This page has been archived and commenting is disabled.
Bank Of America Scrambles To Defend Itself From Henry Blodget's Allegations It Is Massively Undercapitalized
Early this morning, Henry Blodget penned a post titled "Here's Why Bank Of America's Stock Is Collapsing Again" in which he used Zero Hedge data among other, to determine that the capital shortfall for the bank is between $100 and $200 billion. It took BAC exactly 6 hours to retort. Below is the full statement.
BANK OF AMERICA STATEMENT REGARDING HENRY BLODGET
2011-08-23 16:29:04.675 GMT
(The following is a reformatted version of a statement from Larry DiRita, a Bank of America spokesman. The statement was confirmed by the sender.)
Mr. Blodgett is making “exaggerated and unwarranted claims” which is what the SEC stated publicly when he was permanently banned from the securities industry in 2003. The sovereign exposure is off by a factor of 10. The commercial real estate figures are off by a factor of four. The mortgage analysis was provided by a hedge fund that has acknowledged it will benefit if our stock price declines. The recommendations on goodwill accounting would be prohibited by generally acceptable accounting practices. Traditional bank valuation relies upon tangible book value per share, which excludes by definition 100 percent of goodwill and other intangibles. As of June 30, our tangible book value per share was $12.65.
Oh ok, Bank of America, that explains it all. As for the mortgage analysis being provided by a hedge fund "that has acknowledged it will benefit if our stock price declines", co-authored by Zero Hedge, does that make it wrong? Last time we checked Muddy Waters made money on Sino Forest...
- 33391 reads
- Printer-friendly version
- Send to friend
- advertisements -


Stocks rock - Gold sucks...the market tells me so.
well fuck, they stuffed CFC and MER inside BAC, wtf did they expect when these rats finally chewed their way to the light?
why is the XLF rallying if they are all going to zero? Here comes the shit show....
www.silvergoldsilver.blogspot.com
Here's what happens if QE3 doesn't happen...
http://azizonomics.com/2011/08/23/what-if-qe3-doesnt-happen/
Once this rally loses it's up trend line...watch out. Could come back down and retest 1101 in short short order.
Fuck Bank of America.
Some of WikiLeaks' Bank of America Data Destroyed
Some internal Bank of America files obtained by WikiLeaks have been destroyed, according to a former close collaborator of Julian Assange, the whistleblowing website's founder.
In an email to Reuters, Daniel Domscheit-Berg, who last year was fired by Assange as WikiLeaks' co-spokesman, confirmed that he had destroyed "roundabout" 3,000 submissions WikiLeaks received related to Bank of America.
http://www.banktech.com/risk-management/231500497?cid=nl_bnk_daily
U.S. Bank Earnings Up From A Year Ago
U.S. bank earnings continue to increase but the trend is mostly due to institutions setting aside less to guard against losses, a top regulator said on Tuesday.
The Federal Deposit Insurance Corp said that the industry earned $28.8 billion in the second quarter, a $7.9 billion increase from a year before.
http://www.wallstreetandtech.com/asset-management/231500555?cid=nl_wallstreettech_daily
Who said that the Debt Ceiling being raised was a bad thing? QE1 and QE2 worked really well!!
oh please, the whole wiki / b of a story smells. i'm thinkin' that they either had nothing to begin with or maybe they got a nice contribution to do the data dump... who knows.
Yeah, saw that yesterday. I guess that tells us whose dick Mr Dumscheit sucks.
Domscheit-Berg?
Huh. Is that pronounced "dumb shitbird"?
Please, let's have a little sensitivity here; I own 1000 shares at $7.37; and before long you will have an opportunity to bail me out at a nice profit. HA HA. Come one, taxpayers we're rooting for you. Wait a minute, I'm a tax payer; hmm. this is getting confusing.
Yeah man, I'm confused too. I hate BofA but I think I hate Blodget more. What to do?
How about re-testing 1050?
Is Dick Bove just a bonehead, or a liar/cheerleader?
Dick says BAC is smack with capital and "deposits pouring in" ... - WTF...?
If the latter is true, who's depositing? The Bernank or the sheeple?
http://www.bloomberg.com/news/2011-08-23/bofa-has-no-reason-whatsoever-t...
Dick is mostly a bonehead, which makes the lying/cheerleading easier, since you don't have those pangs of conscience bugging you while the camera's on. The only "deposits" at BofA would be the steaming turds left by the front door of newly ex-customers.
