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Bank Of America Refutes Idiotic JP Morgan Take Over Rumors

Tyler Durden's picture




 

And so the uber-idiotic rumor which spread like wildfire among desperate traders yesterday, namely that JPMorgan would acquire Bank of America, is next in the docket to be denied (after taking cheap shots at Henry Blodget):

  • BANK OF AMERICA SAYS JPMORGAN MERGER SPECULATION IS `BASELESS'
  • BANK OF AMERICA DISCUSSES MERGER SPECULATION IN INTERNAL MEMO
  • BOFA REPEATS IT HAS NO NEED TO ISSUE ADDITIONAL COMMON STOCK

Now... If only Bank of America can focus its attention for 5 minutes and answer our questions and all shall be well.

 

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Wed, 08/24/2011 - 11:05 | 1595143 lolmao500
lolmao500's picture

Lies we can believe in.

Wed, 08/24/2011 - 11:15 | 1595186 oogs66
oogs66's picture

BofA says we would all get fired and lose our great pay packages and perks, so we are going to ride it out.

Wed, 08/24/2011 - 12:02 | 1595397 Pladizow
Pladizow's picture

Error in Artice Title:

It should read - " BOA idiotcally refutes JPM take over rummor."

Wed, 08/24/2011 - 14:10 | 1595980 FEDbuster
FEDbuster's picture

Apple announces "ibank", after buying Bank of America for $2./share.  The purchase was described as "chump change" by Jim Cramer of CNBC's Mad Money.

Wed, 08/24/2011 - 11:26 | 1595235 HelluvaEngineer
HelluvaEngineer's picture

Why would you pay for something you're going to get for free?

Wed, 08/24/2011 - 11:37 | 1595272 slaughterer
slaughterer's picture

B OF A SAYS TYLER DURDEN'S QUESTIONS ON POPULAR "NEWS DROP" BLOG "ZERO HEDGE" RAISE ISSUES THAT THE COMPANY CANNOT AT PRESENT DISCUSS IN PUBLIC.

B OF A RECOMMENDS THAT TYLER REFER TO MEREDITH WHITNEY'S ENDORSEMENT OF B OF A ON BLOOMBERG THIS MORNING FOR REASSURANCE ON THE CAPITAL STRUCTURE OF B OF A.

 

Wed, 08/24/2011 - 16:04 | 1596411 IQ 145
IQ 145's picture

BAC leads financial sector upwards!---12;46 byline from Marketwatch. Well, Tyler you fought the market; and the market won.

Wed, 08/24/2011 - 11:40 | 1595296 LetThemEatRand
LetThemEatRand's picture

What is really funny is that the cartoon silver bears predicted this two weeks ago.    I don't always get my investing advice from cartoon bears, but when I do, I prefer the silver bears.

Wed, 08/24/2011 - 11:41 | 1595303 Dasa Slooofoot
Dasa Slooofoot's picture

hahaha +666

Wed, 08/24/2011 - 16:05 | 1596414 IQ 145
IQ 145's picture

Moron.

Wed, 08/24/2011 - 12:14 | 1595445 President Palin
President Palin's picture

Hopelessness and Pocket Change we can believe in.

 

No, you can't.

Wed, 08/24/2011 - 11:05 | 1595144 Irish66
Irish66's picture

Think tank at the hole

Wed, 08/24/2011 - 11:06 | 1595146 bania
bania's picture

What was The Donald's BAC entry point again?

Wed, 08/24/2011 - 11:14 | 1595181 orca
orca's picture

Donald Trump isn't firing Bank of America Corp.

The real estate titan and reality TV star told CNBC this morning that he bought the Charlotte bank's shares this week amid market turmoil that has especially hammered bank stocks. Trump told CNBC's "Squawk Box" program that even though he's not a stock person he also bought shares in Citigroup, Caterpillar, Intel and Procter & Gamble.

"We'll see what happens," he said.

Read more: http://www.charlotteobserver.com/2011/08/11/2519411/bank-of-america-has-...

That was August 11. High/low that day was 7,42/6,96. So let's say he went long at 7.

Wed, 08/24/2011 - 11:25 | 1595226 bania
bania's picture

thanks for the link. and i thought i was the comedic hack.

