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| Where's The Retraction, Pumpers? (BAC) in forum [Market-Ticker]
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Hogman
Posts: 7874
Incept: 2008-02-18
Derby City, USA
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..........really going to lean into you Hope so, love it  |
Docj
Posts: 998
Incept: 2009-09-10
Duck & Cover
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As I said on your FB board KD, there is simply no way The Crony Capitalist of Omaha plops-down $5B to rescue a zombie bank unless he knows they're getting bailed-out by Benron and The Teleprompter tomorrow.
Buffett is going to make billions on this deal because Barry and Benny are going to make sure he makes billions on the deal - all of it backstopped if not outright funded by the taxpayers of this once-great nation.
This, and that I'm going to get a Category II hurricane rammed up my backside on Sunday, really makes me want to puke blood at this point.
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The preservation of liberty depends upon the intellectual and moral character of the people. As long as knowledge and virtue are diffused generally among the body of a nation it is impossible they should be enslaved. - John Adams
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Genesis
Posts: 130747
Incept: 2007-06-26
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As someone who got a sporty 3 (or a weak 4, depending on how you count it) up his ass a few years ago by the name of Ivan, I'm well-aware of what a big blow-hard line of **** can do to your disposition.....
Fortunately that bastard failed to flood my house, but it wasn't for lack of trying.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Hogman
Posts: 7874
Incept: 2008-02-18
Derby City, USA
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Agree Doc ;O((
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Mortgageguymn
Posts: 1566
Incept: 2009-03-09
North Coast
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This **** is really getting seriously criminal. Buffett may be too old to ever face any ramifications, but others involved in quids pro quo should consider whether a new AG or head of the SEC might bring criminal complaints. The fact that it would be political retribution wouldn't diminish that it would be deserved.
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Tinsu
Posts: 43
Incept: 2009-09-18
New Lenox, IL
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Two points:
(1) BAC would explain that they REALLY DID NOT NEED any more capital. They are doing just fine. Instead, the Buff saw this fantastic investment opportunity and could not pass it up. He's The Sage of Omaha. He knows good value. The pool water's fine, folks. Everyone jump in.
(2) "Buffett conceived of the investment while in the bathtub yesterday morning and had his assistant contact Moynihan." Ewww, when you think that your job sucks, just think about Buff's poor assistant who's got to be in the bathroom with him while he takes his bath...... Bath? Do Wall Street Titans really take a bath?
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Swarf_maker
Posts: 124
Incept: 2008-10-18
Ottawa, Ontario, Canada
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Karl; I came across this indirectly via Huffington Post last night. It is possibly a bit off-topic for this thread, but possibly not. The linked article is on the same page as you on the economics, but has a disturbingly different take on the reason for what is going on. http://ampedstatus.org/download-free-pdf....If you haven't already read it it is well worth a look. The author's objective, like yours, is to make the populace aware of what is going on. A possible ally?
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"Eternal vigilance by the people is the price of liberty." Andrew Jackson
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Rdaniels
Posts: 444
Incept: 2007-11-30
Purgatory
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The credit default swaps are still pricing at 372 bps down 12 bps; basically a BB credit. OK, so they raised $5 billion out of $50 billion needed at a cost so far of 16%. So now what?
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I wouldn't be so pessimistic if it wasn't so hopeless.
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Etz
Posts: 13890
Incept: 2007-06-26
LA
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In the bathtub with Obozo 
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Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora.
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Latviski
Posts: 89
Incept: 2008-02-22
Baltimore, MD
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It's sad watching all of this unfold. I've never bought the 'kind old man' story re: Buffett; this seals the deal.
DocJ - Back in 2003, hurricane Isabel hit us here in Baltimore w/ a solid storm surge and 60+mph winds. Approx. 6-8' of water flooded Fells point, though where I live (a block from the water in Canton - just a 1/2 mile or so away) we remained bone dry; basement included. Wind damage was minimal; spotty power outages, etc.
I wish you luck this weekend re: Irene. If it's down to a Cat 1/2 the worst of it will most likely result from any associated storm surge.
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Rdaniels
Posts: 444
Incept: 2007-11-30
Purgatory
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There's blood in the water and the sharks are circling. Uncle Warren just took a big chunk of flesh today. For a company that was well capitalized yesterday, they paid 10% TODAY for funds they didn't need (plus 6% in the next 12 months). How long do you think it took Uncle Warren to short the position?
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I wouldn't be so pessimistic if it wasn't so hopeless.
