Goodbye Bank Of America Settlement
Oops:
- FDIC OBJECTS TO BANK OF AMERICA MORTGAGE-BOND ACCORD
- THE REASON FOR THE OBJECTION IS THAT THE FDIC DOES NOT HAVE ENOUGH INFORMATION TO EVALUATE THE SETTLEMENT
Time to sell the other half of that China Constricution Bank stake... And Merrill... and Countrywide (goodluck), and pretty much anything else that is not nailed down. But don't worry: it's a liquidity, not a capital issue, or something. In other news, the Buffett "Eureka alert" is on BathCon 1.
Full FDIC objection attached:
(11 votes)
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Some actual good news today.
Fuck Bank of America.
CreditAnstalt bitchez
hold on tight...
http://azizonomics.com/2011/08/26/warren-buffett-credit-anstalt/
Why not FAQ them first then if that does not work ....
Does this mean BAC is finished and Buffett is going to take a bath(lol)? Or does this mean Buffett will get paid in the fire sale? He couldn't have taken the deal without some solid guarantee from the man.
Also, what happens when the FDIC does "have enough information" to "evaluate" the settlement?
This is nothing but a stall, contrived or planned is irrelevant. What they need is time and they are getting it.
No. It means his 25 billion CDS position thru Swiss Re will soar more.
Yea, I'd be happy with a 5 fold return on failure. I still don't buy BAC failing. I could buy the attempts to rescue BAC bringing the whole ship down, however.
I heard breathlessly reported today on CNBeCzd that BAC was strong because it had $1 Trillion in deposits. Demand deposits are instant hot, totally unsticky liabilities with FDIC guarantees on withdrawal protocols.
How can the structurally leveraged create fractional credit in the face secular trend of de-levering in a developing deflation?
Saw that too TonNYC but perhaps you misunderstood the transitory nature of the tradeoff between a reality based perception and the factually fantasized forward facing flop fairly floundering for all to see? More at knee jerk. Per Wikigooglia: That which is not unknown shall be the embraced unless not. Or OPD. (Ontario Police Department)
Somebody tossed a hair dryer into Warren's bathtub
Fuck 'em! BAC should be worth a grand total of $0 once they have to go to proper accounting like virtually all other businesses.
0$?
I should think their net worth would be a rather large negative number...
I can't stand BAC. But I have grown to stop under estimating the will of the elite to keep these banks propped up. When you have endless supplies of worthless paper they will continue to pull a rabbits out of the hat.
Unlike lions, the FDIC doesn't eat their young (anymore)
I think they will ask for easier terms
MarketTruth- what does your avatar character mean in English?
BofA will be dead, or bailed out, by XMas. Neither scenario will be positive- death would rock the markets 10x more than Lehman, and bailout would be the final nail in the coffin the Bernank sleeps in at night.
It means "Veritas".
November puts, bitchez.
No kidding, those big buyers last week on the 4s got a cornholing
???, buyers of puts got 'cornholded' by this story. Presumably BAC price will decline as a result which is positive for long put holders, or am I missing something in your comment....
They bought 4 nov puts when BAC was nearing 6, it's mid 8s. Right now they're hurting, next week theyll be winning. Buying out of money options hurts which is why near or in the money with higher delta is a safer bet. Its easier to have ITM which perform more close to the point moves the stock. OTM is a big bet some big shit will happen.
4 nov puts have delta of -.04 so every full point the stock moves Down (based on this metric alone) the option will gain .04, which is at .11 right now, when news hit of big buys it was around .50/contract about a week ago.
well, ceteris paribus I would much rather have bought the 4 puts than ATM puts with the stock moving from 6 to 8. Less upside but less downside. "HIgher delta is a safer bet". Uh....WRONG.
No not higher delta as a probability factor, higher delta as a better proxy trade. Why short shares of the stock when you get leverage and contained loss when you can buy the puts?
