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With Bank Of America Stock Up 9%, Its CDS Is...

Tyler Durden's picture




 

...35 points wider: the highest since April 6, 2009. But fear not - credit has a reputation of being always wrong, while equities (especially short covering squeezes) are always right.

 

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Thu, 08/11/2011 - 15:35 | 1551751 TruthInSunshine
TruthInSunshine's picture

There are headlines all over the place that Warren Buffet (bailout Queen) and Donald Trump are buying hand over fist.

I trust these to be factually accurate reports of their activities, and even assuming that I didn't (which I don't), WTF cares what Donald Trump is doing?

Next thing you know, CNBC will have a headline that reads "Livermore & Nieferhoffer are BTFD" scrolling under one of their funny money honeys.

I have my Dow 11,300 hat on - the same one I wore in f*cking 1999.

Thu, 08/11/2011 - 15:50 | 1551798 spiral_eyes
spiral_eyes's picture

warren buffett, american oligarch. i used to read ben graham, but now i prefer paul krugman. what an asshole. this guy is as bad as any looter on the streets of london.

silver, bitchez

http://azizonomics.com/2011/08/11/is-silver-money/

Thu, 08/11/2011 - 16:00 | 1551829 Mad Max
Mad Max's picture

but now i prefer paul krugman. what an asshole. this guy is as bad as any looter on the streets of london.

I agree, Krugman is an incredible asshole.  And he's helping to loot a lot more than some PS3s and Nikes.

Thu, 08/11/2011 - 16:01 | 1551831 fuu
fuu's picture

Damage by London Street Looters < $10,000,000,000

Damage by Wall Street Looters > $10,000,000,000,000

Thu, 08/11/2011 - 18:50 | 1552418 marsdefIAnCe
marsdefIAnCe's picture

state sponsered terror is free market

 

little guys in caves that can't really do anything, or jobless youth in ghettos... FEAR FEAR FEAR

Sat, 08/27/2011 - 08:42 | 1607049 Silvan0
Silvan0's picture

Yeah :) zayiflama

Thu, 08/11/2011 - 15:30 | 1551752 Hard1
Hard1's picture

The market is starting to price in that even after a BAC default shareholders may continue to receive TBTF aid

Thu, 08/11/2011 - 17:54 | 1552293 Hephasteus
Hephasteus's picture

I hear brontosauruses are too big to fail too. At leat that's what all the 6 lb rodents who survived said.

Thu, 08/11/2011 - 15:32 | 1551755 Calvin Jones an...
Calvin Jones and the 13th Apostle's picture

Hear anything about BAC running out of money at its California branches? Supposedly they are not accepting withdrawal requests, only deposits.

Thu, 08/11/2011 - 15:34 | 1551761 Cleanclog
Cleanclog's picture

Naomi Prins just tweeted that BofA branches in Los Angeles can only accept deposits, not withdrawls.   "System problem".  I'll say!

Thu, 08/11/2011 - 15:57 | 1551818 snowball777
snowball777's picture

End result?

Everyone with auto-deposited pay who banks at the Bank of Lynching America Countrywide switches to live checks.

 

Thu, 08/11/2011 - 16:12 | 1551850 Herman Strandsc...
Herman Strandschnecke's picture

Well, surely you could get a withdrawal when they have enough deposits paid in off of other people? Duh!

Thu, 08/11/2011 - 16:12 | 1551886 Mad Max
Mad Max's picture

That's exactly how banking has worked at some points in time in economically distressed countries.

Thu, 08/11/2011 - 15:35 | 1551760 Ghordius
Ghordius's picture

AAAARRRGGHH!

Am I the only one that asks the question? What sense is in a CDS on US Debt? Don't you even see that it's a rigged game, a senseless bet? If you bet on horses or sport you have better chances. It's pure gambling and it's pure stupidity in one. Sheep betting on the color of the wolf that is circling around them in the night.

Thu, 08/11/2011 - 15:50 | 1551795 Abitdodgie
Abitdodgie's picture

The people who are still playing the market are compulsive gambelers they cannot help it , and they will be the ones crying when they get wiped out and cannot understand how it happened because they had figured a system out and they were winning 

Thu, 08/11/2011 - 16:02 | 1551833 B-rock
B-rock's picture

Not if one's trades are 5 minutes long!  There's stupid money to made then...

Thu, 08/11/2011 - 15:34 | 1551763 barliman
barliman's picture

 

BAC is a secondary explosion to be set off by E.U. implosion.

