Got Bank Of America CDS? New York AG Says BAC's $8.5 Billion Settlement Is "Unfair and Misleading"; BAC Equity Offering Imminent

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Fri, 08/05/2011 - 00:07 | 1525651 tom a taxpayer
tom a taxpayer's picture

Does settlement money buy get-out-of-jail cards for these criminal fraudsters?

Fri, 08/05/2011 - 01:14 | 1525772 Fish Gone Bad
Fish Gone Bad's picture

Does anyone remember when Reggie Middleton said that Bank of America ate a tape worm?  Reggie might have understated the infection.  Perhaps it was a chest burster (

Fri, 08/05/2011 - 00:07 | 1525654 WonderDawg
WonderDawg's picture

Liquidation, bitchez!

Fri, 08/05/2011 - 00:06 | 1525658 HarryWanqer
HarryWanqer's picture

<<< I am buying BAC tomorrow.

<<< I am buying BAC tomorrow on margin.

Fri, 08/05/2011 - 00:06 | 1525659 AUD
AUD's picture

So Bank of New York Mellon has violated state law & misled investors, yet investors are so desperate to give Bank of New York Mellon their money the bank is about to start charging them to take it?

That's fucked up.

Fri, 08/05/2011 - 07:29 | 1526124 sunnydays
sunnydays's picture

My thoughts exactly.  They are the same ones wanting to now charge people for having cash in their bank.  How completely outrageous.  If I had lots of money in an account there and was being charged for having cash, I would be getting all my money out, because something is totally screwed up.  I would hope those with the millions there are smart enough to get it out and go elsewhere where you aren't penalized for actually having money.

Fri, 08/05/2011 - 00:09 | 1525660 Korg
Korg's picture

My seriously underwater mortgage is from BOA. Should I even pay it anymore? it might take years before they foreclose, right??

Fri, 08/05/2011 - 00:12 | 1525680 FEDbuster
FEDbuster's picture

Depends on where you live.  Some states like TX are quick, others like NY take years.  If you can rent for less, and you are not in a state that allows them to come after you for a deficiency, then squat for awhile and save some money for your move. 

Fri, 08/05/2011 - 00:18 | 1525697 Korg
Korg's picture


Fri, 08/05/2011 - 00:42 | 1525728 iDealMeat
iDealMeat's picture

Squat for a year..  Use the money for PMs.. Then move out of CA, its going to crash too..

Fri, 08/05/2011 - 01:05 | 1525760 DeadFred
DeadFred's picture

I'm sure that crash and burn will be sooner than a year.

Fri, 08/05/2011 - 01:19 | 1525779 CrashisOptimistic
CrashisOptimistic's picture

It damn sure will.

Someone in California flat out lied about that unexpected tax revenue that let them manufacture a budget rationale so they could restart their paychecks.



Someone needs to start a criminal investigation into that extra revenue claim.

Fri, 08/05/2011 - 00:56 | 1525753 Cathartes Aura
Cathartes Aura's picture

I realise you're most likely looking for "financial" advise, but for what it's worth -

do you have at least 6 months food for yourself/family?

do you know where you'll get water from if, say, an earthquake causes water mains to break?  and do you have a water filter, something like a Berkey?

if you use any pharma - do you have reserves sorted out?

I'd do my "disaster prep" first, buy PM now with any "mortgage" money - getting behind on payments at this stage isn't a big deal, compared to getting caught out - folk shouldn't be complacent about the situation right now, and the last quarter of this year - september & november particularly - might hold a true "black swan" - as in, something no one could anticipate.

they're moving a lot of military toys by rail into Kali right now, just saying.

might be nothing - but given a choice between feeding BoA & yourself/family, I'll guess your choice. . .

Fri, 08/05/2011 - 01:34 | 1525799 Fish Gone Bad
Fish Gone Bad's picture

Honestly.  What are you actually going to do?  For arguments sake, I will admit that you are absolutely correct and that the military is about to take over the United States.  Pretty much every person in the USA (95%+) is probably an untrained and unarmed civilian.  That would make a military coup very very easy.  Perhaps as easy as Napolean conquering Spain.  Anyone insane enough to scream at someone aiming a gun at them can end up with bullet therapy.  Take a look at Egypt now.  What a f'king mess.

Fri, 08/05/2011 - 02:38 | 1525863 Cathartes Aura
Cathartes Aura's picture

Honestly, what am I personally going to do?

I thought a lot about this months ago, and decided to stay nimble, have a couple of out-of-country escape hatches, but meanwhile, continue working with friends getting local food and "prep" together the best we can - this isn't too much different to how I normally go about "life" to be honest, just added stores & specifics rather than more leisurely plans.

