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Bank Of America Has Lost Money Trading On Only Three Days In 2012

Tyler Durden's picture





 

From the just released Bank of America 10-Q: "During the three months ended June 30, 2012, positive trading-related revenue was recorded for 95 percent, or 60 of the 63 trading days of which 75 percent (47 days) were daily trading gains of over $25 million and the largest loss was $11 million. These results can be compared to the three months ended March 31, 2012, where positive trading-related revenue was recorded for 100 percent (62 days) of the trading days of which 95 percent (59 days) were daily trading gains of over $25 million. There were no daily trading losses recorded during the three months ended March 31, 2012." This vaguely reminds us of the JPM's trading performance. Just before they got busted for hiding a $350 billion hedge fund in the firm's "risk hedging" aka CIO/Treasury division that is. Also, if anyone else has problems believing that BofA's trading desk, with or without Merrill, both of which are better known as the C-grade (and that is being generous) of Wall Street traders, could generate profits on 122 of 125 trading days, please lift your hand.

Also, for those who are far more interested by the firm's imminent plethora of putback settlements, in the aftermath of the July 17 Syncora agreement, among which with MBIA, here is what the Bank has to say about that:

Recent Syncora Settlement

 

On July 17, 2012, we, including certain of our affiliates, entered into an agreement with Syncora Guarantee Inc. and Syncora Holdings, Ltd. (Syncora) to resolve all of the monoline insurer's outstanding and potential claims related to alleged representations and warranties breaches involving eight first- and six second-lien RMBS trusts where Syncora provided financial guarantee insurance. The agreement, among other things, also resolves historical loan servicing issues and other potential liabilities to Syncora with respect to these trusts. The agreement covers the five second-lien RMBS trusts that were the subject of litigation and nine other first- and second-lien RMBS trusts, which had an original principal balance of first-lien mortgages of approximately $9.6 billion and second-lien mortgages of approximately $7.7 billion. As of June 30, 2012, $3.0 billion of loans in these first-lien trusts and $1.4 billion of loans in these second-lien trusts have defaulted or are 180 days or more past due (severely delinquent). The agreement provided for a cash payment of $375 million to Syncora. In addition, the parties entered into securities transfers and purchase transactions in connection with the settlement in order to terminate certain other relationships among the parties. The total cost to the Corporation was approximately $400 million and was fully accrued for by the Corporation at June 30, 2012.

 

Unresolved Repurchase Claims

 

At June 30, 2012, the total notional amount of our unresolved representations and warranties repurchase claims was approximately $22.7 billion compared to $12.6 billion at December 31, 2011. These repurchase claims do not include any repurchase claims related to the Covered Trusts. Unresolved repurchase claims represent the notional amount of repurchase claims made by counterparties, typically the outstanding principal balance or the unpaid principal balance at the time of default. For a table of unresolved repurchase claims, see Note 8 – Representations and Warranties Obligations and Corporate Guarantees to the Consolidated Financial Statements. In the case of first-lien mortgages, the claim amount is often significantly greater than the expected loss amount due to the benefit of collateral and, in some cases, mortgage insurance or mortgage guarantee payments. Claims received from a counterparty remain as outstanding until the underlying loan is repurchased, the claim is rescinded by the counterparty, or the claim is otherwise resolved. When a claim is denied and we do not receive a response from the counterparty, the claim remains in the unresolved claims balance until resolution. We expect unresolved repurchase claims to continue to increase due to, among other things, our differences with Fannie Mae (FNMA) regarding our interpretation of the governing contracts ongoing litigation with monoline insurers, and a continuing submission of claims by private-label securitization trustees in combination with the lack of an established process to resolve disputes with private-label securitization trustees. For more information see Estimated Range of Possible Loss – Government-sponsored Enterprises on page 60.