He s e, we get it, you have a blog that no one cares about, so you cite it in the first few comments on every single post. We get it. If you have not built up a following by now its not gonna happen by repeating yourself ad-naseusm. Can you give it a rest or do like the rest of the advertisers and buy some click thru ad space?
That S&P graph for the past month. Let's call it the "beached whale" curve. Like our entire economy.
08-23 12:28: 24/7 Wall St Writes: JP Morgan may take over Bank of America
WTF!!!!??????
MORE TAXPAYER RAPINGS (minimum 100 Billion). AIG Part Deux!!!
DOWN WITH THE BLOODY WALL STREET PONZI
RESIGN, GEITHNER & BERNANKE. RESIGN !!!!!!!!!!!
Good so now I know who I will be paying 10c on the dollar to for my BOA credit card debt. I already told Chase to fuck off in the worst possible way 10 years ago after I paid them off and have no trouble doing it again this decade.
Tyler gunna bitch slap u then lecture u on links to hack web sites like this one
Hi Sock Pupper version 3.0
Have fun trolling while it lasts for you.
Do come back often when your command of the English language reaches 7th grade level.
'Til then -- fuck off...
out come the really horrible ideas, like lets' have JPM takeover a failing BAC.....would be even more TBTF.
OTOH...BAC might just be enough poison to kill the new host....just maybe?
anybody who has been keeping up with the SilverGoldSilver bears would know this already. SGS basically announced was coming this via teddy bears 2 weeks ago.
http://silvergoldsilver.blogspot.com/2011/08/part-7-silver-bears-talk-of-epic.html
I told a friend two weeks ago. Intuition has no filters. Isn't it an obvious repeat of 08/09? WFC will probably get C. Consolidation Bitchez - bigger too big to fail bankster capital collectives courtecy of the elite.
Will the sheeple react? Will the Tea Party? Will zerohedge readers stop reading and start blowing up banks?
Maybe that's what Uncle Warren was talking to lil Barry about. : )
OMG. That's **ALL** BAC had up their sleeve? An ad hominem attack?
Hehehe.... Short this pig to fucking ZERO. I can think of no greater admission of absolute terror on BAC's part. They had **NOTHING** to fire back with.
Honestly, that was one junior-varsity display of public relations skill if I've ever seen one. Target all weapons and fire at will.
Dive Dive Dive! AROOOOOGA!
Seriously! When you have to resort to logical fallacies, you're out of bullets. Somebody just put BOA out of its (our) misery!
every time i read another story about b of a i feel like i'm watching the hudsucker project
http://www.youtube.com/watch?v=vldMyJmaVjk
... and we're gonna call it the "Edsel"! Whadda you think?
Branch Hill Capital/ZH/HenryBlodget -vs- BAC
1: 0 (for not providing exact figures, but just stating "factor of..." over and over, smearing Henry, and not mentioning Tyler...)
Henry's a pig; an avid, mischievious little kid who never grew up. He thinks Trig is Sarah's brat, not the daughter's. Absurd. OrIzzit?
Oh, I wouldn't be so hasty troll. Two weeks ago,1858 was a real good price. Two weeks from now, 2085 will suit me fine. If it keeps going up, I don't mind giving up profits. Apparently you don't mind either, because you game back all the profits since 2000,
We know dilution is coming and that is unavoidable. Time to issue more shares Brian.
who would buy the dilution?
Uncle Sam, i.e., those who have always, and will always get fucked - the US tax payer.
I think another 50 billion shares priced at $2 would suffice for 1 or 2 years more. Could always R/S 10:1 to make it look respectable later.
Haaaaa that's only 150 shares for every man woman and child in the USA. Nationalization, bitchez.
Depends what you mean by massively? If by it you mean gi-normously on a biblical scale...then, yes. If you mean just the normal massively, then no.
Me thinks he doth protest too much!
How much time does it take to get the money out of a failed bank.. considering my deposit are lower than the 250000 USD insured amount....
I'll get back to you on that.
lol I luv ZH!!
It depends on if the roads are passable
If your deposits are under $250,000 then you won't even notice the bank failed. It will take a second at the same branch you always go to but with a different name.
ps. These deposits held at BAC are actually their liability. They are swimming in deposits that they can't/won't loan out so this would be helping their Capital Ratios.
wasn't it a hedge fund that said over and over that lehman was a house of cards and would collapse? thing he was right and now owns the mets
But he owns the Mets and is now wrong.
