Two Down, Many More To Go - Bank Of America Sued For $31 Billion In Mortgage Losses

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Fri, 09/02/2011 - 16:03 | 1627634 SheepDog-One
SheepDog-One's picture

Looks like the Hamptons might be somewhat subdued this holiday weekend, meetings with high profile defense lawyers instead...probably MomoFader will be the only one out there wondering where all the Bellarus hookers and cocaine are.

Fri, 09/02/2011 - 16:11 | 1627677 greased up deaf guy
greased up deaf guy's picture

whoomp! there it is! whoomp! there it is!

Fri, 09/02/2011 - 16:12 | 1627699 AldousHuxley
AldousHuxley's picture

This is one way to make sure profit from ZIRP in banking sector comes back to government for they are going to need the money to fund a more dire priority: WAR WITH IRAN.

Fri, 09/02/2011 - 16:22 | 1627741 SheepDog-One
SheepDog-One's picture

Time to shear the small fry non elite banks for WW3!

Fri, 09/02/2011 - 16:49 | 1627861 Fukushima Sam
Fukushima Sam's picture

I wonder if Obama mentioned this upcoming development to the Geezer of Omaha back when he contacted him about the economy, right before the Geezer sunk billions into BOA?

Fri, 09/02/2011 - 17:15 | 1627993 Freddie
Freddie's picture

Hopefully Warner Buffert will be getting Nebraska corn cobs shoved up his arse.

Fri, 09/02/2011 - 17:41 | 1628134 franzpick
franzpick's picture

The 30 plus year fed-sponsored credit binge has made almost everyone look good, and made some like Warn N Buff look like geniuses.

The ongoing credit collapse will eventually demonstrate how little the oracle and other experts actually knew.

Sat, 09/03/2011 - 01:22 | 1628990 AldousHuxley
AldousHuxley's picture

last 17 years buffett's actively managed berkshire hasn't beat some big name corporations such as Johnson and Johnson or Oracle corp.


Buffett is now playing with political fire as his investments are dependent on government bailouts.


He is no saint.

Mon, 09/05/2011 - 08:21 | 1633761 fx
fx's picture

 90% of the posters here (and many of ZH's authors, too) are so full of hatred against BofA, Buffet  and co. that they lose any objectivity. ZH has become a weird place where gazillions of obscure people seem to have gathered for the sole reason to enjoy their  (and others') gloom-and-doom-posts Which, sometimes amusing and eloquent for most part lack knowledge, facts and are more and more pure pieces of heavily biased crap. Worthwile financial news and insights are by now far and few between, the quality of this page is descending in lock-step with the S&P, BofA's stock price and the credibility of the poltitical and economic elites. A few more weeks and I am done with this website - unfortunately.


Fri, 09/02/2011 - 16:19 | 1627733 hunglow
hunglow's picture

Throw the spinnaker sail out there! Which one? The whomper sail!

Fri, 09/02/2011 - 16:22 | 1627742 Living_Stone
Fri, 09/02/2011 - 16:14 | 1627678 dwdollar
dwdollar's picture

Nah...  Uncle Scam will sue them, then turn around and bail them out plus some.  Nothing but a side show to distract the herd from the meat grinder of QE3.

Fri, 09/02/2011 - 17:15 | 1627990 Pool Shark
Fri, 09/02/2011 - 16:02 | 1627636 caerus
caerus's picture

holiday weekend = one more day to worry

Fri, 09/02/2011 - 16:14 | 1627709 DoChenRollingBearing
DoChenRollingBearing's picture

Or look at this way:

= one more day to take $500 more out of their ATMs.

Fri, 09/02/2011 - 16:17 | 1627722 caerus
caerus's picture

i like...

Fri, 09/02/2011 - 16:19 | 1627734 tekhneek
tekhneek's picture

I'm emptying out my account with them tomorrow, permanently. A close friend of mine in Colorado went to take out 20K last weekend to exchange for gold, the lady at the counter told him "I can give you 4,500 now, but you'll have to come back every few days to get the rest." He left.

He went to I think 10-or-so branches to get 17, then he just went to several ATMs to get the remainder. He needed 20K because the bullion dealer was holding that much for him.

So, if you have any form of savings/checking w/ BAC I'd get it out this weekend too.

Sat, 09/03/2011 - 05:51 | 1629177 slewie the pi-rat
slewie the pi-rat's picture

L0L!!!  slewie said the same thing about all the banks on Stupor Bowl Sunday in Feb

then i started "suggesting" people cash out every retiement account they could, w/out being styooopid if the "extra-added" was real juicy, pay the taxes, and buy US Mint-produced gold & silver coinage

i told everyone on zH to stop trading, get every fuking dime outa every brokerage and buy more coins!

i want everybody in cash, coins, and supplies.  i don't give a flying fuk how "smart" you think you are!

...then, there was a tsunami in japan...

Fri, 09/02/2011 - 16:03 | 1627640 Chuck Bone
Chuck Bone's picture

In related news, Buffett poops the tub.

Fri, 09/02/2011 - 16:05 | 1627650 SheepDog-One
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Buffet to Becky- 'I pooped em'...

Fri, 09/02/2011 - 16:12 | 1627697 freethinker4now
freethinker4now's picture

Watch out Warren floating something new...ewwwwww

Fri, 09/02/2011 - 16:16 | 1627719 Spitzer
Spitzer's picture

I want to see Buffet take a bath on this deal, I cant wait. Its going to be so funny to see that sorry shill lose his balls.

Fri, 09/02/2011 - 16:34 | 1627798 hunglow
hunglow's picture

Becky: Did you have nuts yesterday?