 

The notional amount of unresolved GSE repurchase claims totaled $11.0 billion at June 30, 2012. We continued to experience elevated levels of new claims from FNMA, including claims related to loans on which borrowers have made a significant number of payments (e.g., at least 25 payments) and, to a lesser extent, loans which defaulted more than 18 months prior to the repurchase request. Unresolved claims from FNMA totaled $10.1 billion at June 30, 2012, including $7.3 billion of claims related to loans on which the borrower has made at least 25 payments. During the six months ended June 30, 2012, we received $6.3 billion of claims from FNMA, including $5.5 billion of claims related to loans originated between 2005 and 2007. This amount includes $4.4 billion of loans on which the borrower had made at least 25 payments, including $2.1 billion of loans on which the borrower had made at least 37 payments. Historically, for those claims that have been approved for repurchase from the GSEs, our loss severity rate on loans originated between 2004 and 2008 has averaged approximately 55 percent of the claim amount, which may or may not be predictive of future loss severity rates. We continue to believe that our interpretation of the governing contracts is consistent with past practices between the parties and our contractual obligations. For further discussion of our experience with the GSEs, see Government-sponsored Enterprises Experience on page 61.

 

The notional amount of unresolved monoline repurchase claims totaled $3.1 billion at June 30, 2012. We have had limited repurchase claims experience with monoline insurers due to ongoing litigation and have not received a significant amount of new repurchase claims from the monolines in recent periods. We have reviewed and declined to repurchase substantially all of the unresolved claims at June 30, 2012 based on an assessment of whether a breach exists that materially and adversely affected the insurer's interest in the mortgage loan. Further, in our experience, the monolines have been generally unwilling to withdraw repurchase claims, regardless of whether and what evidence was offered to refute a claim. Substantially all of the unresolved monoline claims pertain to second-lien loans and, except those that have been resolved in the Syncora Settlement, are currently the subject of litigation. In addition, $674 million of monoline claims outstanding at June 30, 2012 were resolved through the Syncora Settlement on July 17, 2012. For further discussion of our experience with the monoline insurers, see Monoline Insurers on page 63.

 

The notional amount of unresolved claims from private-label securitization trustees, whole-loan investors and others increased to $8.6 billion at June 30, 2012 compared to $3.3 billion at December 31, 2011. The increase is primarily due to increases in submission of claims by private-label securitization trustees. We anticipated an increase in aggregate non-GSE claims at the time of the BNY Mellon Settlement a year ago, and such increase in aggregate non-GSE claims was taken into consideration in developing the increase in our reserves at that time. We do expect unresolved repurchase claims from private-label securitization trustees to increase as claims continue to be submitted by private-label securitization trustees and there is not an established process for the ultimate resolution of claims on which there is a disagreement. At least 25 payments have been made on approximately 63 percent of the defaulted and severely delinquent loans sold to non-GSE securitizations or as whole loans between 2004 and 2008. For further discussion of our experience with whole loans and private-label securitizations, see Whole Loans and Private-label Securitizations on page 64.

 

During the three months ended June 30, 2012, the Corporation received $8.2 billion in new repurchase claims, including $4.4 billion submitted by the GSEs for both legacy Countrywide originations not covered by the GSE Agreements and legacy Bank of America originations, $3.7 billion submitted by private-label securitization trustees and $119 million submitted by whole-loan investors. During the three months ended June 30, 2012, $1.6 billion in claims were resolved, primarily with the GSEs. Of the claims resolved, $876 million were resolved through rescissions and $704 million were resolved through mortgage repurchases and make-whole payments.

 


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Thu, 08/02/2012 - 17:29 | Link to Comment wcvarones
wcvarones's picture

All they had to do was get rid of that retarded country bumpkin Ken Lewis.  Worst. Trade. Ever.

Thu, 08/02/2012 - 17:32 | Link to Comment Pladizow
Pladizow's picture

And their share price tells a different tale?

Thu, 08/02/2012 - 17:35 | Link to Comment LongBalls
LongBalls's picture

If this is not enough to tell you that the game is rigged then it's hopeless. All traders know that a win/loss ratio such as that is impossible unless your in on setting the market.

Thu, 08/02/2012 - 17:50 | Link to Comment bdc63
bdc63's picture

nothing to see here ... just another run of the mill 6 sigma event ...

Thu, 08/02/2012 - 17:57 | Link to Comment nope-1004
nope-1004's picture

BAC goes tits up without rigged trading.  Profits need to come from somewhere, as all other departments throughout are losing hand over fist.  Signals to me that we're closer to the end for this insolvent dinosaur.

