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Tepper Sells His $110 Million Bank Of America Position.... What About His $300 Million Citi Stake?

Tyler Durden's picture





 

Following today's apocalyptic trading in Bank of America, David Faber disclosed that one of the biggest cheerleaders of the increasingly doomed bank, David "Balls to the Wall" Tepper, had cut his entire stake in BAC and Wells Fargo (despite presenting the most laudatory powerpoint back at the 2010 Ira Sohn conference which predicted BAC going to $27... no comment). That's great, however, as we disclosed the other stock that is currently causing Paulson to scramble and to extract "value" out of every non MTM 2nd lien currently held by the fund, is none other than Citigroup which tumbled just a little less than BAC, closing down 17%. The issue is that as per the just released Appaloosa 13F, Citi is the top stock held by the hedge fund currently... Although probably not after today. Which is surprising because if Tepper expected Bernanke to announce QE3 tomorrow, he would pull more of his on screen antics and instead of dumping his financial holdings, he would be adding. Then again as the chart below demonstrates, Tepper is a guy who is happy to buy high and sell low, if in the meantime he can take advantage of the Fed's generosity with taxpayer capital to make billions in his Christmas bonus. Anyway, while Tepper may or may not have been skewered on his top position today, below is the complete summary of all position changes between Q1 and Q2.

Tepper buying fins high and selling low (courtesy of John Lohman):

And Tepper getting busted by the same trade that made him very rich thanks to a Fed very generous with handing out taxpayer capital:

 


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Mon, 08/08/2011 - 17:49 | Link to Comment FoieGras
FoieGras's picture

Paulson is getting pole-axed. Wonder what ever happened to his "BAC is a $30 stock" call.

Mon, 08/08/2011 - 17:49 | Link to Comment Spitzer
Spitzer's picture

The funny thing is,  QE 3  doesn't look like it will outrun gold. Bank stocks might bump but if they don't beat gold, they are net losers.

Mon, 08/08/2011 - 17:51 | Link to Comment Id fight Gandhi
Id fight Gandhi's picture

He purposely leave his petty cash ATM slips laying around so everyone knows how great he is.

Mon, 08/08/2011 - 17:51 | Link to Comment There is No Spoon
There is No Spoon's picture

who knows what he did in the last month, maybe he "bought the dip" in mid july

Mon, 08/08/2011 - 17:56 | Link to Comment Reptil
Mon, 08/08/2011 - 18:00 | Link to Comment gwar5
gwar5's picture

If you have $100 million in BAC then you gotta be asleep at the wheel.  

Mon, 08/08/2011 - 18:09 | Link to Comment mynhair
mynhair's picture

Citty is a good investment, after all, the Goobermint (of morons) owns it.  Maybe it will merge with Fan/Fred?

Mon, 08/08/2011 - 18:12 | Link to Comment SAME AS IT EVER WAS
SAME AS IT EVER WAS's picture

For two whole years damn near every dip was bought like crackheads all fighting for the last bit of crack to ever be made. Oh, fuck yeah! Buy the fucking dip man! This market plunge is just one more item for the cocksuckers that be to check off thier list. On a side note, does anyone get a pop up asking to run a componet office 2010 after logging on to the site?

Mon, 08/08/2011 - 18:16 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Balls to the wall. And stuck there.

Mon, 08/08/2011 - 18:21 | Link to Comment rocker
rocker's picture

I think he bent over and somebody snipped them off.

Mon, 08/08/2011 - 18:26 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Ouch! He shoulda bought an iron jock

Mon, 08/08/2011 - 19:43 | Link to Comment Miss Expectations
Miss Expectations's picture

Balls Bitchez!

Mon, 08/08/2011 - 18:19 | Link to Comment High Plains Drifter
High Plains Drifter's picture

what?  selling BOA?   what happened to his animal spirits..........

 

 

Mon, 08/08/2011 - 18:20 | Link to Comment rocker
rocker's picture

Is it just me or does this guy still hold a unbelievable amount of BAC and WFC.

Mon, 08/08/2011 - 18:23 | Link to Comment doggings
doggings's picture

I miss Methman, Johnny Bravo and all those numpties, theyre never around when it matters. 

and where's Leo? Leo you told me to BTFD on some fucking stocks the other day too? 

lunching with some old pal who once did really well on something or other I'd wager.

Mon, 08/08/2011 - 18:29 | Link to Comment mynhair
mynhair's picture

FLSR held pretty good today, but so did NFLX. Who the fuk has NFLX, anyway? The Elf Lord?

Mon, 08/08/2011 - 18:42 | Link to Comment EvlTheCat
EvlTheCat's picture

Probably "crafting" his latest piece of unenlightened bullshit in hopes some crack head will donate to him. Either that or waiting for his government assistance check so he can pretend the money came from a timely sell off.

Mon, 08/08/2011 - 18:56 | Link to Comment Moe Howard
Moe Howard's picture

I swear I saw one of them picking up lumps of silver off the ground the other day.

Mon, 08/08/2011 - 18:25 | Link to Comment Caviar Emptor
Caviar Emptor's picture

NYSE now in bear territory.

Russell 200 in bear territory

S&P only 25 points away

Mon, 08/08/2011 - 18:25 | Link to Comment Highrev
Highrev's picture

Don't we have anything like this up for today?

http://www.zerohedge.com/article/visual-summary-todays-ludicrous-action

 

Notin?

 

Can you say Lopsided?