You would have lost 80% in that price move from 6-8. Nov 4 puts are a reasonable but very risky bet this will be trading under 4 in the next couple months. With ups and downs, youre better off trading in and out with ITM options.
What's your strike?
I'd rather stay NTM or ITM with 8 or 9 puts, buys less but better delta.
4, 5 and 7 now.
I followed the smart money into the Nov11 5,6,7 and this weeks $6 put... I am needless to say, a happy camper. And a Midfirst bank customer, which I might add: offers SUPER customer service and no fee's. lol
Oracle my ass...
Enjoy your DECLINE bitchezzz.
LMAO!!!! Who needs a sitcom when you have this dumbass reality show!!!!
Even more silly are the number of stiff suited pro's like buffet out there who try to substantiate owning such a high quality name.
"Yes, yes, it's very undervalued. I went to Stanford and I know better than you morons out there. I have a few billion involved because, yes, the lack of mark to market capital that you lesser people see is irrelevant to my ivyleageness. "
OT - Barrys illegal alien uncle has been arrested in Boston for DUI and immigration violations.
...that'll get buried deeper than Jimmy Hoffa.
http://www.bbc.co.uk/news/world-us-canada-14712656
It's all good.
2% to 6% up and down days, each day, are the new normal until it all breaks down.
The Bubbles&BananasBenBernank broke the markets.
p.s. - Gotta' LOVE the pattern of the timing as to how significant news is leaked (i.e. after 4 p.m. est, usually, but not always, on Fridays).
The deadline for anyone to file objections is August 30. Impossible to do a Friday news dump in that scenario. FDIC isn't perfect but they continue their efforts to limit their own exposure.
Won't be surprised if additional objections arise in the next 24hrs.
Maybe uncle buffet can cough up another 5 billion. Hey throw in a sexy nurse and a new jazzy scooter.
Can't take it w u
What are the details on this? The FDIC probably killed it because they thought it was too hard on BofA. I don't see any details. We all know how fucked up this is. There is no way this will be amended to more closely represent justice. By the time this is done The inJustice Department will probably be apologizing to BofA and Mozillo.
Mozillo sure made off like a bandit, small fine, keeps most of his gains, now drops off the scene and retires. Beautiful. Bankers wet dream.
BAC is taking a shit deal from buffet and selling assets not hard to read between the lines.
It's hard to believe the outcome unless you realize that he is free for reasons you may not know:
It's all Fun and Games
Until the Cops show up.
I hope you know something and are right !!
He's free because either
i) He was up to his neck in it, but made sure he had a wide array of co-conspirators and enough dirt to drag a lot of other protected people down with him
or
ii) He spent so much time working on his tan that he really had no fucking clue what was going on and was another worthless US CEO, big on bullshit and small on details and they knew that the crimes were ones of detail, so it was very hard to pin anything on him.
Of course, it could be a bit of both, as it was with Ken Lay.
Time for Warren to double down... already...
amazing how first there s a short squeeze
and then the bad news
we are all just puppets for The Administration and The Thief of Omaha
We've always been at war with BAC.
Let us reflect on this event during the Two Minute Hate today.
+1984
Lol. Good line. However, Tyler, you and I both know that uncle Warren has zero capital at risk in this BAC share purchase. You and I have capital at risk...tax payer capital.
Mark my words, this back door, hidden bailout will be revealed for what it is before long.
I call B.S. on The Buffet Bath Tub Tale.
He was thinking of Becky Quick, not BAC.
Like that crotchety old fark could still fire a torpedo. If the Quickster's latest devil spawn is a product of Warrent's then you know a turkey baster was involved.
Lewlz.
Chuckling....chuckling...an even better line.
Still, no less revealing about the utter LACK OF equity risk being taken by uncle Warren. Joe the Plumber...oh yeah, he has some serious risk. And probably, as others have surmised, to see his tax payer investment end in a capital loss due to a Wall Street Take UNDER of BAC before the year ends.
More fascism please. I want some more, please.
