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Fin.....and roll credits
Fuck Bank of America.
Drag Brian Moynihan into the streets, let street justice sort it out!
In those instances where BOA hasn't been fraudulent or negligent, they were always incompetent.
And JPM and C and WFC and all TBTF banks and Wall Street and Pentagon and CIA
Ron Paul 2012
I can confirm the run on BAC has already started. My entire extended family has begun closing their accounts and moving to credit unions or other local commercial banks which rebate ATM access. In fact, when I was closing my account they had the insolence to ask me which credit union or bank I was moving my money to.
If you assume a 10x leverage, they just took a bath on 1 account holder....
We just moved our personal accounts and nonProfit business accounts to a local credit union. The CU rep said she is busy all day, every day with people coming over from BOA.
Me too. Moved my account to a credit union.
I asked the guy if others were opening accts. He showed me a huge stack of paperwork and said, "yeah, this is just from this week". I asked if they were all from BAC and he said its from ALL the big banks
This is in San Francisco.
Same here. Started changing my direct deposit and bill pay after reading about their recent move yesterday on Zerohedge. I know others who are doing the same since their debit card charge decision.
Any money that is pulled out now wont have to be insured by FDIC( AKA taxpayer) later right?
With only 1 caveat. If, and I mean if, there is not a cascade failure of other banks triggered by a BaC failure, and the bank any current account holder moves their money to from BoA does not fail, then no.
If, and again, I mean if, there is a cascade failure of banks tied directly or indirectly into BaC, then it is every Federal Reserve Note and FDIC insured entity for itself. YMMV.
I am long phyzz, non-existent paper, extremely short fiat. I stepped out of the game years ago and I will be staying out. Have fun weathering the collapse boys & girls (with my apologies to William Goldman, et al.)!
Taxpayers should protect themselves and get their money out of BofA. It is the patriotic thing to do.
Why hurt yourselves by dealing with an enemy of the taxpayers?
I closed my BAC accounts shortly after I opened them 3 years ago before the crash. The charged me an ATM fee on the back end of the transaction. I had never heard of that before. The ATM I used was fee free, but BAC cahrged me. What exactly did they charge me for? The electricity needed to run the computers to make the changes to my account balance? I can cerrtainly understand charging a fee to operate and maintain the actual ATM machine, but BAC didn't have to do anything.
I live in rural South Jersey, and there are at least 10, if not more, local community commercial banks, mutual savings banks, mutual holding companies and credit unions in a 10 mile radius.
Unfortuantely, credit unions do not handle business accounts or business loans, so I use a mutual holding company. Best of both worlds.
buh bye Rank of Amerrillca....
Does this mean that Linda Green might lose her job?
That would be a shame.
She is a VP.
Wish I could give you a +10 for that!!!
"Bank Of America equity is worthless."
Show me a European , US or UK bank that isnt worthless for shareholders. They are all terminal shorts.
Obviously, a blogger infiltrated VIC and planted this report. I'm sure Moynihan will clear it up shortly.
Few banks more richly deserve this fate.
Wrong TBTF and Obama contribution conduit BUY EM!
Shorts on Financials will soon be banned.
Futures and options will be banned too.
Breathing in air will soon be banned as well.
They'll have to ban BAC account closures. The ultimate "short".
If you dont want to deal with BAC personel, simply write a check made payable to yourself and deposit it in an account elsewhere - EZPZ.
But Warren said it's a good company. I'm gad I'm short already. Shorting BAC and squiddy.
Hurry up and explode already. I'm freaking tired of waiting and my puts expire in 3 weeks.
Guess I'll roll over but damn, I honestly didn't think it would last this long. Oh well. Live and learn.
Short this bitch into mid-2012 just to be safe IMO.
Be careful with front month... if halted the "last know price" is used for settlement even if the stock is in reality worthless.
I shorted JPM and GS in May and laddered it out August through December. Made a killing when I got out in August. Now I am going to short the S&P but how far out do I need to ladder? That is the question.
When do the wheels on the bus go from round and round to rolling down a hill?
Of course it's an inevitability but only a fool or a liar would tell you they know when it will happen.
My initial gains went into PM's but I'm greedy. I have a bonus next friday and want to double down. Those gains will go into a giant fence around my 2 acres.
Problem is, can my money get trapped at E-Trade if there are liquidity issued?
....aaaaaaaand it's gone.
The BAC, the BAC, the BAC is on fire.
We can't let BAC go down; the Democratic convention is being held in Charlotte ... and the riot police are already trained.
Guard the branches and seize any cash withdrawals!
The sad thing is that Charlotte isn't even prepared for the Democratic convention, especially rioters.
NA NA, NA,NA,
HEY HEY HEY,
You taking any shorts before publishing on ZH, hope you do.
Trust me my friend, Tyler's been short for awhile.
I would only buy cheap puts.
Chances the gvt will let the largest bank go belly up...I would say close to zero.
They will pump it with as much funny money as needed to keep it alive.
Yes, that was my -1. You can't expect a Super Committee looking for a feeble $1.4 Trillion in savings over the next 10 years to actually spend $53 Trillion to bail out the banks derivatives. That's what we call Too Big Too Bail. TBTB Baby.
The key will be to not let the boat tie off on a dock or the rats might get out before they burn and drown.
BAC may go under. The trick for the taxpayers is to get people to pull their FDIC-insured deposits so that .gov can't try to save the BAC counterparties by an equivalent amount. If you liked TARP in 2008 when the US was in a much more credible economic position (although not a great one), you'll love wading deeper into the mire with the (broke) FDIC taking up the slack on probably 100% of FDIC deposits. If the depositors won't do what needs to be done, the FDIC needs to step in.
Hint to FDIC: 5:01pm Hawaii time this Friday, if not sooner. Do it.
I wonder why nobody is talking about Wells Fargo. They bought that peice of crap Wachovia who bought Golden west at the top of the sub prime market. Not to mention Wachovia ran those stupid ass pick a payment loan. Surely Wells is a big short.
I think you're underestimating the income Wachovia made from their drug cartel money laundering operation; they laundered about $375 Billion over three years. Financed some jets, stuff like that. I'm thinking the cartels will show some loyalty and stay with Wells.
You may have a point there. I forgot about all of that. I mostly remember all their financial screw ups.
Wells will blow up soon enough, and when it does, given BAC's imminent demise, Charlotte (where I live) is going to be an economic crater.
Charlotte IS GOING TO BE an economic crater?
I have a cousin who moved there in 2006. Nice job in banking, bought a house, fot laid off job in 2009, got another, laid off again, out of work 1 1/2 years, house refi'ed via govt. program, a real mess.
With unemployment in the area officially at 12% and rising, I'd say Charlotte ALREADY IS an economic crater, my cousin's bad timing notwithstanding.
Talk about stuck. This gal doesn't have enough money to pay her mortgage, nor sell and move. She could sell at a huge loss, but I think she's leaning toward double default and walking away. 51 years old and royally screwed.
Sorry for your cousin, but really, you ain't seen nothing yet.
The only problem with all this terminal short stuff is that they can get as much money as they want from the Fed. I am not arguing they are worthless. I just don't see how they are going to go out of business.
B of A soon to be renamed Bank of Oligarkistan
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