 

Thu, 08/02/2012 - 18:19 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

I'll speculate that rigged trading is a core strategy in re-capitalizing the TBTF banks.

Thu, 08/02/2012 - 22:17 | Link to Comment analyzer_66
analyzer_66's picture

i would love to see a whistleblower from the bank come forward and say exactly that but said whistleblower would have a massive heart attack or committ suicide before being deposed

Fri, 08/03/2012 - 00:54 | Link to Comment jeff montanye
jeff montanye's picture

i'm going with a drive by, a fly by, a drone by.  

seriously folks.  no administration until the hopey changey has warred like this on those who tell the truth: 

http://www.salon.com/2012/07/20/high_v_low_level_leaking/

Fri, 08/03/2012 - 01:25 | Link to Comment Freddie
Freddie's picture

Yup. That piece of sh*t warner buffer never loses money. He makes taxpayers cover his losses.   Someone should throw a hairdryer into his bath.  

Thu, 08/02/2012 - 18:21 | Link to Comment AldousHuxley
AldousHuxley's picture

they know they are holding bags of shit, so they probably short their own stock.

Thu, 08/02/2012 - 18:38 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

Wow.   Somebody really phucked-up over there during those 3 days.

Thu, 08/02/2012 - 19:17 | Link to Comment Doomer
Doomer's picture

Gotta let the muppets win once in a while.

Fri, 08/03/2012 - 00:56 | Link to Comment jeff montanye
jeff montanye's picture

no.   they.   don't.

 

got to take your own chances.  

 

Thu, 08/02/2012 - 17:58 | Link to Comment AldousHuxley
AldousHuxley's picture

BAC back down to 2008 lows

 

wouldn't worry so much about this sinking turd....just let it flush.

 

also if you win $1 every day and once  a month you lose $1000, then in the long term  you are fucked.

also if you had to be bailed out and saved by buffett, billions in marketing got wasted.

also if you are a bank not in manhattan as part of NY FEd but in north carolina, then you are fucked.

also when Fannie and Freddie (aka government) are coming after you for owning 58% of the GSEs’ total mortgage repurchases, you are fucked.

 

 

Earlier this week the regulator in charge of Fannie and Freddie rejected a proposal from U.S. Treasury to reduce mortgages for underwater homeowners

 

http://www.flickr.com/photos/55575860@N02/7148131737/sizes/l/in/photostr...

 

 

 

Thu, 08/02/2012 - 18:34 | Link to Comment LMAOLORI
LMAOLORI's picture

 

Bailed out by buffet actually taxpayers bailed out buffet too!

 

Buffett’s Betrayal

http://blogs.reuters.com/rolfe-winkler/2009/08/04/buffetts-betrayal/

 

Thu, 08/02/2012 - 20:50 | Link to Comment AldousHuxley
AldousHuxley's picture

of course

 

US bailout plan has been:

cut dividends --> bank stress test PR --> Private debt raising ---> buffet public PR bailout --> Fed money printing --> Uncle Sam buys it out with Treasury (your taxes)

Fri, 08/03/2012 - 01:20 | Link to Comment jeff montanye
jeff montanye's picture

wait a minute, aldous.  

where is the part about raising dividends (and bonuses)?

i hope the kids watching have a clue as to who you and your moniker are.  also the late great eric blair 

http://en.wikipedia.org/wiki/George_Orwell

and just so i don't seem to be a one trick pony, archibald leach:

http://en.wikipedia.org/wiki/Cary_Grant

wish anyone else was as cool.  esp, vs. audrey in charade (unless seeing lee marvin strangled and attached to a radiator is "too much").

p.s. i'm not saying my celebrities beat their celebrities but audrey hepburn fought the nazis before she hit puberty.  what anyone else got?  and holly golightly to boot?

http://lisawallerrogers.wordpress.com/2009/03/13/audrey-hepburn-world-wa...

 

Thu, 08/02/2012 - 20:53 | Link to Comment El Oregonian
Mon, 08/06/2012 - 10:17 | Link to Comment CrawdadMan
CrawdadMan's picture

Isn't that statement kinda paradoxical.