I measure events somewhat differently than others, and pay attention to even random stuffs, and I know many scenarios don't pan out - but it really doesn't hurt to be at least somewhat prepared - the poster who lives in CA should give thought to earthquakes, if only because they're more likely there, etc.

Beyond that? get right with yourself, and admit some things are beyond your grasp, let it flow. Me? I listen to great music and try to surrender the illusion of control.

Bill Callahan "Free's" - 3min of bliss

Fri, 08/05/2011 - 01:40 | 1525805 HungrySeagull
HungrySeagull's picture


I don't know what to think... Guam seems to be very hard on NOTAMS this week.

Fri, 08/05/2011 - 02:35 | 1525857 itiswhat1tis
itiswhat1tis's picture

isnt it a far more real possibility that those trains of military toys are headed to NTC as they do anytime a unit goes through there?  the math and reality of peoples martial law, military takeovers just dont make sense.  but maybe thats just me, after seeing just how impossibly hard it is to take control of any populated area.


Fri, 12/09/2011 - 03:09 | 1962068 Tompooz
Tompooz's picture

on using the military: it may well be in anticipation of several Muni's no longer able to pay their police. The State may also have to fire half of the prison guards and release prisoners into the tender care of FEMA.

See the recruitment ad for camp guards , eh, "internment specialists".  Fresh National Guard recruits, a lot cheaper than state-pensioned prison guards.

Fri, 08/05/2011 - 02:06 | 1525833 NumNutt
NumNutt's picture

My undrwater loan is a previous Country wide loan that is now owned by bank of america. I stopped paying last month, how will this affect me? Property is in WV.

Fri, 08/05/2011 - 00:09 | 1525662 automato
automato's picture

I have some money. Not a lot of money but a little that I want to loan out so that I can help someone that needs it and maybe make a little for myself in the process. Believe it or not, that is the basis for our entire SYSTEM. When the system functions normally, I get a decent return say 3-5% per year and all is right with the World. When the system is corrupt, governments piss away my money on stupid projects just to piss away my money and pay off their friends and I get pissed! Now I am not so willing to loan out my money any more and I take it back. I put it away where YOU will never see it again until you offer me a MUCH, MUCH, HIGHER return say 10-15% or more per year like Gold and Silver or I just hide it until I feel it's safe to come out again. This may take a LONG, LONG, time. Hope we all make it.


Fri, 08/05/2011 - 00:10 | 1525664 FEDbuster
FEDbuster's picture

Statute of limitations count down clocks on every bankster's desk?

Hasten the Collapse, OBAMA 2012

Fri, 08/05/2011 - 00:12 | 1525673 AssFire
AssFire's picture

I don’t understand how you can be so hard on President Obama. Weren’t any of you here for the schooling of 2011? That year, thanks to professors Obama, Pelosi, Reid, Dodd, Frank, and Schumer, was the most explosive period of intellectual growth in my life. In that short year I came to understand some basic and fundamental truths of our new fundamentally changed America.

• Hard work is for suckers. Wait for someone else to produce something, find a way cast yourself as their victim, and then take what you want.

• Successful people are evil because they show others that innovation, risk taking, and hard work leads to success. The people MUST believe that the government is COMPLETELY in control of each person’s success.

• Only idiots think that living within a budget is possible or practical. Intelligent people know that the federal budget is just part of a highly sophisticated system that must be ratcheted up from time to time. Passing legislation to limit the debt is just a polite custom that soothes that silly part of the public that still hold onto quaint ideas about the value of promises.

• If you are white, you should be ashamed. If you are also a male, you should be doubly ashamed. If you are also a small business owner who has the audacity to believe that what you earn is yours, you should just nip off and hang yourself.

• Children have no business being exposed to the teachings of their parents. It takes too long for professional teachers in our fine public schools to undo all the indoctrination received at home. The endless drivel spouted by parents about compassion, honor, responsibility, courage, kindness, and most importantly individual achievement would certainly ruin our culture if it were not for the tireless efforts of our public school teachers and especially their unions.

• There are two kinds of Americans: Democrats and racists.

• Christians are bad.

• 9% unemployment is a very good thing because it could have been 90% unemployment. The stimulus kept the unemployment to an unbelievably low rate. We should all be very, very thankful.

• The American Experiment is a very bad idea because it naturally discriminates against people with deficits of knowledge, energy, courage, honor, and tenacity. These are the VERY people that geniuses like John Rawls say that society should advocate. The American Experiment may create an incredibly high quality of life for society at large, but people in the lower socio-economic rungs naturally feel envy - no human should ever feel bad about their station in life or their accomplishments. The American Experiment is brutal idea from a brutal time.