Wed, 08/24/2011 - 11:40 | 1595295 orca
orca's picture

The interesting thing is that Lord Sugar (some moron in the UK who impersonates the donals in the UK version of the Apprentice) also bought bank shares last week, with e.x.a.c.t.l.y. the same motivation, ie "normally I don't buy shares but in this case I do". He bought Barclays and Lloyds. His entries are deep in the hole, so Trump wins this one for now.

Wed, 08/24/2011 - 11:50 | 1595335 goldm3mb3r
goldm3mb3r's picture

Just a point of order, The apprentice started in Blighty.

That said Sir Alan is a prize plum.

Wed, 08/24/2011 - 11:29 | 1595249 buzzsaw99
buzzsaw99's picture

I guess nobody told Trump that price moves make "cheap" stocks even cheaper sometimes, especially for bottom feeders.

Wed, 08/24/2011 - 11:31 | 1595261 Nascent_Variable
Nascent_Variable's picture

When you have the extensive bankruptcy filing skills of The Donald, you don't really have to worry about dumping a bad investment.

Wed, 08/24/2011 - 12:05 | 1595321 wisefool
wisefool's picture

If you build self edifying casinos, putting your brand out there in neon and then declare bankrupcy over and over again, you get to run for president on the campaign slogan "I made my billions honestly, I can get this country going again"

If you are a treasury secretary, and you have no idea what the problem is, you can get a bazooka and use it on the american people, taxing them by devaluing thier currency. And once you fire that bazooka,  you need further airstrikes from bernanke to turn the whole thing into a greenfield so that nobody questions the crony placement of the first shot.

And if you can't figure out how to use turbotax to file your taxes, and at the same time don't have the proper judgement -- considering how high profile and relevant your former, current and future roles in society are -- to pay a 25 year old H&R Block accountant $80 to do your taxes for you .... we will make you the head of the IRS.

We give Keynes a hard time here, but these guys understand it perfectly. I think the disconnect citizens have is honest. If as an individual you lived your life in the exact same way these guys did -- in both the spirit and letter of Keynsian law -- you'd be in prison.

vote for Ron Paul in 2012.

Wed, 08/24/2011 - 11:08 | 1595156 tekhneek
tekhneek's picture

CRASH AND BURN BITCHES!

Wed, 08/24/2011 - 11:09 | 1595159 UTICA CLUB XX PURE
UTICA CLUB XX PURE's picture

I NEVER HAD SEXUAL RELATIONS WITH THAT WOMAN: [ J P MORGAN ]

Wed, 08/24/2011 - 11:09 | 1595160 Newsboy
Newsboy's picture

Who else can take over BAC and survive?

Wed, 08/24/2011 - 11:25 | 1595228 AngryVoter
AngryVoter's picture

The Bernank

Wed, 08/24/2011 - 11:28 | 1595244 AngryVoter
AngryVoter's picture

The Bernank

Wed, 08/24/2011 - 11:55 | 1595359 raki_d
raki_d's picture

FDIC

Wed, 08/24/2011 - 12:13 | 1595437 Freewheelin Franklin
Freewheelin Franklin's picture

Fire sale

Wed, 08/24/2011 - 14:53 | 1596164 Poetic injustice
Poetic injustice's picture

Any person who offers half-eaten burger.

Wed, 08/24/2011 - 11:09 | 1595162 sudzee
sudzee's picture

Marriage vows yesterday all but thrown under a bus today. BoA is now naked.

Wed, 08/24/2011 - 11:27 | 1595164 Johnny Yuma
Johnny Yuma's picture

I find it hilarious that they feel compelled to answer all these rumors. It must have hit a soar spot for them. I do recall similar responses from Lehman and Bear.

Wed, 08/24/2011 - 11:30 | 1595252 Dr. Richard Head
Dr. Richard Head's picture

That is what I was thinking.  This deal is as good as done.  The only question is when the deal is signed.

Wed, 08/24/2011 - 11:57 | 1595372 Placerville
Placerville's picture

So, that means we've got about two months before the BAC implosion?

October....sounds about right!

Wed, 08/24/2011 - 11:10 | 1595167 Darth Silver
Darth Silver's picture

nothing to see here.  please move along. 

seriously, move along!

Wed, 08/24/2011 - 11:10 | 1595168 hugovanderbubble
hugovanderbubble's picture

Grenade in da hole...