Thu, 08/02/2012 - 18:30 | Link to Comment GAAPpreNixon
GAAPpreNixon's picture

I have to agree that crimnality is part and parcel of the "inequities" market or trading "insecurities". The only way you can call this a "stock" market is if the REAL "stock" is the "meat on the hoof" doing the buying and the "market" is a slaughterhouse.

But that isn't the main problem. YOU are the MAIN problem if you envy the criminals running the show.

Morris Berman addresses the root of the problem: The cancerous Growth Paradigm. http://www.doomsteaddiner.org/forum/index.php?topic=665.0 

Americans anxiously watch the other tiny "fish" in the school being herded by a group of killer whales to see which way to turn en masse to. http://www.doomsteaddiner.org/forum/index.php?topic=642.msg5791#msg5791 

 

 

Rather than questioning the con artists, mountebanks and carnival barkers herding us into the fleece area or the slaughter house,  Americans dream of being a rich con artist themselves. I write to try to wake them up. The rich are a symptom. The disease is the blind faith in a growth paradigm in a finite biosphere. The system cannot be repaired. Everything else is hollywood.

We have been lied to by world class con artists for over a century. If you think you have benefited from the Trickle down con, you are sadly mistaken.

 http://www.doomsteaddiner.org/blog/2012/07/17/hope-for-a-viable-biosphere-of-renewables/ 

Thu, 08/02/2012 - 18:27 | Link to Comment Captain Kurtz
Captain Kurtz's picture

Some may refer to this as trading. The more sane individual sees it for what it is - theft.

Fri, 08/03/2012 - 12:46 | Link to Comment overbet
overbet's picture

It is all about the order flow. They all have the order flow locked down. If you get flow you crush the fastes HFT in the world. You get first option HFT second option then if they pass on the trade the broken market gets passed along the order. If you get the order flow you can choose to only buy on the bid when you can see its bid higher somewhere else. Pure arbitrage no risk. Clearly rigged. Anyone trading should be assuming some risk otherwise they are cheating.

Thu, 08/02/2012 - 17:39 | Link to Comment bdc63
bdc63's picture

Yeah, and if I had an accounting bucket that I called "off balance sheet" I'd have nothing but positive trading days for the year too ...

Thu, 08/02/2012 - 17:43 | Link to Comment SeverinSlade
SeverinSlade's picture

Logic begs the question: if the TBTF banks are generating trading profits 95 pct of the time who out there is losing 95% of the time? Even muppets win more often than that.

Thu, 08/02/2012 - 17:52 | Link to Comment MachoMan
MachoMan's picture

probably another division of BoA...  right hand not knowing what the left hand is doing and all...

Thu, 08/02/2012 - 21:05 | Link to Comment Cdad
Cdad's picture

That is, in part, where the dark pools come in.  A safe, nonregulated place to put a bunch of shares with a poor basis...temporarily...as you prepare to report your earnings/liquidity position.

Thu, 08/02/2012 - 18:15 | Link to Comment Global Hunter
Global Hunter's picture

The Bernank bails them out and takes the loss (well they just print some money more like) 95 pct of the time

Thu, 08/02/2012 - 18:47 | Link to Comment GAAPpreNixon
GAAPpreNixon's picture

No, WE-THE-PEOPLE take the loss through inflation devalued currency and the 1% continue to buy our government with our money!

Bernanke is nothing but an unimaginative careerist carrying water for his criminal bosses in the 1%. If he had another brain, it would be lonesome. It is fitting that this leech lakey will be ultimately held responsible for the Greater Depression that he claimed his helicopter bullshit would prevent. His thesis mentor (Fischer - Israel central bank head invited annually to the Jackson Hole conspiracy sessions) should revoke Bernanke's  Ph.D. "depression solution" thesis.

http://en.wikipedia.org/wiki/Stanley_Fischer

Thu, 08/02/2012 - 19:21 | Link to Comment northman
northman's picture

I'd really love to see a breakdown of their trading 'gains'. It would likely be some multiple of the following:

Interest paid to fed: $1

Interest received from treasury: $10

Losses on actual 'trades': $4

Net trading profit: $5 

 

 

Thu, 08/02/2012 - 17:29 | Link to Comment yabyum
yabyum's picture

It is good to be the bank.