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Susanjbear
Posts: 417
Incept: 2010-06-10
Salt Lake City, Utah
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Totally in bed with the banksters. And Buffett isn't too old to be thrown into the slammer if they can throw Whitey Bulger in there.
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Susan
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Riceday
Posts: 502
Incept: 2009-10-30
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I'm sorry, I can't hear you over the Congressional uproar over these backroom deals.
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Mannfm11
Posts: 3545
Incept: 2009-02-28
DFW, Tx
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To think they were chomping at the bit to buy their own stock back at twice these prices. When are stock buybacks going to be banned in order to keep deposit insurance? 6% and a free shot at the current market price looks like a pretty sweet deal at the present, which makes me wonder why BAC did the deal. Was it just to change the psychology, to keep them from having to raise cash at this time or as KD says, the hole is much bigger.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Murf
Posts: 4486
Incept: 2007-08-28
MurfCon Warning Level: Arrogance II
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BAC losing that pop. How funny would it be to see BAC share price end the day back near yesterdays close. The common share holders now have less of a profit pool for the term of this deal.
Even Faber on CNBS questioning the wisdom and need for this deal.
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The money has already been lost. Someone has to book it.
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Dashingdwl
Posts: 9761
Incept: 2007-06-26
los angeles
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Window Dressing... that's all. Well, that and an opportunity for WB to make money. Down payment on the payback for his support to Obama.
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When you are hard and disciplined, you can be principled. People fear you because they have no leverage against you. It's the truest form of Liberty.
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Spodeejr
Posts: 23
Incept: 2010-09-08
Rockwall, Tx
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Blodget writes a big piece on BAC today and it is fairly remarkable to me. In that he does not even seem to acknowledge the elephant in the room (all the lawsuits over fraudulent conveyance and such), but he still gets the gravity of the trouble they are in. http://www.businessinsider.com/the-truth.... |
Chris92346
Posts: 1314
Incept: 2009-03-25
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5 Billion is just*****ing in the wind.
This is ALL about confidence.
"If Warren is willing to invest 5bill BofA must be okay"
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Murf
Posts: 4486
Incept: 2007-08-28
MurfCon Warning Level: Arrogance II
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Somebody ought to call out Warren Buffet on the laughable story that he had a "eureka moment" on BAC in the bathtub last night and made the investment this morning. Despite his experience, it is NOT CREDIBLE that anyone would invest five billion dollars that fast. He's saying he did not take the time to do DD on a deal that size. The Berkshire stock holders should take him to task for either: failing to do due diligence on the deal; or, being a poor lier. He is guilty of at least one of these.
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The money has already been lost. Someone has to book it.
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Ramthebulls
Posts: 10860
Incept: 2007-09-24
Queens, NY
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Umbrage is like love. No matter how much someone takes, there's always more for you to give.
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Aztrader
Posts: 6649
Incept: 2007-09-10
Scottsdale, AZ
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Docj
Posts: 998
Incept: 2009-09-10
Duck & Cover
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Riceday wrote..I'm sorry, I can't hear you over the Congressional uproar over these backroom deals. Well played! As to Irene, personally I'm far enough inland (about 15-miles SW of downtown Boston) and high enough above sea level (we've not flooded in 100+ years) that the most I'm likely to see is lots of downed trees/branches. And I'll almost certainly be without power for a couple of days. But by the time the bitch gets up here she'll likely only be Cat I if that, so I doubt Boston (or any of the crap-hole smaller cities nearby like Brockton or Quincy) will become a zombietown. But you never know, do you.
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The preservation of liberty depends upon the intellectual and moral character of the people. As long as knowledge and virtue are diffused generally among the body of a nation it is impossible they should be enslaved. - John Adams
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Z_trader
Posts: 12
Incept: 2010-08-04
Huntington Beach, CA
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Will price "manipulation" be known going forward as a "Buffette-Job(s)"?
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Flappingeagle
Posts: 1227
Incept: 2011-04-14
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This crap is not going to stop until we crash into the rocks at the bottom of the cliff. Just going over the cliff will not be enough, we are going to have to crash into the rocks below for it to stop.
Maybe it is time to pray. Somthing like, "Dear Jesus, I know that hurricanes can spawn tornadoes and Dear Jesus, I know how you love us, and Dear Jesus, could you please have some tornadoes suck those bastards out of D.C. and drop them into the Potomac, in your mercy. Amen."
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Here are my predictions for everyone to see:
S&P 500 at 320, DOW at 2200, Gold $300/oz, and Corn $2/bu.
"You can't build a house of cards on a shaking table." - Tony Johns
The January 2015 AMZN put at $130 (cost $4.25) will be a winner.
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