Bank of America will NOT be allowed to fail, and will be bailed out at the global taxpayers' expenses.
Au contraire! The depositors will be covered by FDIC and if need be taxpayers. Banking services will persist at BofA, but stockholders, preferred and otherwise, will NOT be bailed this time. Bond holders in some jeopardy too, but less as the banking entity will live on. Small percentage that it will actually be nationalized if European authorities go that route.
Uh... Sorry, the FDIC does not have the funds to cover BofA's deposits. If taxpayers cover this, there will be massive consequences. What will most likely happen is BofA will be dismantled with another big bank buying up the "good assets" while the rest are, dare I say, guaranteed by the Fed or Treasury and sold in smaller tranches to investors. Should this come to fruition, BofA will be dead and gone.
The USG will sell bonds to fund the FDIC.
...that was sooo funny. Thanks for that.
aaah, what a sick world.
Sheesh. DO I have to draw you guys a picture? What do you think QE3 will be for?
LOL at the FDIC. Unless congress passes some kind of emergency 1 trillion $ additional fund for the FDIC, they won't have enough money... and even 1 trillion might not be enough.
BofA does not have $1Trillion in deposits.
14 Jun 2011 – Nationwide, JPMorgan ranks second in deposits with $996 billion, behind Bank of America's $1.02 trillion
You're all so fucked... all i can think of is your mom and a horse
Straight out of their most recent 10Q:
Deposits: $1,038,408,000,000
So I guess you are right, they don't have $1 trilliong in deposits. They have MORE.
Thanks much for these numbers.
Do you have the FDIC current balance? Thanks.
Found it... FDIC has $10 billion... Mwahahahhahaha
I don't know if this is what you're looking for:
http://www.fdic.gov/about/strategic/report/2010highlight/chpt3-01.html
Well from more recent...
http://theinvestmentauthority.com/investment-news/fdic-insured-instituti...
The contingent loss reserve, which covers the costs of expected failures, fell from $13.8 billion to $10.3 billion during the quarter.
Empty the pockets bitchez
Here's their latest quarterly update. as of June they have $3.916B to cover $6.539T in deposits.
But, since it is a gov operation cash flow is meaningless, as it just goes in the red, until they squeeze the banks for higher fees to cover the next collapse.
http://www2.fdic.gov/qbp/2011jun/fund.html
The FDIC will protect depositors but I am sure that most of the losses will be taken by stockholders and bondholder haircuts. I don't think Uncle Sam can afford to be nice anymore. I seriously doubt that the public will stand for another TARP bailout. That means that the FDIC will need a fraction of total deposits to hold them in temporary receivership. But still, probably more than they have in reserves.
When events like this occur, people and institutions become very wary of the bank and start pulling their money out as fast as they can. I'd be curious to see what BofA's deposits trend has been since this has become a newsworthy issue. Same thing happened in 2008 and many of the troubled banks lost a lot of deposits out of fear of a bank failure. I think people will be quicker to react this time around as many did lose money in some of the smaller banks if they exceeded the FDIC limits. Pretty sure BofA is bleeding internally by now.
If BOA is allowed to fail, the whole game comes apart. Too much counterparty exposure. Too large a deposit base. There will certainly be a "bailout." But, it will likely be way more sinister this time in order to avoid public backlash. Going to be interesting to see how they pull this off. But, rest assured the only folks that will take it in the rear here are the taxpayers... again. Same story again and again until the ponzi breaks.
This is obvious; and it's one reason I bought some stock in it; but you don't want to state factual thesis here; it upsets the hive mind.
How soon until Blodget mysteriously dies in a "swimming accident" in the Hamptons?
More likely a heart attack
Must avoid hot tubs.
You're confusing a scape-goat with a trouble-maker. One is desired, while one is not.
TPTB is attempting to "Nipple Bottom" paint BAC on the daily, and paint a massive bearish candle on gold.
Hey, whatever it takes to rotate the hot money out of gold and back into the XLF.
Never amazes me to see how rabid the bottom fishers are.
the banks are totally insolvent and only exist on the pretense of printed FED money and accounting trickery.
the FED will throw themselves and the US currency onto a rusty nail before they let any "crash" occur- which is the entire predicate of the chaircreature's thesis: No bank will fail and everything will be exhusted to ensure that outcome- even if it means dropping dollar bills out of helicopters
Gold is trying to tell us something just as it has consistently for the past couple thousand years. Are you listening?
