Tomorrow the talking heads will say buying opportunity, buy the dips, so what if the banks need more capital, no big deal, just ask the taxpayers for more bailout money.....
It's official: No story yet; just a breaking news headline. Breaking News 11:11 PM ET: Bank of America Needs $33.9 Billion, U.S. Determines
Oh, GOOD! That was about 20 billion less than I had calculated. We might rally on that news, ironically. I'm sure I wasn't the only analyst with a larger figure.
The bigger story is the veracity of the TARP establishment. If they lie once, as here, about the needs of a bank, they can do it every time.
HAHAHAHAHAHA!!!!!!!!!! THAT is some funny ass shit right there!!!!!!! All they have to do is raise more than 50% of their market cap in cash by government mandate.
Well, their losses are from paying $29 per share more for Merril Lynch than it was worth, and they still haven't gotten rid of the assets contaminating those financials. Point of fact, BofA was worth $150 billion when they announced their takeover of Merrill Lynch, the next day they were worth 100 billion after forking over 30 billion to ML. I called this perfectly when the deal was announced at www.themarketchatter.blogspot.com Have a look at the post entitled "Financial Mutually Assured Destruction"
Chief Executive Officer Kenneth Lewis declined to discuss the stress tests at Bank of Americaâs annual meeting last week, citing the Fedâs instructions to banks. On April 20 he said, âWe absolutely donât think we need additional capital,â responding to an analystâs question.