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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:
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This is somewhat amusing if you think about it in the context of the game Monopoly.
Now we know what happens after the banker cheats to win.
They lose shortly after.
They get to object to the settlement, like everybody else who wasn't paid off in the negotiations. Not that anybody will give a shit about any objections........... but BAC and Mellon and the big boys will be polite and let them vent, catharsis and all that, and serve them some milk and cookies.
I guess FDIC didn't get the memo. BAC is backed by the full faith and guarantee of the United States government now, and we got to cut spending.
This story actually makes me scratch my head. You see, BAC insurance is a multi-billion dollar liability to FDIC, so anything that makes BAC healthier should naturally be "good" for FDIC. The fact that they hold bonds from reconciled banks, worth a few billion (face value) should not encourage them to incur a liability that could be hundreds of billions. Am I dumb as a stump, or is this an odd move for an insurance company - to push your client into greater liability? Tyler, could you explain how this benefits FDIC? Might this be a fig leaf?
ummmm...this appears to be NOT moving the stock price AHs.
risk on bitchez. buy the bad news. no volume melt up for the next 2 weeks until bernanke bernanke bernanke!!!!!
wooot!
BAC WILL NOT BE ALLOWED TO FAIL. WHY ALL THE DRAMA? I AM SICK OF HEARING ABOUT HOW BAD BAC IS!! OF COURSE ITS A JOKE. WHAT ARE WE GONNA DO TO FIX THIS MESS?
A good place to start is to unlock your god-damn 'Caps Lock' button, so that we can have a civilized discussion...
LMAO +1...
Like Grandpa with the hearing aid...
Grandpa yells because he thinks the rest of us can't hear...
.. / - .... .. -. -.- / .... . / .--. --- ... - . -.. / ...- .. .- / - . .-.. . --. .-. .- .--. .... .-.-.-
You gotta keep em separated.
What are we gonna do? Start by not giving the lying fvvkking media any of your money or web viewership. Cancel all TV - it is all the same and it all supports the machine. The WSJ/Barron sh*t on the internet writes this sickening crap about Buffett saving B of A and why he is right on taxes. Move your money out of the big banks and other Buffett businesses. Do something.
He is no f*cking icon.
Let's see if I got this straight. Warren is sitting in the tub...rubber duckies floating...soap suds bubbling...dick in hand. All of the sudden he has a "EUREKA" moment.....and proceeds to drop five large on B of A. Ya think that is the only investment decision that he has made in the raw?
The GS deal was made that way too. Only Blankfein was in the tub with him at the time.
The fact that Bthe Oracle of Omaha he had to share where he was at that moment was more bazaar. I could've gone on for the rest of my life without picturing the old man in the tub. So, the next time he is inspired on the throne - will I be forced to picture that as well? Guess he's at that age when he starts thinking aloud....way too often. It would be interesting to know what sort of deal he has made with Satan's Seed (POTUS) and his minions.
For 5 Large; he better have gotten the Beckster thrown in.
Nothing to be alarmed by, there will be plenty of greenshoots tomorrow.
If mine ever shoots green, I'm going to the doctor.
Don't Panic: Warren Buffoon Knows Bailouts
Uncle Warren never misses and opportunity to put on the Bankster Welfare Ho Feedbag and belly up to the taxpayer trough for some loot feasting...
US/Wall Street Crony Capitalists can't compete so they rig the market with their bought and paid for worthless politicians and welfare ho' up...
Uncle Warren could tell all you little people out there the one true constant of the US Kleptocrat, Crony Capitalism economy is Wall Street's pay dirt...
$$Bail Out My Bonus$$
Cash for Clunkers... Wall Street TBTF style...
Pretty surprising. After Bair left I thought a real team player would be in charge. As it says they could withdraw the objection but going forward with this at least hints it isn't just a pro forma exercise.
WB has lost Billions already in the Great Recession... and would have been Ch11 if not for a bailout of BRk. He will be a symbol of failure when this is all done.
All within the last week: Floated BAC will sell their China bank stake...then, no, they don't need to sell it...then they've sold 50%...you are witnessing a desperate company scrambling. If you didn't watch Lehman Bros. implode, watch it again via BAC.
3....2.....1....DUMP
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Buffett "Eureka alert" is on BathCon 1.
Read it a dozen times, just keeps getting funnier every time!!
Folks are starting to watch...
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