There is nothing "massively bearish" about the price action in gold today. Many, including myself, are breathing a sigh of relief that gold is consolidating some gains after a massive run-up. It is now the world's defacto reserve currency and is behaving in the complete opposite fashion then it did in 2008.
Those that continue to shrug off what gold is saying, deserve the cooking they are about to eat.
BB,
I realize its become the thing to do to hate on Robot. But he did start that comment off with "TPTB" are TRYING to........
I don't think he was claiming that there was anything massively bearish about the price action of gold today.
whew! for a minute there I thought Robo was serious and I'd have to sell my lone 5 gramer. Actually, any of you that think, believe in, trade in, suck in, anything that touches the likes of this Fraudulent Farce in Wall Street, OR the USSA government are in for a Big FUCKING Awakening. Good to see you gold and silver bashing trolls out today. not.
The FED is powerless. They are getting pressure from all sides now. Internal and external. The main concern of the Bernanke at this juncture is the survival of the institution. Putting a bunch of crap mortgages on their balance sheet is completely out of the question. Junk bonds (especially bank bonds) are going to take a beating along with gold. Get ready for a melt-down!
the problem with your premise is that he has already destroyed the FED. They already have sacrificed their credibility. Ben knows, and so does everyone else, he will be the last FED chairman.
QE2 sacrificed their credibility. That is why I think QE3 is unlikely or reserved for desperate measures ... like the S&P breaking the '09 lows. It won't work. The house of cards is about to collapse. The FED will be lucky to monetize T-bills. Even that will cause a huge uproar among the Arabs, Japanese and Chinese. Americans are fattened sheep being led to the slaughter house. There won't be any resistance there...
so you will really believe the FED will throw in the towel after they themselves even take credit for putting the brakes on "A Second Great Depression"? You think Ben will really let it all come crashing down after two and a half years stuffing this pig?
No one ever brings this up, but during his previous 60 Minutes interview Benocide said QE 3 was 'very possible', that interview was quite awhile ago too. I guarantee you they will try it (even if it doesn't work) QE 3 before they allow cascading defaults to occur.
You guys are the experts though. I could be dead wrong.
Not an expert. But I do think that the primary line of defense will be the T-bill and thus the ability of the USG to fund itself. That means low, low rates for a long, long time. That conclusion has drawn me to believe that junk bonds and even GSE paper will be sacrificed and the final line of defense (the ability of the USG to borrow) is likely to hold. Does that mean there will be QE3? Maybe. But I bet it will be strictly comprised of T-bills.
In the same interview he said he could raise rates in 15 minutes. Now he says he won't for 2 years.
"the FED will throw themselves and the US currency onto a rusty nail before they let any "crash" occur- which is the entire predicate of the chaircreature's thesis: No bank will fail and everything will be exhusted to ensure that outcome- even if it means dropping dollar bills out of helicopters"
Nope, that'll never happen because they know if they pull a Zimbabwe then _everyone_ loses and they'd have a violent revolution in short order as everyone but Bill Gates starves. Eventually, the Ponzi prop-up games will end and large portions of the 25 TRILLION dollars of unsupportable debt in the US economy will default, causing massive DEFLATION.
Have a listen:
http://www.blogtalkradio.com/marketticker/2011/08/22/tba
The deflationary collapse is certainly plausibe.
I wanted to add something here though. In the Zimbabwe scenerio, it would not be the FED that pulls the trigger on the helicopter drop. It would be politicians - and the people themselves! The stage has been set for this for some time now. And the Fed alluded months ago that any further "easing" would be only if they lost thier independance. Basically, as the system begins to slip into profound deflation, everyone will clamour for cash - and the politicians will provide exactly that at all costs.
Of course, the above is just another guess at what might happen with emphasis on redirecting the blame for a currency failure away from the central banking, debt-money scheme towards politicians and social decline.
You see, you are smart. I still believe in you.
The problem is some have eventually figured it out that the emperor has no cloth. The ultimate protection is cash flow?
Hey Robo!
I missed you during the time gold was skyrocketing and financials collapsing. If only you could have run commentary then.
Tell BAC to open their books and lets all take a deep dive.....they won't do that and the FED is culpable in hiding what is behind the door...........take her down unless they and all other banks come clean regardless of the FED's BS.