Wed, 08/24/2011 - 11:13 | 1595177 citta vritti
citta vritti's picture

nothing's confirmed until it's denied?

Wed, 08/24/2011 - 11:24 | 1595219 Oh regional Indian
Oh regional Indian's picture

nice handle CV. Lot's of vritti making news on the boards, eh?

I would like to refute all rumors of yesterday's earthquake. Yes, the leaning tower of DC is an optical illusion.

Rumors are news and news moves HFTs and HFTs move markets.

So simple? 

Vivek

http://aadivaahan.wordpress.com/2011/08/24/precursor-03-bottom-falling-out-still-still-and-a-gander/

Wed, 08/24/2011 - 11:34 | 1595274 slewie the pi-rat
slewie the pi-rat's picture

anyone going to above link will never find anything there except facts

go ahead!  see what i mean!  the swami w/ the big salami is a truly amazing self-propmoting mechanical apparatus, but where o where is his touch-hole buddy, falakpenis?

Wed, 08/24/2011 - 12:06 | 1595414 citta vritti
citta vritti's picture

ORI -

thanks; glad someone's awake out there :-)

Wed, 08/24/2011 - 12:52 | 1595619 slewie the pi-rat
slewie the pi-rat's picture

if zH's go to swami salami's site to  see if c_v "posts" there, too, sweep for harmful cookie-relaying "marketing ware" bots which ORI may have downloaded to your computer while you were there, ok? 

altho, if he sees this, he will, for sure, switch it off for a while

trust me

Wed, 08/24/2011 - 16:59 | 1596645 Oh regional Indian
Oh regional Indian's picture

Now that is a low Slewie. I understand that you are mad, drunk, drugged, medicated, have really poor self-esteem, are mad...whatever. 

But this shit?

eep for harmful cookie-relaying "marketing ware" bots which ORI may have downloaded to your computer while you were there, ok? 

 

You have no idea what you've invited on yourself.

Vivek

Wed, 08/24/2011 - 11:25 | 1595229 carbonmutant
carbonmutant's picture

Well, nobody's signed anything yet...

Wed, 08/24/2011 - 11:29 | 1595245 Oh regional Indian
Oh regional Indian's picture

nice handle CV. Lot's of vritti making news on the boards, eh?

I would like to refute all rumors of yesterday's earthquake. Yes, the leaning tower of DC is an optical illusion.

Rumors are news and news moves HFTs and HFTs move markets.

So simple? 

Vivek

http://aadivaahan.wordpress.com/2011/08/24/precursor-03-bottom-falling-out-still-still-and-a-gander/

Wed, 08/24/2011 - 11:49 | 1595326 slewie the pi-rat
slewie the pi-rat's picture

this woulda been even better and more "cosmic" if our resident leader in self-promotional advertiZing on zH had left the adverti-Zing off the secong one!

or(i):  if he'd noticed what he'd put up here for other to marvel at during the last 15+++ minutes

Wed, 08/24/2011 - 11:13 | 1595179 gigeze787
gigeze787's picture

CNBC: Cramer hinting Carlos Slim might buy a stake in BAC..."even though they (BAC) don't think they need" a capital injection. Stock is up 8.4% as of 1112ET...

Translation: BAC is desperate and broke, but PPT/NYFRB are using Cramer to negotiate in public to prevent a bank run...the real word on a equity stake is out on the street... but they are still haggling about the price with Slim (or whoever).

Wed, 08/24/2011 - 11:43 | 1595307 flacorps
flacorps's picture

It would make sense for Slim to get some more influence at BofA, which is under boycott pressure to terminate its outreach to illegal immigrants. I'm sure Slim has ways of making money on remittances, etc. that might be hampered if our illegals have trouble doing anything with pay that comes is a form other than cash.

Wed, 08/24/2011 - 11:14 | 1595180 falak pema
falak pema's picture

Zombie and Uber-zombie at the vampire's ball. Where is Sharon... and the fearless vampire killers?

Wed, 08/24/2011 - 11:37 | 1595285 slewie the pi-rat
slewie the pi-rat's picture

found him!  right where he belongs!  what a great post, too!

Wed, 08/24/2011 - 11:20 | 1595185 carbonmutant
carbonmutant's picture

You mean they're actually having meetings with JPM about this???