Mon, 08/08/2011 - 18:29 | Link to Comment Pretorian
Pretorian's picture

Swiss, Japan  intervention in FX is old method of devaluing currency, FED has inovation called S&P and other problematic assets  just few days after other Central Banks intervention, since  0% interest rate didn't helped US last time in dollar debasment. Dont Fuk with FED they have some untested instruments to inflate out of shit situatuion.

Mon, 08/08/2011 - 18:29 | Link to Comment sheeple2012
sheeple2012's picture

some really stellar picks there, Brunswick is my favorite... who needs a new $200K boat, $5K pool table, raise your hand...

isn't he the guy who said stocks can't ever go down because good news is good news and bad news is really good news? and promptly send the momos and algos into a buying frenzy?

what a d-bag....

 

 

Mon, 08/08/2011 - 18:33 | Link to Comment sheeple2012
sheeple2012's picture

 

 

 

Mon, 08/08/2011 - 18:36 | Link to Comment mynhair
mynhair's picture

Remember.

Shared sacrifice.

Inherited.

Partisan.

TEA party.

Corporate jets.

Bush did it.

Mon, 08/08/2011 - 18:40 | Link to Comment Outlaw Of The W...
Outlaw Of The Wasteland's picture

Who would have ventured to guess a 15 for 1 reverse split of an insolvent financial company run by a dothead in an insolvent communist country run by disgusting jews from the slums of odessa and krakow would have been a short?

This can only end two ways, comrades.

 

Mon, 08/08/2011 - 19:01 | Link to Comment sheeple2012
sheeple2012's picture

+ 1000 shekels

Mon, 08/08/2011 - 18:50 | Link to Comment buzzsaw99
buzzsaw99's picture

What? No Squid?

Mon, 08/08/2011 - 19:00 | Link to Comment PulauHantu29
PulauHantu29's picture

What were these guys thinking? I guess they took a huge gamble...and lost.

Mon, 08/08/2011 - 19:19 | Link to Comment Monkeyfister
Monkeyfister's picture

This, right here, is why Citi will be allowed to survive, until at least June of 2012.

http://www.defensetravel.dod.mil/site/govtravelcard.cfm

 

The .gov will prop them up until the Contract Period is over.

It's that awesome Free Market Fairy at work!

Mon, 08/08/2011 - 19:24 | Link to Comment Stax Edwards
Stax Edwards's picture

At the risk of sounding repetitious and like a sycophant:

TD is a real hero among men.  I believe whole heartedly this man has changed the paradigm. Keep on Keeping on TD!

No F'N QE you fucks (FED).  A real turnaround is in the cards if these fucks will just relent and GTFO of the way!

Get out of the Market Manipulation business! Let the markets work!  You are being rendered useless if you will not relent!

Return to GAAP standards! Stop protecting the powerful!  You will lose if you keep trying to prevent markets from true price discovery!

Mon, 08/08/2011 - 20:12 | Link to Comment Outlaw Of The W...
Outlaw Of The Wasteland's picture

Agreed.

Mon, 08/08/2011 - 19:25 | Link to Comment jmc8888
jmc8888's picture

Powerpoint.  Is there anything that isn't complete bullshit on these slides?

Keep it short

Shy away from full sentences

Limited number of slides

Little/No animations

No YELLOW

Yet in the end, it's all bullshit (maybe it's the format?)

 

So here's something that would fit on one slide that isn't.

 

1. Printing

2. Cutting

3. Taxing

All useless

 

Don't be a terrorist fucktard!

Enact Glass-Steagall

 

 

Mon, 08/08/2011 - 21:13 | Link to Comment IMA5U
IMA5U's picture

tyler...teper is one of the greatest traders of all time

 

pretty bold of u to dig on the legend

Mon, 08/08/2011 - 22:27 | Link to Comment Taint Boil
Taint Boil's picture

                              ,-._.-._.-._.-._.-.
                              `-.             ,-'
.-------------------       |             |
|                        |      |             |
|                        |      |             |
|                        |      |             |
This tells all      |     ,';".________.-.
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|                        |    ;             `-|
|                        `.    `T-            |
`----------------------._ \    |             |
                          `-;   |             |
                                |..________..-|
                               /\/ |________..|
                          ,'`./  >,(           |
                          \_.-|_/,-/   ii  |   |
                           `."' `-/  .-"""||    |
                            /`^"-;   |    ||____|
                           /     /   `.__/  | ||
                                /           | ||
                                            | ||

Mon, 08/08/2011 - 22:32 | Link to Comment Madhouse
Madhouse's picture

.... just got off the floor and crying tears... QE3...pppphhhphpphhhaaaaahahahah

Cut the living shit. The notion of a QE3 being taken seriously or to be feared by shorts and hoped for by longs is insane.  I don't doubt they try it but, ahum, isn't that what this shit storm is about ... the King Swinging his elephant trunk until someone blurts out laughing ?

AHHHHHHHH....its a MADHOUSE, A MADHOUSE.........

 

Mon, 08/08/2011 - 23:17 | Link to Comment Grand Supercycle
Grand Supercycle's picture

THE S&P 500 MONTHLY CHART THAT FORECAST THE CRASH.

Further downside expected.

http://bit.ly/x618

Tue, 08/09/2011 - 02:02 | Link to Comment global
global's picture

Citi, Goodyear, and Valero were worth about $730M to him at June 30.  They're worth about $500M now.  3 of his top 4 holidings have dropped 30% in a month...pure genius, I wish I had my money with him.

Wed, 09/14/2011 - 05:09 | Link to Comment chinawholesaler
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