Thu, 08/02/2012 - 17:32 | Link to Comment Jlmadyson
Jlmadyson's picture

Oceanside property in Arizona.....

P.S. Timmy G and Benny Boy Bernake both raise hands real high.

Thu, 08/02/2012 - 17:30 | Link to Comment Lost Wages
Lost Wages's picture

Whoa man. These guys must be geniuses. I'm going to give them all my money and get RICH!

Thu, 08/02/2012 - 17:33 | Link to Comment SemperFord
SemperFord's picture

In a way you already do...but it's not going to make you rich ;)

Thu, 08/02/2012 - 17:36 | Link to Comment Rainman
Rainman's picture

Just another average few months in the bucket shop.

Thu, 08/02/2012 - 17:33 | Link to Comment Winston Churchill
Winston Churchill's picture

Bof A has Muppets.

Who could have known.

Thu, 08/02/2012 - 17:33 | Link to Comment deejo
deejo's picture

baffle them with bullshit

Thu, 08/02/2012 - 17:34 | Link to Comment alien-IQ
alien-IQ's picture

BofA interviewing a new trader:

Interviewer: HAL, you have an enormous responsibility on this mission, in many ways perhaps the greatest responsibility of any single mission element. You're the brain, and central nervous system of the ship, and your responsibilities include watching over the men in hibernation. Does this ever cause you any lack of confidence?

HAL: Let me put it this way, Mr. Amor. The 9000 series is the most reliable computer ever made. No 9000 computer has ever made a mistake or distorted information. We are all, by any practical definition of the words, foolproof and incapable of error.

Interviewer: And what was your most recent employment, Hal?

HAL: Knight Capital Group.

Thu, 08/02/2012 - 17:35 | Link to Comment Pancho Villa
Pancho Villa's picture

Picking up pennies in front of a steamroller? Everything is great until the day that you trip.

 

 

Thu, 08/02/2012 - 18:53 | Link to Comment Tippoo Sultan
Tippoo Sultan's picture

So long as those pennies are pre-1982, risk on.

Thu, 08/02/2012 - 17:35 | Link to Comment rsnoble
rsnoble's picture

QE3 will come when BAC threatens the $5 level. Gota wonder what these fuktards have that make it worth bankrupting the country over. Repeatably.

Thu, 08/02/2012 - 17:36 | Link to Comment max2205
max2205's picture

Easy. Just trade when Ben tells you to.

Fucking racket

Thu, 08/02/2012 - 17:36 | Link to Comment Renewable Life
Renewable Life's picture

Only way you bat 1000% is if you know what pitcher is throwing, before they throw it!!!!!

Thu, 08/02/2012 - 17:40 | Link to Comment razorthin
razorthin's picture

Front-running dark pools.  Nothing but theft.  Because they are programmed not to lose, there is almost no way you, the individual, the human, can win.  Stop feeding the beast - with your trading or deposits!

Thu, 08/02/2012 - 17:41 | Link to Comment kindape
kindape's picture

the trading desk includes large bid ask profits (buying on bid from customers and selling to customers on offer). This is not all 'prop' trades which should by definition be zero sum. But trading the prop book with client flow - this is how firms make money - making money on 95% of days is not surprising. If customer flow dries up then yes, it would be extremely unlikely to post such a record.

Thu, 08/02/2012 - 17:45 | Link to Comment printmoremoney
printmoremoney's picture

Stinks like a Madoff to me. But that is easy to say, the Stink is all consuming in all directions. But this Ponzi does not  have to answer to any laws. That is one big difference. This Ponzi prints all the money it wants. They don't need to take it from a third party. "Just add it to my bill", says BoA. But then again, void that freakin bill. Why have such a thing around that messes with my "success". I am sure Ken Lewis is getting his transfers, offshore from the dark pools. It is human nature. Take a look at what they did to the men who saved Europe from being abandoned and unlivable forever after Cherynobl.

 

You have to really believe in that, down  deep somewhere, humans are good. Or at least good for something, to do what they did. The Banksters are simple cowards and scum compared to these men.