Fri, 09/02/2011 - 16:18 | 1627727 nmewn
nmewn's picture

The "preferred" snickers bar ;-)

Fri, 09/02/2011 - 16:24 | 1627754 Fur Trader
Fur Trader's picture

"Diaper? I just met 'er"

Fri, 09/02/2011 - 16:25 | 1627755 Fur Trader
Fur Trader's picture

"Diaper? I just met 'er"

Fri, 09/02/2011 - 16:38 | 1627816 TuesdayBen
TuesdayBen's picture

Becky to Buffet - 'Oh, Warren, your poop is so cute and it doesnt even stink!'

Fri, 09/02/2011 - 17:42 | 1628141 Mactheknife
Mactheknife's picture

Uncle Warren said he thought he should be paying more taxes..after BAC is nationalized it will turn out he just did.

Fri, 09/02/2011 - 16:11 | 1627686 monmick
monmick's picture

Eww... rica!

Fri, 09/02/2011 - 16:16 | 1627705 pupton
pupton's picture

+1 That got a no bullshit "laugh out loud" from me...


Fri, 09/02/2011 - 16:16 | 1627718 azengrcat
azengrcat's picture

It gives new meaning to the term "mud bath"

Fri, 09/02/2011 - 16:26 | 1627748 Astute Investor
Fri, 09/02/2011 - 16:30 | 1627772 hunglow
hunglow's picture

Becky:  Here it is!  I doesn't smell like a Baby Ruth.

Fri, 09/02/2011 - 16:03 | 1627641 bankrupt JPM bu...
bankrupt JPM buy silver's picture

Just bought a ton of AIG puts for the long long weekend ahead.  I hope this gets to .99 again.

Fri, 09/02/2011 - 16:04 | 1627645 Id fight Gandhi
Id fight Gandhi's picture


Fri, 09/02/2011 - 16:11 | 1627687 tekhneek
tekhneek's picture

$20 NOV ain't bad. .73/contract...

Looking at the YTD gives me a chubby @.73/contract.

Sat, 09/03/2011 - 06:48 | 1629204 slewie the pi-rat
slewie the pi-rat's picture

nope.  that ain't bad! 

and we love hearing about how yer camel-toe reacts, too! 

now, this BAC account you are gonna just drain, tomorrow, and much is in there?  $80?  $800? $8000? 

your friend in colorado sure had a pile there (why?  well, he just hadn't made up his mind yet to spend it all on gold @ maybe $1800/ oz or whatever he had "agreed" to for them to "hold it for him" so he could run over with the CASH and "buy" it) and, boy-0-boy!, he was doing a cash deal b/c...?  why?  why tf would anybody go thru that to buy a "stash" about the 1/2 the size + of a $10 roll of 1/2 dollars?  why not just write a check for it?  and if his "guy" doesn't fuking like it, FIND ONE WHO DOES!  if you buy gold and pay with a check, you will get your gold asap the check clears!  and almost all face-to-face dealers will take a check and hold the gold,  NOT hold anything for you b/c you are "gonna come in w/ $20K cash"!!! 

if you're down in soCal, pretending to write sceen plays, here, this shit won't fly, darlin!  but maybe the guy will get shot and robbed, and the criminals will be tied to glenn beck, and...

wtf, go for it!!!




Fri, 09/02/2011 - 16:05 | 1627651 fuu
fuu's picture

JPM:Silver .800369685

Fri, 09/02/2011 - 16:04 | 1627642 Id fight Gandhi
Id fight Gandhi's picture

Who the fuck would hold anything over the weekend here?

Fri, 09/02/2011 - 16:08 | 1627666 azusgm
azusgm's picture

Holding CEF.

Fri, 09/02/2011 - 16:15 | 1627713 --Freedom--
--Freedom--'s picture


Fri, 09/02/2011 - 16:23 | 1627746 caerus
caerus's picture

sds qid dxd twm & some shorts & puts

Fri, 09/02/2011 - 16:39 | 1627814 greased up deaf guy
greased up deaf guy's picture

bac $7 puts 9/17
spy 100 puts 9/17 (very risky)
vix 40 calls 9/21 (not so much)

Fri, 09/02/2011 - 16:09 | 1627670 tekhneek
tekhneek's picture

Because I'm positioned to short BAC into November... as I kind of saw this coming? As in.. opened positions about a month ago?

But good question. I'd be shitting my pants if I had a long position open right now.

Fri, 09/02/2011 - 16:13 | 1627700 Id fight Gandhi
Id fight Gandhi's picture

I meant longs. Too much headline risk and a Monday off. But monkeys would usually align for a post holiday pop. I don't see it happening.

Fri, 09/02/2011 - 16:45 | 1627844 geminiRX
geminiRX's picture

It's been awhile since stepping back into the option arena....hoping to get paid on my nov 7.50 puts

Sun, 09/04/2011 - 13:59 | 1631631 moonstears
moonstears's picture

I sold 1/3 of my BAC Nov 7.50 puts Fri, rolled into Sep Puts at $6.00, strike. Wanted control of more shares, as I do see BAC in deep ca-ca. We shall see.

Fri, 09/02/2011 - 17:43 | 1628143 Cash-NonCash
Cash-NonCash's picture

Me too. BAC Puts = lots'o green so's I can get me some new ({}) !

I also hear the Iraqi Dinar will be revalued so there's that on top!

Yay markets!


Fri, 09/02/2011 - 16:10 | 1627674 mt paul
mt paul's picture

long silver


Fri, 09/02/2011 - 16:12 | 1627698 tekhneek
tekhneek's picture

I got rid of all my positions and put it into AGQ when it hit 195/share and then shorted BAC. I didn't see it going much lower, glad I didn't wait like I did last time...

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