Comments on: Bank of America Needs $34 Billion http://www.ritholtz.com/blog/2009/05/bank-of-america-needs-34-billion/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Mon, 22 Mar 2010 01:44:33 -0400 http://wordpress.org/?v=2.9.2 hourly 1 By: impermanence http://www.ritholtz.com/blog/2009/05/bank-of-america-needs-34-billion/comment-page-1/#comment-168586 impermanence Wed, 06 May 2009 16:41:20 +0000 http://www.ritholtz.com/blog/?p=25716#comment-168586 The amazing thing isn't the fact that all this is going on, it's the fact that people are letting it go on because they are so incredibly afraid to deal with reality. That reality is that we have all been living a lie. It's sort of like when you begin to realize that your significant other has been cheating on you but you are in the denial stage. You just can't go there. Americans are going to have to deal with the fact that their system is completely corrupt, that they have been totally sold out, wealth stolen, wealth producing capacity destroyed, debt plagued, chronically ill, drugged, ignorant, and utterly passive...GAME OVER. The amazing thing isn’t the fact that all this is going on, it’s the fact that people are letting it go on because they are so incredibly afraid to deal with reality. That reality is that we have all been living a lie. It’s sort of like when you begin to realize that your significant other has been cheating on you but you are in the denial stage. You just can’t go there.

Americans are going to have to deal with the fact that their system is completely corrupt, that they have been totally sold out, wealth stolen, wealth producing capacity destroyed, debt plagued, chronically ill, drugged, ignorant, and utterly passive…GAME OVER.

]]> By: ben22 http://www.ritholtz.com/blog/2009/05/bank-of-america-needs-34-billion/comment-page-1/#comment-168506 ben22 Wed, 06 May 2009 14:20:04 +0000 http://www.ritholtz.com/blog/?p=25716#comment-168506 @curmudgeon, That's probably a typical lunch convo of late. At least the guy you were with admitted he was down. Sadly most of the water cooler talk is ONLY about the "profits" made b/c they bought C @ .97. Not normally mentioned that despite these huge gains they are still down 1/2. @curmudgeon,

That’s probably a typical lunch convo of late. At least the guy you were with admitted he was down. Sadly most of the water cooler talk is ONLY about the “profits” made b/c they bought C @ .97.

Not normally mentioned that despite these huge gains they are still down 1/2.

]]> By: Stuart http://www.ritholtz.com/blog/2009/05/bank-of-america-needs-34-billion/comment-page-1/#comment-168483 Stuart Wed, 06 May 2009 13:52:58 +0000 http://www.ritholtz.com/blog/?p=25716#comment-168483 Goldman Sachs upgrades banking sector to attractive Goldman Sachs upgrades Bank of America to outperform UFB! Goldman Sachs upgrades banking sector to attractive

Goldman Sachs upgrades Bank of America to outperform

UFB!

]]> By: The Curmudgeon http://www.ritholtz.com/blog/2009/05/bank-of-america-needs-34-billion/comment-page-1/#comment-168480 The Curmudgeon Wed, 06 May 2009 13:50:28 +0000 http://www.ritholtz.com/blog/?p=25716#comment-168480 Had lunch with a guy yesterday that talked about how much money he'd made buying financials on the dip, blah, blah, blah...then admitted he was down half in his portfolio and was trying to struggle back to even, taking risky bets to do so. I guess if you've lost half already, some would just figure, what the hell, there's nothing much left to lose. When I offered my dour views on the sustainability of any of this (particularly in the residential real estate market where I make my living) he started spewing nonsense about how he believes in America, basically propounding the American exceptionalism argument. I told him the premise behind American exceptionalism--that liberty delegated to the lowest possible level (i.e., the individual) yields the greatest benefit to society--has been traded for the collectivization/nationalization of roughly half the US economy. We aren't so exceptional that we can ignore the lessons of history and still prosper. I suppose he'll do well with his financials today. Until it all ends, and badly. It's only a question of when. Had lunch with a guy yesterday that talked about how much money he’d made buying financials on the dip, blah, blah, blah…then admitted he was down half in his portfolio and was trying to struggle back to even, taking risky bets to do so. I guess if you’ve lost half already, some would just figure, what the hell, there’s nothing much left to lose.

When I offered my dour views on the sustainability of any of this (particularly in the residential real estate market where I make my living) he started spewing nonsense about how he believes in America, basically propounding the American exceptionalism argument.

I told him the premise behind American exceptionalism–that liberty delegated to the lowest possible level (i.e., the individual) yields the greatest benefit to society–has been traded for the collectivization/nationalization of roughly half the US economy. We aren’t so exceptional that we can ignore the lessons of history and still prosper.

I suppose he’ll do well with his financials today. Until it all ends, and badly. It’s only a question of when.

