$9.57 plenty offered and in good volume. With all the help, various fed window lending, accounting tricks, the list of daily POMO purchases for 6 months, and $$$$ for .25% they are still getting hammered with loan write downs. Classic de-leverging. Any chance theynot valuing the loan book on the lean side or maybe using economic assumptions supplied from the Fed to value their portfolio? What happens with another 20% slide in home prices? The thought of this mega bank Nationalized or sold to JPM for $1 is terrifying. So it continues.

Just for fun how bout BofA gets in to trouble and the fed has reduced liquidity or power from some sort of default. I know the answer is print more money but makes you think.

7/19/2011 9:14:18 PM

just curious, do you talk at a million miles an hour?

7/19/2011 9:40:46 PM

kinda like micro machines guy

7/19/2011 9:59:28 PM

hahahaha

7/19/2011 10:35:31 PM

What's happening here?

7/19/2011 11:12:05 PM

what is this i don't even

7/21/2011 7:25:36 PM

I used have a Nationsbank account.

p.s.

7/21/2011 7:40:19 PM

Quote :

"I USED HAVE"

[Edited on July 21, 2011 at 7:55 PM. Reason : ]

7/21/2011 7:55:49 PM

Heard it was John Paulson dumping 100 mm+ shares had something to do with the 14$ to 9.5$ move. The bank is trading at 1/2 it's book value. That's gotta be more than a little hint everyone knowes BofA's numbers regarding their loan portfolio are crap. This is the next AIG.

7/22/2011 12:21:28 PM

Its no secret banks are holding garbage assets at fantasy prices. BOA will be the recipient of bailouts (possibly secret ones) very soon.

They don't have a huge cushion of equity to burn through either.

7/22/2011 10:48:33 PM

8.83 suck it BofA see you in hell

8/4/2011 4:14:42 PM

Fuck em

Had to go into a branch three months in a row to contest completely random overdraft charges

8/4/2011 6:45:31 PM

yep this baby is going down in flames. i pulled up their CDS on bloomberg today, its getting hairy.

It is going to ravage charlotte's economy when they go under. I'm assuming there will be a forced merger at least though. No way they just let it die on the vine like Lehman.

8/5/2011 1:26:40 AM

This is the bank that loves to foreclose on houses they don't own.

8/5/2011 10:28:13 AM

I hope the CC business doesn't go down. Their no annual fee cash rewards credit cards are boss.

[Edited on August 5, 2011 at 1:29 PM. Reason : :]

8/5/2011 1:29:23 PM

8.05 and it didn't rally at all as the market bounced.

8/5/2011 3:17:10 PM

I so can't wait until October 2013 when I can finally ditch these losers. (Provided they even last that long. Heh)

8/5/2011 3:19:16 PM

^^^^^^^AHAHAHA

8/7/2011 11:16:38 PM

Anyone dumb enough to still be doing business with BofA(through stocks or as a customer) deserves what's coming to them. Everyone I know has been warning their friends and family about BofA for years.

8/7/2011 11:25:34 PM

I would ditch them out now but I need the convenience of a bank between Georgia and Maine while I am hiking the Appalachian Trail in 2013 but after that I am switching to a regional bank.

8/7/2011 11:55:40 PM

you do realize BOA is a longshot to still be around in 2013, right?

That's kinda the gist of the thread. They are done.

8/8/2011 12:53:18 AM

Even if that's the case the FDIC says that I can sleep comfortably tonight.

8/8/2011 1:02:56 AM

Okay. Just remember you don't get your money back immediately.

And that the FDIC almost went bankrupt.

I'd prefer to just put my money in a stable bank.

8/8/2011 1:16:06 AM

8/5 - 8.17

8/8/2011 1:22:09 AM

Since the FDIC raised its guarantee to $250,000 I don't trust it any more. I honestly don't believe they would have enough money in a true crisis.


[Edited on August 8, 2011 at 7:29 AM. Reason : .]

8/8/2011 7:27:32 AM

You realize that we can print more, right?

8/8/2011 8:51:45 AM

Yeah dude, fuck it, just print 14.5 trillion and pay off our debts right now, right?

8/8/2011 10:21:26 AM

my mortgage is with BOA...should i be worried?

8/8/2011 10:24:52 AM

If Walter Sobchak traded stocks I think he would insist by now that the BofA be marked zero. 7.30's trade

8/8/2011 11:03:20 AM

Quote :

"Yeah dude, fuck it, just print 14.5 trillion and pay off our debts right now, right?"

What are you talking about? We're talking about the FDIC being able to cover their guarantee. I think what you are trying to talk about is completely unrelated.

8/8/2011 11:06:20 AM

Eat a Dick Kris, bank of America is discussing chapter 11 bankruptcy as we speak.

And don't even try to act like I didn't tell you this was coming for years now

8/8/2011 11:57:41 AM

rather tame for the kind of economic apocalypse you were talking about don't you think?

8/8/2011 11:58:58 AM

It hasn't even started yet dude . This is the prequel to the big crash

8/8/2011 12:28:33 PM

Haha. Gotta love how things get incrementally worse over the past few years, and at every step, you say, "but you said it would be the end of the world!"

Quote :

"You realize that we can print more, right?"

No Chance of Default, US Can Print Money: Greenspan

http://www.cnbc.com/id/44051683

So, Greenspan is saying the same thing as you. Mind you, this is the guy that basically created the housing bubble, so it's not too surprising.