• Gay people make better parents. Marriage between and man and a women should be tolerated, even given the same rights as gay couples, but gay marriages should be the social norm because gay people are more loving and tolerant the un-gays.

• America has caused the world so much damage that we should just say we are sorry, tear up our completely outdated constitution, and beg the Muslim Brotherhood for guidance.

I can’t believe I was able to live with myself prior to 2011 – back then I was intellectually and morally bankrupt. But now I get it. Now, I am at peace. Now I can finally enjoy Bill Maher.

I really wish all of these unenlightened journalists would just lease a clue.

Fri, 08/05/2011 - 00:21 | 1525688 FEDbuster
FEDbuster's picture

Yes comrade, you just needed to be re-educated.

"We Are All Deadbeats Now", Newsweek cover story circa 2012

Fri, 08/05/2011 - 00:26 | 1525710 Bolweevil
Bolweevil's picture

Next up Law of Club and Fang.

Fri, 08/05/2011 - 00:26 | 1525712 pods
pods's picture

Jesus Hannity, do you ever sleep?

The Amerikan experiment was settled in the 1860s.  

I dont give a rat's ass if you love the empire, but just don't pretend that cause you called tails you are playin with a different coin.

Surprised that you didn't say "Sharia Law" or "Islamic Caliphate."  You came close with Muslim Brotherhood.  

From what you wrote above, you are still quite intellectually bankrupt.


Fri, 08/05/2011 - 00:37 | 1525719 GoinFawr
GoinFawr's picture

Indeed, his pants are on fire; I doubt I would cross the street to piss them out.

Fri, 08/05/2011 - 01:23 | 1525784 CrashisOptimistic
CrashisOptimistic's picture

I don't care if you're left wing or right wing there, peaches.  Long posts don't get read.

Fri, 08/05/2011 - 01:42 | 1525801 scratch_and_sniff
scratch_and_sniff's picture

Lets play a little game Assfire, its called, "fill in the blanks".

For person x, _ _ _ _ _ _ _ is "a genuinely revolutionary, trans-class form of anti-liberal, and in the last analysis, anti-conservative nationalism" built on a complex range of theoretical and cultural influences. He distinguishes an inter-war period in which it manifested itself in elite-led but populist "armed party" politics opposing socialism and liberalism and promising radical politics to rescue the nation from decadence.

Person y sees _ _ _ _ _ _ _ as "a form of political behavior marked by obsessive preoccupation with community decline, humiliation, or victimhood and by compensatory cults of unity, energy, and purity, in which a mass-based party of committed nationalist militants, working in uneasy but effective collaboration with traditional elites, abandons democratic liberties and pursues with redemptive violence and without ethical or legal restraints goals of internal cleansing and external expansion."

 A number of _ _ _ _ _ _ movements described themselves as a "third force" outside of the traditional political spectrum.[45] Mussolini promoted ambiguity about _ _ _ _ _ positions in order to rally as many people to it as possible, saying _ _ _ _ _ _ can be "aristocrats or democrats, revolutionaries and reactionaries, proletarians and anti-proletarians, pacifists and anti-pacifists".[46] Mussolini claimed that Italian _ _ _ _ _ _ economic system of corporatism could be identified as either state capitalism or state socialism, which in either case involved "the bureaucratisation of the economic activities of the nation."[47] Mussolini described _ _ _ _ _ _ in any language he found useful.[46][48] Spanish Falangist leader José Antonio Primo de Rivera said: "basically the Right stands for the maintenance of an economic structure, albeit an unjust one, while the Left stands for the attempt to subvert that economic structure, even though the subversion thereof would entail the destruction of much that was worthwhile

The military ruin of German and Italian _ _ _ _ _ _ in WWII convinced most people that _ _ _ _ _ had been destroyed for good and was so utterlydiscredited that it could never again entice any followers.  Events since then, particularly the emergence of new _ _ _ _ _ _ groups and tendencies in almost every capitalist country,have dispelled suchwishful thinking.  The illusion that WWII was fought to make the worldsafe from _ _ _ _ _ _ has gone the way of the earlier illusion that WWI wasfought to make the world safe for democracy.  The germ of _ _ _ _ _ _ is endemic in capitalism; a crisis can raise it to epidemic proportions unless drastic countermeasures are applied.

you got it s a clue it begins with f, and ends in ism.

Fri, 08/05/2011 - 14:00 | 1527676 GoinFawr
GoinFawr's picture

Ass of fire and his extremely extremist loony friends are confused: you didn't leave enough spaces for 'feminism'.

Fri, 08/05/2011 - 03:20 | 1525896 OldPhart
OldPhart's picture

Assfire, I learned my lessons, too.