So if they are wrong and or lying does anyone go to jail? Hell no! Lie away maggots!
No one should go to jail for lying. It's your fault if you believe them and/or don't do your own due diligence. In an ideal scenario, they would lose credibility and no one would listen anymore.
The real problem is that, because of the SEC and FDIC and laws and regulations and codes and legislators who hold meetings and hearings and a whole lot of "oversight" by the benevolent government who are the same people who are lying to you, a lot of people like yourself seem to think that people won't lie; after all, there are laws against that!! So it creates a false sense of security and laziness.
Don't
Trust
Anyone.
Right.
We should have done our due diligence, and it's our own fault when Paulson said there would be tanks in the street if TARP didn't pass.
Oh, you didn't get to do due diligence, or no one listened to you when you did, yet you're still on the hook? Too bad, take it out of Paulson's credibility.
If you're in the game and you're playing by someone else's rules that you don't like, you're still in the game. You don't have to be.
Is that the same Henry Blodget - the convicted criminal who was barred for life from ever working on Wall St. again?
Isn't it implied that anybody working on Wall Street is a criminal.
It's like the concrete joke: There's two types of concrete (Banksters), cracked concrete (criminal banksters) and concrete that's gonna crack (banksters that haven't been caught yet).
Yes. But does that make his article (which relies upon the data of others) less than true?
I for one think Blodget is a hack. But lets be honest. BAC is shit. Pure and simple.
Being kicked off Wallstreet doesnt mean you lose the ability to make right calls about Wallstreeet. Madoff was a crook but is oddly qualified to identify the US ponzi scheme...even from jail.
Yes, the same Blodget who was thrown under the bus by his ex-employer Merrill Lynch, which is now owned by BAC. Isn't karma a biotch?
The truth is the truth no matter who says it.
The truth is the truth no matter who says it.
...nice, I like it. ...on par with The Truth is not a choice. http://bible.cc/1_corinthians/1-27.htm
Yep. He's one of the few unlucky ones who has been barred. The majority of the criminals are still working there.
Bankster of America -- YOU'RE UNDERCAPITALIZED. Your CAMEL ratios are horrific. Your leadership, management, and accounting practices are unethical. Please remit another press statement refuting my claims within 6 hours. Love, economessed.
You want one hump or two with that?
And a camel toe.
Funny they don't say which way they are off by factors of 10 and 4.
####
or the mortgage analysis being provided by a hedge fund "that has acknowledged it will benefit if our stock price declines
###
cant believe idiots could write this way..
so let me get it straigt.. ANY ANALYSIS IS OKKKKKKKKKKK
AS LONG AS IT BENEFITS IF STOCK PRICE IS HIGHER...
did they mean that? arent they afraid of sec/lawsuits/etc?
fin world is compelety fucked and lost mind
alx
I can't believe that they would put this in because they are saying that a hedge fund has analysis so credible they are putting money behind it.
Blodget doesn't even have that type of skin in the game
Afraid of the SEC? More like complicit with the SEC!
A class action though... That might be a good idea...
btw, if BAC is massively undervalued that means insiders won't sell squat. Right? Beuller? Beuller?
TLT barely moving. People are still piling into bonds.
5-yr. still at 0.91%, which means if you want to earn $100,000/yr. "risk-free", then all you need to do is to pile $11,000,000 of fiatscos into 5-yr. AA-rated Uncle Gorilla notes.
No, I don't think it would. Why don't you tell me more about the Anunnuki?
They will return shortly for the gold they left behind for us to mine as slaves!
There is still a lot of short covering going on. When it is finally over watch out. The spike in yields at the long end will be sudden and spectacular.
A lot of people followed Taleb's and Gross' advice to short UST's and have been buried.
It's all fun and games until somebody gets an eye put out . . .
then it's a sport
Bloodsport
Perhaps Irene will make a huge withdrawal from the Outer Banks over the weekend.
http://www.ssd.noaa.gov/goes/flt/t2/flash-ft.html
I'd happily pay a pound of silver to see Irene grind up the DC/NYC corridor into a pile of shit....Katrina stylee....
Its a MASSIVE RALLY!!!! KD begs GOD to flood DC
Now that DSK is out, careful for your gold!
SGS, your bears called this one. way to go dude!
Just an FYI on the Rumor Mill. Emphasis on RUMOR.
JPM to take over either BAC or CFC with assistance from the government.