 

http://www.youtube.com/watch?annotation_id=annotation_604509&feature=iv&src_vid=7lkxKlFbmio&v=kZFKuRY7dx0

How are we going to survive the nuclear nightmare that we have unleashed on this planet? Money is meaningless if you don't have a planet that can support your DNA existence.

Thu, 08/02/2012 - 17:43 | Link to Comment Landrew
Landrew's picture

I have read a number of places they are double dealing out the backdoor. 

Thu, 08/02/2012 - 18:52 | Link to Comment cougar_w
cougar_w's picture

Was that a ghey anal-whoopie reference? I don't need to know the details, just a yes or no will do.

I try to keep up with cultural trends, you see.

Thu, 08/02/2012 - 17:44 | Link to Comment gettingready8
gettingready8's picture

BofA is such a mess. 

Thu, 08/02/2012 - 17:47 | Link to Comment Agent P
Agent P's picture

I heard Knight was having a pretty good year too...at least until August.

Thu, 08/02/2012 - 17:49 | Link to Comment GrinandBearit
GrinandBearit's picture

BAC needs to die.

Thu, 08/02/2012 - 17:54 | Link to Comment jvetter713
jvetter713's picture

Kind of like cheating in online poker when you can see your opponents hole cards.  Better to shear a sheep than skin it.  Those 3 days were either intentional losses to not make it look obvious or the main algo guy took lunch break with an open position and then failed to return due to bite marks on his penis from that nasty hooker.

Thu, 08/02/2012 - 17:57 | Link to Comment q99x2
q99x2's picture

Shut these parasites down. Sue them. Don't use them. Hire private investigators to start gathering data on their executives. Bust them and lock them up.

Thu, 08/02/2012 - 18:00 | Link to Comment XOFnews
XOFnews's picture

fuck BofA. They aided and abetted CA in robbing my checking account for a couple hundred bucks from a tax mistake I made in 2001.

Yes I killed them off long ago, but they linger on.

Thu, 08/02/2012 - 18:25 | Link to Comment hangemhigh77
hangemhigh77's picture

Banks and government, what's the difference?  None, they're both scum. They call them taxes? It's beer money for Jamie Dimon.

Thu, 08/02/2012 - 23:23 | Link to Comment Tijuana Donkey Show
Tijuana Donkey Show's picture

Fuck right on that! Anything in a bank is able to be snatched in the blink of an eye these days. I had the IRS take my fucking HSA on a lark, and had to claw it back. California can eat a huge dick, I hope they slide into the sea with all of their corrupt bullshit. Bain in the new Batman movie was right, put those fuckers out on the ice, or hang em high.

Thu, 08/02/2012 - 18:03 | Link to Comment i love cholas
i love cholas's picture

That is one hell of a winning streak. i was a professinal card player for a few years and no matter how tight your strategy or how much of a favorite you were going to the last card, Variance would bite you in the ass. 95% win rate is unheard of in the circles i ran in.

Thu, 08/02/2012 - 19:25 | Link to Comment lotsoffun
lotsoffun's picture

i'm being sarcastic, mr. cholas.  but i still disagree.  (and agree).  you are talking about 'gambling' and BAC does investing.  ok?

i have my 401k with BAC.  and my mom.

so BAC invested successfully for many a day.  hat's off to them, that's why i have my money there.

too bad about those knight capital guys, huh?

 

Thu, 08/02/2012 - 18:10 | Link to Comment Racer
Racer's picture

The banksters are ripping the people off as usual

In 1800 a very well off middle class person earned £300 a year

Say that is £60K now at minimum... so in just over 5 working life generations that is HOW much inflation?????!!!!

and that's just the salaries, the price of the things ordinary people buy have been hedonically adjusted to include fake cheese and bone scrapings

Stable prices my ass

Thu, 08/02/2012 - 23:24 | Link to Comment Tijuana Donkey Show
Tijuana Donkey Show's picture

Fake cheese and bone scrapings! Love it. I would revise it to "Chinese fake cheese and bone scrapings from WalMart."

Thu, 08/02/2012 - 18:09 | Link to Comment lostcause
lostcause's picture

 It's hard to lose when your the one running the casino!

Thu, 08/02/2012 - 18:13 | Link to Comment CunnyFunt
CunnyFunt's picture

Sounds like someone was sodomized by a C-grade trader.