Fri, 08/05/2011 - 00:14 | 1525677 MobBarley
MobBarley's picture

Countrywide was run by AngloSaxon mafia aka CIA.

They stuffed BAC with it to get rid of the body.

BAC is run by Italian mobsters, poor slobs

that always get fucked by Aryan types.

They always said a BAC implosion would coincide with the great financial meltdown.

Chicken or egg doesn't matter. martial law is martial law.


Fri, 08/05/2011 - 00:18 | 1525687 Drag Racer
Drag Racer's picture

Schneiderman should stay away from hot tubs for a while...

Fri, 08/05/2011 - 01:11 | 1525771 DeadFred
DeadFred's picture

And hotel maids.

Fri, 08/05/2011 - 00:16 | 1525692 Karl Tashjian
Karl Tashjian's picture

'BNY Mellon also put its own interests before those of the investors it's supposed to represent'


Putting their own interests before their clients?! Preposterous! It's not like they're charging 13 bps to hold clients' 50 mil or anything like that...


Oh wait.

Fri, 08/05/2011 - 00:22 | 1525703 Careless Whisper
Careless Whisper's picture

Cali going after Citi.

California False Claims Act makes it a C.R.I.M.E. to defraud the State (as in State Pensions)


Fri, 08/05/2011 - 00:47 | 1525740 azusgm
azusgm's picture

Excellent. Sounds like Tom Miller couldn't convince all of the state attorneys general that the putrid stench wafting off the AAA-rated RMBS was actually a refreshing fragrance. The banks may end up with something other than a light slap on the wrist accompanied by an apology for the inconvenience.

Prosecute those crooks already! Dismantle the corrupt bank organizations then roll out the welcome mats at the penitentiaries for the TBTF bank bosses and the legions of their willing minions.

Fri, 08/05/2011 - 00:25 | 1525708 Seasmoke
Seasmoke's picture

sounds like great news for my unpaid HELOC from BOA......shout out to Ken Lewis !

Fri, 08/05/2011 - 00:25 | 1525709 unununium
unununium's picture

First they'll try a death spiral convertible.  Like the one brilliant Ken Lewis bought into Countrywide with in August, 2007. 

Wonder what price they'll find suckers at.

Fri, 08/05/2011 - 00:33 | 1525715 Cdad
Cdad's picture

Nibble when it gets to 99 cents...but go slowly.

Fri, 08/05/2011 - 01:21 | 1525782 DeadFred
DeadFred's picture

I was going to comment on how low Citi got in March '09 when it suddenly occured to me the cosmic purpose behind this. The algos lost their favorite plaything when C did the reverse split and now now they will be able to play with BAC with a trillion trades per day at $2. Market volume returns and all will be right with the world! I'm so glad (and it's been a long day). Goodnight

Fri, 08/05/2011 - 00:31 | 1525713 Jim in MN
Jim in MN's picture

Waiter, there's a zombie in my soup.

Oh, and a turd in the punchbowl.

Fri, 08/05/2011 - 00:39 | 1525725 GoinFawr
GoinFawr's picture

Is your server's name 'Tyler'?

Fri, 08/05/2011 - 00:53 | 1525751 hedgeless_horseman
hedgeless_horseman's picture

'Cream' of zombie soup?

Fri, 08/05/2011 - 02:22 | 1525841 MsCreant
MsCreant's picture

Tyler's not a zombie...

Fri, 08/05/2011 - 00:36 | 1525716 scratch_and_sniff
scratch_and_sniff's picture

ZH was on the news WTF? Things could even be worse than they look. So what now, no longer underground, the big money comes in and takes over, next year we will be drinking out of plastic tyler durden cups in mcdonalds while our kids play with plastic tyler dolls?

Fri, 08/05/2011 - 00:41 | 1525724 lolmao500
lolmao500's picture

And if BAC goes down, what happens? Isn't BAC bigger than Lehman? If BAC goes down, the whole world goes down if there's no bailout or what?

Fri, 08/05/2011 - 00:46 | 1525737 scratch_and_sniff
scratch_and_sniff's picture screens are alreadly lighting up like a christmas tree and its not even 6am, this is going to be an interesting day, you guys either get a hell of an upside shock from the jobs numbers or its goodnight Vienna.

Fri, 08/05/2011 - 01:46 | 1525810 Liquid Courage
Liquid Courage's picture

Wow! A Ringo Starr reference. Got any hen's teeth?

Fri, 08/05/2011 - 01:50 | 1525816 scratch_and_sniff
scratch_and_sniff's picture

I thought i told you the score already...

Fri, 08/05/2011 - 00:51 | 1525749 monkeyboy
monkeyboy's picture
BAC Equity Offering Imminent

Talk about exqusite timing!

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