I know they're in discussion with banking consortiums in China but collateral is an issue...

Wed, 08/24/2011 - 11:33 | 1595268 Dr. Richard Head
Dr. Richard Head's picture

Collateral?  They don't need no stinking collateral. Primary dealers only need to look at one side of the ledger.  The other side has unicorns and fairies prancing about a field of skittle trees.  Taste my rainbow.

Wed, 08/24/2011 - 11:15 | 1595187 IMA5U
IMA5U's picture

it doesn't matter

 

the rumor helped stabilize the market yesterday.  it accomplished what the pundits and administration wanted

Wed, 08/24/2011 - 11:16 | 1595190 Moneyswirth
Moneyswirth's picture

It's amazing how history continually repeats itself.  Denial of rumors of takeover, of a bank whose share price is plummeting, captial base is shrinking, etc. 

In exactly three weeks, it's the 3 year anniversary of the death of Lehman.  I'm expecting Cramer (tm) to appear on the Television Machine tonight and tell us how we should buy stock in....er, um....put your money in BAC.  All is well folks, nothing to see here.

Idiots.

 

Wed, 08/24/2011 - 11:37 | 1595286 Dr. Richard Head
Dr. Richard Head's picture

Kramer said he he didn't tell people to buy BearSterns, he said it was safe to leave your money there - http://maxkeiser.com/2011/08/18/cramer-tries-to-defend-banking-rapists-and-gets-slammed-for-recommending-to-all-in-into-bearstearns-36-hours-before-they-collapsed/

But then again he told people not to sell it either back then - www.liveleak.com/view?i=2b7_1205751955

Every circus needs a clown. CNBC's clown just happens to wear business casual.

Wed, 08/24/2011 - 11:37 | 1595287 IMA5U
IMA5U's picture

Wells Fargo is the fashionable financial to like

"I can't believe how cheap everything has gotten.  Look at Well's Fargo.  So well capitalized.  I look smart because I am being contrarian and saying a sector that trades straight down is cheap. "

 

The pundits will hump WFC 

Wed, 08/24/2011 - 11:17 | 1595193 alien-IQ
alien-IQ's picture

A rumor is not a fact...until it is officially denied.

Wed, 08/24/2011 - 11:19 | 1595196 IMA5U
IMA5U's picture
  • WARREN BUFFET TO GET SWEETHEART DEAL TO BUY BANK OF AMERICA
  • OBAMA WILL USE BANK OF AMERICA TO WRITE CHECKS TO DISTRESSED HOME OWNERS FROM THE U.S. TREASURY JUST IN TIME FOR THE HOLIDAYS
  • PUNDITS WILL CONTINUE TO TALK UP BAC STOCK.  ESPECIALLY THE ONES THAT WORK AT A SUBSIDIARY OF GENERAL ELECTRIC.

just stupid rumors.  no base for it.  but this is how idiotic this market has become.

The Bernake will save us all.

Wed, 08/24/2011 - 11:19 | 1595200 Moneyswirth
Moneyswirth's picture

All rumors are true.

Wed, 08/24/2011 - 11:20 | 1595208 IMA5U
IMA5U's picture

From Melissa Lee's DSL lips to God's Ear

Wed, 08/24/2011 - 16:49 | 1596577 IMA5U
IMA5U's picture

how fitting...



  1. DSL Dilemma - CNBC.com

    http://www.google.com/images/nav_logo83.png); background-attachment: initial; background-origin: initial; background-clip: initial; background-color: initial; padding-right: 0px; cursor: pointer; display: inline; height: 13px; margin-left: 5px; margin-right: 3px; vertical-align: 0px; width: 13px; background-position: -19px -213px; background-repeat: no-repeat no-repeat; border: 0px initial initial;">


    ori.cnbc.com/id/15840232?video=101730868&play=1 - Cached

    Aug 15, 2011 – The FCC has begun an investigation of DSL fees charged by providers Verizon and BellSouth, with Melissa Lee, Anchor, CNBC Business News ...

Wed, 08/24/2011 - 12:22 | 1595202 carbonmutant
carbonmutant's picture

I wonder how much money the FED could make on the announcement of special terms for BAC?

Wed, 08/24/2011 - 11:22 | 1595214 Catullus
Catullus's picture

"to our merrill lynch employees, just accept it, we're not spinning you off. You're going down with this pig. STFU."

