BAC coming out swinging tomorrow in the WSJ. Holy SH@#$TTT!!! They are going for the FED. Saying the Fed strong armed them into buying MER. This is some heavy heavy shit. Im short this turd, Im not sure now... On the one hand the public my feel some sympathy, but.... you think you are going to get away with outing the Fed???????? Its a ballsy play, but I don't care who you are. Going public with dirt on the Fed is no win situation. Where are you going to get money?? You aren't getting anything. Wow, just.... wow:eek: :eek: :eek: :eek: :eek: :eek: http://online.wsj.com/article/SB123379687205650255.html?mod=MKTW
Go here and scroll down to more news on Bank of America. Article there http://www.marketwatch.com/quotes/bac Its long, I cant copy and paste here, too many chars
Don't need one. Just follow the instructions here: http://elitetrader.com/vb/showthread.php?s=&threadid=124570&highlight=refspoof
This is news? You didn't know when the deal was announced ORIGINALLY that they were doing it with the wind of the Feds at their back? Why would anyone buy a steaming turd unless you offered a gold caddie down the line?
I have theory on what happened here. A few days ago I called BAC 1-3 and C 0 Some people were like " great analysis there idiot" lol Here was why. And yes I may be an idiot, but I saw this trade clear in my mind and hit it fast. It was the news. The same news that Thain bought a million dollar toilet. Nobody cared about that at Bac. What I got from that story was... it was a plant. Lewis pushed Thain out and they used the Gasbag on CNBC and it looked nice. Stories coming out of Washington about bonuses... a plant... Remember that press conference by Obama where he talked about it? See if you can find a clip. Geitner looks like he was raped. He looks like a little boy looking at the ground. While Obama picks Steelers in Superbowl. Everything had changed. But what we got was... "bonuses, they should be ashamed" A plant. Instantly, I went short Bac. The rules had changed and Geitner was physically upset. That was my analysis I never posted with my call. Like it or not Here is why I think Lewis is swinging for the fences. He got wind of Tarp 2. It will kill his shares. He calls Bernake/Geitner. "Hey what the hell? My stock is getting killed, we had a deal. You know with this Mer trash on my books ... I need Tarp2. You are going to kill my shareholders, they will think I am a disaster. You told me, you had me on this one!!!" Bernake "There is nothing we can do. The rules have changed, the President has changed them, what can I do about it?" Click....
Jeez, everybody wants something for nothing. There are consequences to that mentality and we are living though them. Get some moral fucking integrity people, please! http://www.nypost.com/seven/01312009/business/tingy_teve_sued_152839.htm
BAC just wasn't smart in buying out MER......overpaid by tons. they obviously didn't do enough dd on MER's carryover losses. Lewis could've bought MER at a firesale price like JPM did with BSC. "We did think we were doing the right thing for the country." LOL......real patriotic except that he wants to back out now.