Time to die now BAC!
Tomorrow's headline will read, "Bank of America finds fifty billion dollars in the sofa cushions at 1 Bryant Park."
BAC CDS bitchez
buffett's bac investment is guaranteed by the usa taxpayer the same way his gs loan was. fascism, it's what's for supper.
Buffett might not be the corn pone Hitler but he is at the least the corn pone Mussolini.
Exactly - Buffett would not have plucked down 5 Billion if there were no strings attached. Oh - I was just sitting in my bathtub and thought - you know what - I think I will go put 5 billion into BAC -- get my broker on the phone!! Bullshit -- he didn't get so rich by being ethical or stupid!
schadenfreude - noun: pleasure derived by someone from another person's misfortune
Correct: America's several hundred million taxpayers.
Tyler, only a hundred taxpayers left.
Now 99.
Moynihan: I would have gotten away with it, if it wasn't for those meddling internet bloggers and their planted stories
/scoobydoovillain
I have fifty bucks that says this won't mean anything to BofA. It will be spun as positive. The NASDICK will be green tomorrow, led by burritos and hot pants.
One of the funniest comments in weeks. Thanks.
is there a leak, imean link, to that story?
nevermind....it didn't load at first.
All it says is that FDIC objects because it doesn't have enough information. What the hell is that? This is a big nothing from what I can see. I believe BofA will be eaten by the hyenas (JPM and GS) but this does not seem like the death blow.
Two key words: David Grais.
Isn't he a singer?
Evidently, he's really Jean Luc Picard:
http://www.youtube.com/watch?v=cGF1NP-FrCU
oh, yeah...grais is a badass.
balliol, bitchez!
Out of curiosity, what is PIMCO's role in that deal? I see them mentioned as a trustee. What happens if the debtors organize? Does that mean they want $450 billion instead?
David Grais '72 roomed with Alito for three years at Princeton. Experience with securitiztion & CDO's dates back to at least 2007 losing case to Countrywide. Smells $ and payback. Profitable move for him to add FDIC to his client list!
More like a political and/or economic version of Munchausen by proxy.
It occurs when politicians or the media or bloggers deliberately exaggerate or fabricate the condition of our economy for the sake of attention (clicks) or other subversive intents.
It is difficult to talk oneself into agreeing (present participle, BITCHEZ) with a cartoon Hitler.
And I thought he was a yellow bowling ball...
There go all my Jesus Quintana jokes...
Let me know when it is the bond denial of charges of fraud.
Other fiat bonds don't seem to matter much.
"I'll gladly pay you Tuesday for a Hamburger today."
That's Wimpy.
Little known fact: Wimpy was actually Bernanke's grandfather. No, not married to his grandmother, he was the cool cat she was banging on the side, while constantly lending him money. It's all going to be revealed in the blockbuster tell-all book soon to be released, "The Popeye Chronicles".
The Bernank's Grandfather:
Warren Buffet's next big idea will come at a time when he is taking a ginormous dump, rather than while in the bath tub.
He'll call Becky Quick, and while straining and groaning, tell her that he's decided to buy 5 billion worth of [insert whatever travesty of a ticker symbol here].
then demand she give him a phone-blumkin in exchange for one more exclusive interview
Why would he have to call her? She will be the one on the receiving end of the Cleveland steamer.
Easy Sanchez, no need to get Dirty!
pods
BOOM! LMAO!
Everyone knows old grandfatherly Warren Buffett is likely to be one of the biggest perverts ever to walk the earth. Lord only knows what's he's done to a once virginal Becky Quick.
Well, the Quickster walks like a duck, quacks like a duck and looks like a duck. It only makes sense that she would................................
As Amerikranski goes [down], so does Becky Quick.
Small boys in Cosco containers.
At his age, he might accidently take a ginormous dump in the tub.
ESLR, Gone broke..
But my broker said......
The Bad Guy.
it would be great if there was an uprising against the fraud known as buffet.