Of course, this is alarming if Ben Bernanke believes the same way, and I think he does. Rather than simply default (the right thing to do), it looks like they are willing to print their way out of it. Those are ripe conditions for hyperinflation when the bond market goes off the edge of the cliff as well.

[Edited on August 8, 2011 at 12:37 PM. Reason : ]

8/8/2011 12:35:45 PM

Quote :

"Gotta love how things get incrementally worse over the past few years"

I'm not sure what you mean. Things have been up and down. You and face come here screaming whenever things are going down, but as things go back up you stay very quiet. So I'm not sure what you're refering to.

Quote :

"Rather than simply default (the right thing to do)"

What makes it "the right thing to do"? I know what makes it the stupid thing to do, I want to know why you think it is "the right thing".

8/8/2011 1:28:00 PM

Quote :

"I'm not sure what you mean. Things have been up and down. You and face come here screaming whenever things are going down, but as things go back up you stay very quiet. So I'm not sure what you're refering to."

Things have not been "up and down." The stock market, maybe. The stock market isn't the economy, though. Unemployment has gotten worse. The banks are still in a terrible position. Interest rates are still at zero. The debt and deficit have gotten much worse, with no solutions in sight. The European crisis has worsened. Anyone that isn't blindly optimistic can see that things have gotten worse.

Quote :

"What makes it "the right thing to do"? I know what makes it the stupid thing to do, I want to know why you think it is "the right thing"."

Because it's honest? It's not possible to pay off our debt through traditional raise revenues/cut spending measures. We have too much debt for that to work, so we have to resort to monetary policy. Creating money to pay debts is dishonest. You reduce the real value of the money in circulation, which is essentially a tax in itself. I fully understand that you think destroying wealth in this way is okay. I'm telling you that it's not - it's fucking wrong. That's the bottom line, and if you could be honest with us (and yourself) for one second, you could admit that. Of course, you've spent years trying to justify these fucked up policies, so I don't expect anything to change now.

8/8/2011 1:34:11 PM

actually things have been getting consistently worse since 2007 yet people like you have ignored the data and focused on artificial data that supports your viewpoint.

I have been here consistently explaining that you are wrong and telling you how you are misinterpreting everything.

So let's be clear on that minor detail.

8/8/2011 1:37:30 PM

Quote :

"actually things have been getting consistently worse since 2007 yet people like you have ignored the data and focused on artificial data that supports your viewpoint."

Meh, I see ups and downs,

2007 super down
2008 down
2009 up
2010 up
2011 down

8/8/2011 2:10:05 PM

^ it would have been all down, but the fed etc. carpet bombed the economy with stacks of cash, which leads to our present situation. BoFA 6.70

8/8/2011 2:18:05 PM

Bailout? Bailout!

8/8/2011 5:39:56 PM

Mark it Zero $6.50 trades

8/8/2011 7:19:44 PM

AIG is now suing BofA as well. They're done for.

8/8/2011 8:20:39 PM

So now AIG can crash the economy twice.

8/8/2011 8:25:43 PM

Quote :

"Unemployment has gotten worse."

Since when? It has been up and down as well.

Quote :

"Because it's honest?"

Honest to who? Who gives a shit? There's no morality to the national debt.

Quote :

"Creating money to pay debts is dishonest."

Says who? It's way better than to not pay it, not be able to get a reasonable loan rate later, then completely collapse and leave all your citizens in far far worse shape.

Quote :

"I'm telling you that it's not - it's fucking wrong."

There's nothing wrong with that, it's the government's money, they can do what they want. Don't like it? Fine, don't use money, the government won't care.

Quote :

"actually things have been getting consistently worse since 2007"

You don't really know what "consistently" means do you?

8/9/2011 5:45:24 PM

Quote :

"Honest to who? Who gives a shit? There's no morality to the national debt."

Quote :

"There's nothing wrong with that, it's the government's money, they can do what they want. Don't like it? Fine, don't use money, the government won't care."

Yeah, I think we're done here.

[Edited on August 9, 2011 at 5:50 PM. Reason : ]

8/9/2011 5:50:35 PM

Now said to be talking with the Arabs about selling their stake in CBC for 17 billion. Seems all is not well at the B of A. PS you are gonna have 62 billion in buybacks on your plate soon and you need to raise capital. Man i am gonna enjoy this.

8/10/2011 8:08:35 PM

Quote :

"Because it's honest? "

Umm, borrowing money on a promise to repay it, then walking away with the cash is honest?

8/10/2011 9:19:19 PM

That's not how it works. The cash has been spent. We got stuff with the borrowed money - houses, cars, infrastructure, health care. We put most of that on the credit card.

What happens when your debt becomes so massive that you can't pay it off? Bankruptcy. You renegotiate the terms of the loan. The creditors get something - maybe not everything, but something. The borrowers severely damage their credit and will be unable to borrow very much for a while. That's the right way to go about it, because you're upfront with your creditor: we borrowed too much. The dishonest way is, "uhhhhhhhhh....everything's fine, actually."

8/10/2011 9:47:24 PM

$6.55 everything is fine citizens nothing to see here.

8/22/2011 11:44:29 AM

I put on the short B of A long XLF, now let's see this pig print 0.

8/22/2011 6:14:49 PM