Should be able to hear the WHUMP at least 5,000 miles away

That will be an interesting day

barliman

Thu, 08/11/2011 - 15:54 | 1551808 jus_lite_reading
jus_lite_reading's picture

YUP.

The putback risk was unknown says ceo so all is good...

GAME OVER for BAC

Thu, 08/11/2011 - 15:39 | 1551777 dwdollar
dwdollar's picture

These gyrations are healthy and have nothing in common with 2008 or anything...  Just ignore them.

Thu, 08/11/2011 - 15:50 | 1551794 Elooie
Elooie's picture

**Buys more Puts**

Thu, 08/11/2011 - 15:55 | 1551809 SheepDog-One
SheepDog-One's picture

FED staging +550 point up days they better watch out shooting themselves in the foot like this, where will be the cries for QE3? 

Thu, 08/11/2011 - 15:58 | 1551823 JW n FL
JW n FL's picture

you gotta get long!

Buy B of A!! Hurry man its has already started climbing!

Dont you miss the bottom!

Fuck buy on the way down!! its ok to buy on the way down! buy a lil on the way back up! Pump IT!!

The Market is where the action is! do it!

QE-3 is coming!

Austerity is coming after that!

and fires after that!!

Buy now! make your money and move far away! time is short!

Thu, 08/11/2011 - 16:03 | 1551838 Ned Zeppelin
Ned Zeppelin's picture

On the morning of Thursday, October 24, 1929, stock prices plummeted. Vast numbers of people were selling their stocks. Margin calls were sent out. People across the country watched the ticker as the numbers it spit out spelled their doom. The ticker was so overwhelmed that it quickly fell behind. A crowd gathered outside of the New York Stock Exchange on Wall Street, stunned at the downturn. Rumors circulated of people committing suicide.

To the great relief of many, the panic subsided in the afternoon. When [there were rumors that Buffett and Trump] [a group of bankers pooled their money and] invested a large sum back into the stock market, their willingness to invest their own money in the stock market convinced others to stop selling.

The morning had been shocking, but the recovery was amazing. By the end of the day, many people were again buying stocks at what they thought were bargain prices.

On "Black Thursday," 12.9 million shares were sold - double the previous record.

Four days later, the stock market fell again.

Thu, 08/11/2011 - 16:03 | 1551839 Gloomy
Gloomy's picture

LOL

 

Richard Bove, an analyst with Rochdale Securities, is downright pessimistic, saying concerns over Europe and litigation are just a symptoms of larger problem, one that is systemic.

“This is a continuation of 2008,” he said. “We are finally coming to grips with the fact we have a massive debt problem that needs to be dealt with. This is not a problem for our grandchildren. It is our problem. We have a financial system structured on a bankrupt currency and that system is now breaking down and a new system will arise to replace it, but we don’t yet anything to replace it. “

Mr. Bove said recently moved all his holdings into cash.

Thu, 08/11/2011 - 16:12 | 1551846 DarkStarDog
DarkStarDog's picture

it is SO funny  !!!  CNBC got the "Your Fired" "America" dude that guy that has a bad hair piece to read a teleprompter list of stocks he bought.  He said he never bought stock in the companies before but did so becuz he heard it on CNBS !!!  man oh man what a hoot.  LOL X7 

Thu, 08/11/2011 - 16:14 | 1551898 TruthInSunshine
TruthInSunshine's picture

That's how the two bit whore that CNBS is rolls.

Thu, 08/11/2011 - 16:29 | 1551984 DarkStarDog
DarkStarDog's picture

yeah man,  Sham-WoW ! Billy Mayes here! HSN,  and late night Knife Sales show, all rolled into one.  to bad the credit cards are cut off, or they would be making a mint.  Oh I guess they all ready did and now they rely on Uncle Benny and Aunt Timmah ! 

Thu, 08/11/2011 - 16:33 | 1552002 youngandhealthy
youngandhealthy's picture

CDS game plan completly changed when ISDA said No Greece Pay-Out.

 

When will you get your money as a CDS buyer? never probably.....

Thu, 08/11/2011 - 16:43 | 1552046 weltvermesser
weltvermesser's picture


https://twitter.com/#!/nomiprins

Bank of America in LA said they can't process any cash withdrawals, just deposits. Same all over CA. They said it was a system problem.

 

--me: well that`s an interesting system problem, well maybe it`s a SYSTEM problem, having nothing to do with the computer programms...well however glad i have my own bank in form of Gold and Silver physical. you can always get some cash for that

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