Wed, 08/24/2011 - 11:22 | 1595215 Johnny Lawrence
Johnny Lawrence's picture

When I worked at Merrill Lynch, they told us on Friday that we weren't being acquired.  On Sunday, I found out by watching the news that Merrill was acquired by BofA.

Wed, 08/24/2011 - 11:47 | 1595323 American Dreams
American Dreams's picture

And to add to that they also told us we had more than enough capital, no worries guys.

Still in VT Johnny?  I miss it up there somtimes.

AD

Wed, 08/24/2011 - 11:26 | 1595237 lolmao500
lolmao500's picture

Invasion we can believe in :

http://www.dailymail.co.uk/news/article-2029013/Libya-war-British-troops...

http://www.globalresearch.ca/index.php?context=va&aid=26153

Thousands of British and American troops on standby to head off potential Gaddafi counter-attack

Preparing to head off any potential counter-attack by Gaddafi forces, NATO powers are readying a “humanitarian” occupation of Libya with thousands of British and American soldiers, risking the possibility that troops could be sent into yet another quagmire to rival Afghanistan and Iraq.

Eager to control the country’s vast oil resources and its 144 tons of gold bullion, a plan to send in troops would represent a complete violation of the UN’s own resolution authorizing military intervention, unless of course the soldiers were labeled “peacekeepers” and inserted under humanitarian cover.

Recall that the EU ground invasion force that was proposed back in April was similarly couched in humanitarian rhetoric and yet would have been empowered to “secure sea and land corridors inside the country,” a transparent military objective.

“Hundreds of British soldiers could be sent to Libya to serve as peacekeepers if the country descends into chaos, Downing Street indicated last night,” reports the Daily Mail.

“The troops have been on standby for Libya since the start of July. All their kit is packed and they are just waiting to get the call to go,” said one source.

Similarly, a U.S. occupation force has also been on standby for several months.

Wed, 08/24/2011 - 11:29 | 1595248 tryonstreet
tryonstreet's picture

I would not be to quick to dismiss this. I live in Charlotte. I sold my home to high level JP Morgan executive who said he was spliting time between NYC and Charlotte, expecting to be in Charlotte 100% soon. JP Morgan has no presence here now.

Wed, 08/24/2011 - 11:32 | 1595256 Jim in MN
Jim in MN's picture

Here you go, Wall Street, a present for ya: landfalling hurricane for Monday's open.

 

Hint: Be careful on your Friday positions. 

http://weather.myfoxtampabay.com/maps/WTVT/custom/models/gfs.html

 

PS, yes, the Washington Monument is cracked and closed.

Wed, 08/24/2011 - 11:30 | 1595259 buzzsaw99
buzzsaw99's picture

Mawwage. Mawwage is what bwings us together today. Wove, twue wove... So tweasure your woves forever.

Wed, 08/24/2011 - 11:49 | 1595332 Aguadulce
Aguadulce's picture

HAHA...Hello, my name Bank of America..you killed my reputation, prepare to die

Wed, 08/24/2011 - 11:31 | 1595263 pepperspray
pepperspray's picture

Rick Perry wants to fight you after school at the flagpole. 3pm sharp.

Wed, 08/24/2011 - 11:38 | 1595289 r101958
r101958's picture

Actually, congrats to BofA. Starting a rumor such as this and then denying it is sure to be good for a 5-10% spike in your stock price. It sure stopped the drop didn't it?

Wed, 08/24/2011 - 11:46 | 1595318 PulauHantu29
PulauHantu29's picture

JPM would not offer more then 2 cents on the dollar for BAC...if that much. Who wants to buy a bag of liabilities in this economy?

Wed, 08/24/2011 - 11:53 | 1595349 YesWeKahn
YesWeKahn's picture

In 2020, the sole private bank of america "Jp morgan sacks melon lynch" is nationalized.

Wed, 08/24/2011 - 11:55 | 1595357 IQ 145
IQ 145's picture

Bank of America Stock defeats idiotic rumor on Zero Hedge that it is worthless; punishes idiot shorters severely. Too bad about that. Don't forget I told you when I sold my silver contract at $43.80/ you're welcome to do as I do. Now making the big money on the Sept. Long Bond Short I notified you about here a couple of days ago; short from 140-04; and raking it in; this will pay for all my Christmas shopping, including a new car for my daughter. But you do what ever you want.