]]> By: dead hobo http://www.ritholtz.com/blog/2009/05/bank-of-america-needs-34-billion/comment-page-1/#comment-168476 dead hobo Wed, 06 May 2009 13:39:33 +0000 http://www.ritholtz.com/blog/?p=25716#comment-168476 If GM issues the 60 billion new shares, will GM stock be hustled as an As Seen On TV item with Billy Mays as the pitchman? 'Shipping and Handling'will cover the distribution costs. If GM issues the 60 billion new shares, will GM stock be hustled as an As Seen On TV item with Billy Mays as the pitchman? ‘Shipping and Handling’will cover the distribution costs.

]]> By: dead hobo http://www.ritholtz.com/blog/2009/05/bank-of-america-needs-34-billion/comment-page-1/#comment-168475 dead hobo Wed, 06 May 2009 13:33:58 +0000 http://www.ritholtz.com/blog/?p=25716#comment-168475 BoA is skyrocketing in the pre-open trading. C is following. So is the entire market, for that matter. What is the reason for this, fundamentally speaking? How on Earth could this news be seen as a positive? Or are the Supplemental Liquidity Providers maintaining a floor that gives the market the appearance of success and relief? If so , this would constitute fraud (false statement aka price, bad intent, desire to have investors rely on false bottom, investors relying on false bottom, and finally, damage when said false bottom eventually disappears and reality eventually returns). Of course, deniability abounds with the SLP program. BoA is skyrocketing in the pre-open trading. C is following. So is the entire market, for that matter.

What is the reason for this, fundamentally speaking? How on Earth could this news be seen as a positive?

Or are the Supplemental Liquidity Providers maintaining a floor that gives the market the appearance of success and relief? If so , this would constitute fraud (false statement aka price, bad intent, desire to have investors rely on false bottom, investors relying on false bottom, and finally, damage when said false bottom eventually disappears and reality eventually returns). Of course, deniability abounds with the SLP program.

]]> By: Mark E Hoffer http://www.ritholtz.com/blog/2009/05/bank-of-america-needs-34-billion/comment-page-1/#comment-168474 Mark E Hoffer Wed, 06 May 2009 13:32:23 +0000 http://www.ritholtz.com/blog/?p=25716#comment-168474 I swear, it's, almost, like you'd have to have this guy: http://pocketcalculatorshow.com/crazyeddie/ on TV explaining this to peep, b4 they'd 'get it'.. much to your point Stuart.. I swear, it’s, almost, like you’d have to have this guy: http://pocketcalculatorshow.com/crazyeddie/

on TV explaining this to peep, b4 they’d ‘get it’..

much to your point Stuart..

]]> By: Stuart http://www.ritholtz.com/blog/2009/05/bank-of-america-needs-34-billion/comment-page-1/#comment-168472 Stuart Wed, 06 May 2009 13:27:14 +0000 http://www.ritholtz.com/blog/?p=25716#comment-168472 From down 11% to up 11% in less than 3 hours on a 50% dilution report. No, no step in help there, none at all. It's the Truman show. From down 11% to up 11% in less than 3 hours on a 50% dilution report. No, no step in help there, none at all. It’s the Truman show.

]]> By: Stuart http://www.ritholtz.com/blog/2009/05/bank-of-america-needs-34-billion/comment-page-1/#comment-168463 Stuart Wed, 06 May 2009 13:00:23 +0000 http://www.ritholtz.com/blog/?p=25716#comment-168463 The whole process is a complete joke and anybody associated with administering these tests and stewardship over the results have had their credibility shot to hell. It's become a prime SNL satire stuff. Frickin' embarrassing. The whole process is a complete joke and anybody associated with administering these tests and stewardship over the results have had their credibility shot to hell. It’s become a prime SNL satire stuff. Frickin’ embarrassing.

]]> By: dead hobo http://www.ritholtz.com/blog/2009/05/bank-of-america-needs-34-billion/comment-page-1/#comment-168461 dead hobo Wed, 06 May 2009 12:54:38 +0000 http://www.ritholtz.com/blog/?p=25716#comment-168461 ZackAttack Says: May 6th, 2009 at 8:44 am Who’s leaking these results? Why isn’t the SEC on this like a hobo on a bologna sandwich? reply: ------------------ I prefer red beans and rice and, the way I make it, I leave people begging for more. I can't recall the last time I ate bologna, and my recollection is not due to alcohol impairment. ZackAttack Says:
May 6th, 2009 at 8:44 am

Who’s leaking these results? Why isn’t the SEC on this like a hobo on a bologna sandwich?

reply:
——————
I prefer red beans and rice and, the way I make it, I leave people begging for more. I can’t recall the last time I ate bologna, and my recollection is not due to alcohol impairment.

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