Thu, 08/02/2012 - 18:45 | Link to Comment delacroix
delacroix's picture

.

Thu, 08/02/2012 - 18:20 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

"WOAT" (Worst Of All Traders) Bearing would be the other side of BAC's trades...

Thu, 08/02/2012 - 18:21 | Link to Comment Frank N. Beans
Frank N. Beans's picture

BofA, this is simply unacceptable. Some heads have to roll for this.  You MUST do better next time. 

This is a shonda!

Thu, 08/02/2012 - 18:23 | Link to Comment hangemhigh77
hangemhigh77's picture

Gee, how'd they do that?  Duhhhhhhhhhhhhhhhh

Thu, 08/02/2012 - 18:26 | Link to Comment bob_dabolina
bob_dabolina's picture

"Bank Of America Has Lost Money Trading On Only Three Days In 2012"

Taxpayers lost money 362 days last year.

shit stinks. sky is blue during the day; dark at night. dry ice sublimates. dark matter and other shit.

Thu, 08/02/2012 - 18:28 | Link to Comment spinone
spinone's picture

greater than 100 million?  thats potentially a big amount

Thu, 08/02/2012 - 18:30 | Link to Comment hangemhigh77
hangemhigh77's picture

Stop calling the money these bastards get from taxpayers "bailouts"  They're NOT "bailouts" they're ENTITLEMENTS.  Bank ENTITLEMENTS. Before we take ONE TWINKIE out of the mouth of even ONE ILLEGAL Mexican kid living in some Hellhole in Texas, take away all the yachts, mansions, jewelry, and expensive cars from the bankster scum, they come from the same place THE TAXPAYER. You want to cut "entitlements"? Like welfare, S.S. Medicare medicaid?  CUT THE BANK ENTITLEMENTS FIRST!!!!

Thu, 08/02/2012 - 18:36 | Link to Comment TicoTiger
TicoTiger's picture

Bank of America proudly reflects the new American Way. My way is still old-fashioned. Hang all the bastards or at least send them to Iran where they can get a fair trail before they hang!

Thu, 08/02/2012 - 18:49 | Link to Comment toomanyfakecons...
toomanyfakeconservatives's picture

Agreed. The hangings are coming to the U.S. shortly.

Sure as the sun will cross they sky they are coming... after the MASS ARRESTS occur... http://tinyurl.com/cd5cyjo/

Thu, 08/02/2012 - 19:17 | Link to Comment benslawyer
benslawyer's picture

Not enough rope available.  But lots of bullets.  Jim Sinclair suggests:

"What we need is the Chinese legal approach that summarily executes their sociopathic demons (called banksters) that violate their laws.

Why not? The banksters are killing and have killed the public to line their damned pockets."

Thu, 08/02/2012 - 18:47 | Link to Comment cougar_w
cougar_w's picture

They are just rilly, rilly smart guys that's all. Geeniuzes I bet. Sir Albert Newton type brainyacs.

Thu, 08/02/2012 - 19:58 | Link to Comment chump666
chump666's picture

lol

Thu, 08/02/2012 - 18:50 | Link to Comment Lokking4AnEdge
Lokking4AnEdge's picture

I've been trading the markets for over 30 years and I can tell you that to lose money in only 3 days over this period is absolutely impossible.....unless th have some "side funds" to borrow from on rainy days....

Oh well....I guess I need to trade better to get to their level....

Thu, 08/02/2012 - 18:52 | Link to Comment TrainWreck1
TrainWreck1's picture

They were just lucky.

 

The market is NOT rigged.

 

Thu, 08/02/2012 - 19:06 | Link to Comment Rudini
Rudini's picture

Nyk, nyk, nyk!

Thu, 08/02/2012 - 19:39 | Link to Comment strangeglove
strangeglove's picture

We earned our Bonus!
Bone US!

Thu, 08/02/2012 - 19:49 | Link to Comment GernB
GernB's picture

I don't think it's possible to have a success rate in predicting the market that is 95%. For every transaction there is just one winner and one looser. Therefore by derfinition across all trades 50% of people made money and 50% lost. To have a success rate of 95% you'd almost have to know what was going to happen before it happened...