New entity to get $100B pref investment from the Geithner/government.
Now i am going to blow my personal gasket.
Looks like Dodd/Frank isn't worth the paper it is written on. Shocked at that really shocked.
here is the WSJ link
http://247wallst.com/2011/08/23/jp-morgan-may-take-over-bank-of-america/#ixzz1Vrz4zhkR
that Jamie Dimon is good
JPM can't get BAC without violatng anti-trust laws.
Laws are no longer relevant in Amerikranski.
Yeah, not for a very long time.
"Let me issue and control a Nation's money and I care not who makes its laws"
Rothschild, 1838
Only if you're TBTF.
Otherwise, bend over and spread 'em!
Ask Sandy Weill what can be done.
The wsj article said they would have to sell assets later to come into compliance.
If this turns out to be true, what do people thing it will do to the financial sector stocks in general?
There will be fewer of them.
Eventually, there will be but one, to rule them all.
and the government will likely cap litigation risk...so the government will pay the people for the bankster fraud?
I heard that TBTF bailouts are MANDATORY under D-F. Whatever.
Rebels just stole a gold plated ak47 from the Q compound... wonder if he knows how much that thing is worth
A Florida man was charged on Tuesday in connection with plans to set off a large stash of
fireworks on the National Mall in Washington, D.C., apparently to protest U.S. banking industry
policies, .
Bond was set at $2 million, according to WTTG.
National Park police said they arrested Neff, of Stuart, Fla., after they saw him in a red
Jeep Cherokee in a park in the Washington suburb of Bethesda, Md., after closing time Monday.
The Jeep contained fireworks and was fitted with a turret and multiple tubes from which the
explosives were to be deployed, police said.
Neff told police he didn't want to hurt anyone, but wanted to draw public attention on the
busy National Mall. He said he wanted to send a message about the banking industry, police said.
Pfffttt....fucking amateur....
What is the CDS spread? That will tell me everything I need to know....
Gold down and Robot is back.
Yeah, missed the old guy and his prophetic posts. Where were you the last 300 dollar ramp in gold? Oh well, nice to have you back Robot.
Robot isn't about "responding" to other people's posts.
just based on how they lied, stalled, bumbled and have no clue what they are doing with a simple modification (BOA can factor that by a few million) and the rest of us should fully understand why this bank is insolvent
PANIC BUYING COMMENCE!!!!
Disgusting, more taxpayer money to backstop these reckless fuckers. When the fuck does this shit end.
I could answer your question but you already know the answer to it just as the rest of us already know. It also amazes me how we never have any money for NASA or education or jobs programs or infrastructure upgrades but somehow we always seem to be able to find a few hundred billion laying around in the seat cushions to bail out the TBTFs...
Guys like Henry are fun like the same guys (Cramer) on the other side. At least Cramer tells you that he really is there to entertain you. Blodget was incredible at puffery, and now that he has found mainstrem media, and is "expempt" from the SEC after being permanently banned... he can be as blasphemous as he wants to be.
Truth be told, companies like Coca Cola have virtally ZERO tangible equity and yet still earn tons of cash. That's the case with Bank of America as well. Tangible equity is not necessarily all that it's cracked up to be if the firm in quesiton has tons of recurring cash flows. 24 months from now, the company will stil charge off $20+ billion a year in losses but the cash flows will be triple that number.
I suspect you iwll see the FED capitulate in RELAXING the current capital standards and claiming the beginning of a recovery and furthermore, the relaxing of capital ratiostandards in order to accelerate lending.
11% of the deposit base in America will not go to ZERO. Sorry guys. The system will not allow it. Buy the TARP preferred and the Convertibles if you can't stomach the common equity.
Hmmm....
You work in Charlotte?
The reason banks need tangible equity is that in "bad times" their cash flow is woefully insufficient to cover write-offs and write-downs.
That is B of A's problem right now - in spades.
Delivery boy: Hello I have a large delivery of new underwear and toilet paper for someone...ummm L Dirita, El Dorado, El Diarea?
Well what can I say, if you are not shorting this "rally", suit yourself! All I see is fear and greed, fear and greed, no one, really, no one, is actually THINKING for a change!
Be careful there Joe. Earlier rumor today was the that the US was going to implement their own ban on Financial stocks very soon. This is sooo stupid it has got to be true!!!
Traianus, on Friday I'll know weather my grandparents raised an idiot ora lucky fool :)))!