they let the Fed have its way here, this bailout will be so big that the game will be up?  Are they realizing that they are at the point they can't keep kicking the can?

From Bloomberg:  BofA Says Regulators May Limit Transfer of Merrill Contracts:

From Business Insider: The FDIC Fights Back Against BofA's Attempt To Put The Taxpayer On The Hook For Trillions Of Dollars Of Derivatives:

Mon, 11/14/2011 - 10:06 | 1875307 Comay Mierda
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BAC in the $5's any day now

Mon, 11/14/2011 - 10:23 | 1875359 azzhatter
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Uncle Warren Fraudulent Dickweed better get in the tub

Mon, 11/14/2011 - 11:02 | 1875474 DarkStarDog
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Who needs cash... LoL. It buys less and less each and everyday. A snap card and a babymama with 6 chitlins keeps me rolling. Green shoots rainbows and unicorns. !!! Ride the white pony Y'all. Yippee

Mon, 11/14/2011 - 11:03 | 1875482 GrinandBearit
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Becky comes back and the first thing CNBS does is send her back to visit Uncle Warren.  She seems very subdued and tired, but at least her boobies have gone up a cup size or two. 

This got me thinking... since they're already ample, I wonder how much bigger Michelle's boobs would get if she got pregos?   I would really like to know if Michelle's are store bought or natural.

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