Wed, 08/24/2011 - 11:55 | 1595361 FreeNewEnergy
FreeNewEnergy's picture

While not exactly ludicrous, a JPM takeover of BAC is a long shot. I would be more inclined to see a Latin American or Far East involvement in a forced sale, liquidation or major buyout. Gotta figure that there's real money out there in less-developed nations who might see a move into BAC as a nice grab, maybe even China, as a hedge against their ugly UST position.

Since the rumor mill is so strong and the denials even more pronounced than ever, it looks like a matter of less than a month we'll see BAC taken out. It's been in the plans for a long time. Everybody from Bernanke on down knew CW was crap, Merrill was another boatload of shit and they'd throw money into it until it no longer made economic sense.

That said, look for major volatility (the VIX is still around 40 last I checked) beginning with Bernanke's non-eventful Jackson Hole speech and continuing through October.

The timeline goes something like:

Friday, Aug. 26 - Bernanke offers no QE, markets sell off, Dow down 300.

Monday, Aug. 29 - More fear, but some stability into end of day.

Friday. Sept. 2 - With a three-day weekend ahead and another poor jobs report behind (range: -25K - +35K NFP) nobody wants to hold, sell off, Dow -200-400 points.

After that it just gets worse as BAC is destroyed, Europe goes through another round of crisis, sending markets lower.

My personal positions haven't changed in four years. I'm out of everything except cash, silver and tools of trades. However, I am strongly considering a short market position, my favorite trade being the DIA, which tracks the Dow.

I see Dow 10,200 by October 5 at the latest, confirming a bear market. So, I'm seriously considering putting on some OCT DIA 102 and 98 puts before Friday. May even consider SPY puts on more volatility.

I seldom make calls, but this one is lining up nicely for late summer - early fall carnage.

Wed, 08/24/2011 - 11:58 | 1595376 gwar5
gwar5's picture

I just know the banks and sovereigns are in trouble and the juicy bits flying around are just the tip of the iceberg. Things look to turn into Lord of the Flies until a gold standard arrives to re-assert monetary authority.

 

 

A Rabbi and and Bang Dai Ho were having a drink at the bar.

After a few drinks, the Rabbi turns and knocks Bang Dai Ho out cold for no apparent reason. Bang wakes up:

Bang Dai Ho: Me surprise! What that for?

Rabbi: That was for Pearl Harbor!  

Bang Dai Ho: But me Chinese-Korean!

Rabbi: Chinese, Japanese -- they're all alike.

A few minutes, and drinks, later Bang Dai Ho suddenly cold cocks the Rabbi, he lays on the floor for a few minutes before waking up:

Rabbi: What the hell was that for?

Bang Dai Ho:  That for Titanic!  Iceberg, Goldberg, -- they all alike!

 

 

 

 

 

Wed, 08/24/2011 - 12:10 | 1595424 slewie the pi-rat
slewie the pi-rat's picture

hey, gwar!  anyone with gold and silver phyzzZZ is his/her own bank and is on the "gold standard"

anyone else is fuked, no matter how fervently they worship TPTB and invoke this, their deity to get onto a "new standard" of gold-"backed" paper, b/c they crave "authority"

as we see here with you, it is just possible to do both!  fabulous, gwar! 

Wed, 08/24/2011 - 13:23 | 1595787 gwar5
gwar5's picture

Hey, Slewie!  After generations of the same fiat BS, people don't know any better and they're sitting ducks. I don't blame them for being lulled. A gold standard is what things seems to be coming to, imposed by the market with TPTB kicking and screaming all the way. I confess I've had to get up to speed the last ten years to this new, John Law -- Part Deux, disaster brewing. Modern trappings for the same 400 yo con game.

 

BTW Slewie, everytime I see a post by you, the song Louis! Louis! by the Kingsmen, goes off in my head.....  Slew-ie!  Slew-ie! 

So, this one is for you:  Louie Louie - The Kingsmen - YouTube

 

 

Wed, 08/24/2011 - 11:58 | 1595377 IMA5U
IMA5U's picture

feels like we have some weekend magic coming

mergers 

govie trix

obama press releases

 

blech

Wed, 08/24/2011 - 11:59 | 1595383 slewie the pi-rat
slewie the pi-rat's picture

if BAC fails, it will be "rendered" according to doodoododd-frank and the leftover banking business will be rolled to the morgue by the FDIC

anyone who doesn't agree with me is a fuking moron

L0L!!!!!