Thu, 08/02/2012 - 19:49 | Link to Comment TooBearish
TooBearish's picture

90% of BACs "profits" is carry you imbeciles

Thu, 08/02/2012 - 20:20 | Link to Comment GernB
GernB's picture

Nice. Where can I engage in the carry trade? Obviously to be fair to all investors any sure fire method of making money would have to be available to all. Surely in a free and fair country the game couldn't be rigged so I can't make money 95% of the time, but large banks can.

Thu, 08/02/2012 - 20:29 | Link to Comment TooBearish
TooBearish's picture

O the cocksukkers there will be happy to put you into a leveraged carry trade via derivatives, with no money down! And when the "market" goes against you they will margin you out for large losses to you my fellow sheeple.

PS they will book the profit from margining you out up front, the day the trade is done!

Good luck!

Fri, 08/03/2012 - 04:04 | Link to Comment GernB
GernB's picture

Sweet. Where do I sign up for that cool carry trade thing.

Thu, 08/02/2012 - 19:57 | Link to Comment chump666
chump666's picture

And hedge funds, who actually on the scale of things are smarter than banks, have lost money.

Looks like an offset/backstop somewhere, probably some voodoo accounting in the mix.

 

 

Thu, 08/02/2012 - 20:02 | Link to Comment chump666
chump666's picture

thus their profits would be pretty sh*t...

 

Thu, 08/02/2012 - 20:12 | Link to Comment Yen Cross
Yen Cross's picture

  A little birdie told me that ( BAC) has a prop desk, in clear view!   When I mentioned the MOON, he grew stone faced...

Thu, 08/02/2012 - 20:36 | Link to Comment jal
jal's picture

It looks like we now know who is in charge of herding the cows.

There is no more need to discuss the "herd", or "lead cows" when you know who is in charge of the corral.

How can smart inside people be so dumb to not be able to see what is going on?

 

Thu, 08/02/2012 - 20:40 | Link to Comment Overpowered By Funk
Overpowered By Funk's picture

BAC to the average Joe at Etrade, "eat shit and die losers". 60/63 +$ trading days? Yeah it's all legit - like taking candy from sheeple er babies. Suckers.

Thu, 08/02/2012 - 21:50 | Link to Comment Ted Baker
Ted Baker's picture

Fact 4:- Losses of JPM due to its pet The Whale will continue during Q3 & Q4 -We expect another 4-5 USD billions

Thu, 08/02/2012 - 22:37 | Link to Comment Fecklesslackey
Fecklesslackey's picture

That make sense since I have only made money on three days

Thu, 08/02/2012 - 23:26 | Link to Comment areopagetica
areopagetica's picture

Just hedging the risk on transaction they handled for commercial clients, right?

Fri, 08/03/2012 - 02:31 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

lift your hand?  how about lift your leg? 

listen:  back when achillesMacris broke into the news with the multi-billion-$$$ net-negative jpMprgue derivatives bungle-jungle,... ...

...slewienomics hypothecated that these deals coulda been "structured" to transfer money to other banks/commercial interests:>  the chain of command was tight and the # of need-to-know people trading, likewise, seemed to me small enuf to function as a "cell"

the morgue's "losses" = ?'s "gains"?

now we have ? = BAC

i believe we shall see a few others, b/c that is the way the crazy story of the insane trades/traders/"make money mission" makes the most sense, forensically

this may have been at least partially a transfer of $(?$Bil?) of bank assets to "needy or owed" fellow banksters and not "losses" in the conventional (propaganda) sense

in other words, with the banksters in charge, the CI0,000,000,000.00 <losses> may have been at least somewhat "regulatory" in nature and by nefarious design...  Believe it or NOT!

Fri, 08/03/2012 - 06:01 | Link to Comment IMA5U
IMA5U's picture

Ah the beauty of banks.  Holding "reserves" from prior years to leak out and smooth earnings.

 

 

Fri, 08/03/2012 - 19:22 | Link to Comment Darkness
Darkness's picture

I guess BAML traders are just better than any of us are. 

I continue to aggresively pick up more BAC shares. My play on MS earlier has already returned 10+%. Thanks for your great coverage of these events ZH.

 

-DARKNESS

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