Wed, 08/24/2011 - 12:21 | 1595473 tekhneek
tekhneek's picture

I shorted that bitch at 10, doubled down at 9 and fucking solid it. I shorted it again at 8 down to 4. I've made money on every trade except for the 4 from time, but that's not expiring til December so I'm good there too.

My position has always been to short financials and long precious metals (physical) depending on entry point and the financial stock/vehicle. I only play paper shorts and leveraged silver. AGQ mainly. I got into AGQ again at 190 and now I'm wondering if I should have waited...

Anyone have any ideas with this PM dip aside from buy it? E.g., shitty announcement on Friday followed by massive margin hikes causing monday/weekend to be a blood bath... say down to 1600-ish for gold and 35-ish for silver?

I have a good sized cash position right now from my shorts and I don't know where to put it.  I'm not about to double down on the BAC 4 short while Jackson Hole's hanging around the corner.

I want to just BTFD already but I don't know if it's all priced in yet... I should probably just take my own advice and go all physical this trade, or perhaps go 50% now and 50% monday when I know/have a good feeling where it's going.

Wed, 08/24/2011 - 13:18 | 1595766 boiltherich
boiltherich's picture

BAC still carries within it's carcass the radioactive poisoned Countrywide Financial.  Once upon a time great bank it assured it's own destruction with that acquisition, and unless TPTB extract and deal with Countrywide separately it will simply sit there poisoning anyone else that takes it over.  But I have a special hate for Chase, they are the holder of my mortgage which I abandoned in March of 2009 and has yet to be resolved, in fact the last time I called the hired law office that is handling my foreclosure I was told that they had cancelled it.  More than two years after foreclosure they cancelled it, my house sits empty just waiting for tweekers to strip it of wires and plumbing which I am still legally responsible for yet cannot legally buy insurance, and I can't get my financial life back together till this is resolved.  I hope they eat BAC and die.  No doubt though the bad assets of Countrywide will be stripped out and placed on the backs of the public while the good assets will be sold to JPM for pennies on the dollar. 

This has a feeling of being very end game-ish to me, how about you?

Wed, 08/24/2011 - 13:41 | 1595865 sgt_doom
sgt_doom's picture

I don't understand?  With $1.3 trillion from the Fed, plus those TARP bailout funds, plus putting all that debt from Merrilly Lynch on to the taxpayers shoulders (when BofA took over Merrill Lynch, they created the Red Shield Bankruptcy Corp. where they shifted all of Merrill's debt, then declared bankruptcy --- please note that Red Shield is the translantion of the well-known bankster name, Rothschild!), exactly how much more largesse must BofA receive?

Well, I guess those banksters must be a full-fledge crime corporation!

Wed, 08/24/2011 - 14:25 | 1596044 Dragonsgrace
Dragonsgrace's picture

Everyone has it wrong on here.  Its all good...really...no problems.  The government is taking it over.  It will be great.  Geesh I cannot believe how stupid people are on zerohedge sometimes.  There will be rainbows and pixies and unicorns for everyone.  Really.

Wed, 08/24/2011 - 16:06 | 1596418 Atlantis Consigliore
Atlantis Consigliore's picture

Sing along with da bitches,

Berflunky berflunky aint it twist,

berflunky berflunky ANAL -ysts

rah rah, shish boom bah,

print print, abreca dabra,

presto chango squeaze da shorts,

acuso, and namo,  see ya in courts,

going up and up see  your eyes,

da Analysts on tv,

with their lies,.....

their pumping and lending and dealing with da lawyers,

cutting capital,  its snappable, we got our own whoriers,

cause dyes bankin, and loanin, and frontrunning and a stonen,

dier parters, and dier pols, who are lian, thievin, and moanen,

its election time, and theres more treasury to steal,

da fed, and treas, and the gubmint, lets make a deal.

or their l be no jobs and appointments and deals with laughter,

when deys all thrown out and no jobs now or after.....

 

let me hear ya say it....socialism, gangsterism,  deals and steals.

 

 

 

 

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