So I might end up making money on Wachovia Corporation [[WB]] , after being wiped out? Huh?
I had accepted my fate of being a victim of the FDIC, being a dumbass shareholder of Wachovia Corporation [[WB]] . Following the FDIC “arranged merger” with Citigroup Inc. [[C]] , I thought WB was done. Lo and behold, Wells Fargo & Company [[WFC]] stepped in, urinated on the FDIC and C and offerred $7 in stock for the whole company, which means it (WB) can go higher, depending on the stock action of WFC.
Pretty cool, huh?
The idiots from Congress will vote today, on that big old bailout package that most of you hate. You got all worked up, faxing and calling your local congressman, demanding the bailout be thrown by the wayside. Ha! I guess you thought we lived in a participatory democracy.
Hey jackass, focus on things that you are able to control.
With my money, I will celebrate the life of Bob Steel and look to buy more [[SRS]] , sub $85.
NOTE: “The Fly” wins again, even when it appears he’s been wiped out.
UPDATE: I sold out of all my WB at $6.75, for a loss. I am afraid of the morons from the FDIC. They can still award WB to C, believe it or not. This WFC-WB deal is the way bad banks are supposed to be dealt with. Good bank buys a bad bank—not the bullshit FDIC arranged funerals. I fucking hate the FDIC and their non-capitalistic ways.
By the way, there is ZERO support for the bailout in the GOP. Make sure you are not heavily long. This bill may not pass, after all.
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The Fly wins again! HA!!
The Fly is God.
Donny dumps that POS DIG @ 57.50.
Even when it appears I’m losing, I’m Not!
Fuck off!
Friggin hate wells for doing that shit. What a bunch of pricks.
Does that mean C is out of the picture? Even though the Fed says they have to review. Why didn’t C ask for signature on the day.. Stupid fuckers.
We’re calling the combined entity Wells Fachovia.
I prefer Well Wacholovia (We’ll Walk all over ya).
Bennet Sedacca
10:10:00 AM
No positions in stocks mentioned.
More on regional bank credit
While I have no position in Zions Bancorp (ZION), I just saw a decent size chunk of the 5 1/2’s of 2015 trade at 48 7/8 for a not-so-low yield of 19.84%. There was a trade yesterday at 20%.
And these are round lots, folks.
So the credit market and stock market in the regionals continues to drift further and further apart.
Risks for this segment keep creeping higher.
I’m going hiiiiiigher!
King Steele pulled another rabbit out of his ass…that man will break all records…give him another golden parachute.
Market could be going a a ggod deal in the next few days, but then its friday and there now seems to be a large fin institution that goes belly up every weekend these days.
However they get the vote through (i think)
Those shit heads at wells scoop up wachie for a much much bigger price
MS gets closer to the jap bank
UBS says it is now profitable
Yep halcyon days on wall street again.
The House just voted to bring the vote on the bailout bill to the floor … I think it’s going to pass, the up or down vote is happening much quicker than I thought.
Lucky break on what was looking like the worst timed bad luck trade of all time.
We are definitely not in a participatory democracy. We are a plutocracy and the proletariat are a bunch of cows fattened on consumerism and pacified by television.
12:15 Est … Vote.
Near a boat docked in a tiny Maritime village, an Albertan tourist compliments the Maritime fisherman on the quality of his fish, and asks how long it took him to catch them.
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‘Not very long,’ answered the Maritimer.
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‘But then, why didn’t you stay out longer and catch more?’ asked the Albertan.
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The Maritimer explained that his small catch was sufficient to meet his needs and those of his family.
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The Albertan asked, ‘But what do you do with the rest of your time?’
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‘I sleep late, fish a little, play with my children, and take a nap with my wife. In the evenings, I go into the village to see my friends, have a few drinks, play the guitar, and sing a few songs … I have a full life.’
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The Albertan interrupted, ‘I have an MBA from Harvard and I can help you! You should start by fishing longer every day. You can then sell the extra fish you catch. With the extra revenue, you can buy a bigger boat.’
?..
‘And after that?’ asked the Maritimer.
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‘With the extra money the larger boat will bring, you can buy a second one and a third one and so on until you have an entire fleet of trawlers. Instead of selling your fish to a middle man, you can then negotiate directly with the processing plants and maybe even open your own plant. You can then leave this little village and move toToronto, Boston , or even New York City ! From there you can direct your huge new enterprise.’
?.
‘How long would that take?’ asked the Maritimer.
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‘Twenty, perhaps twenty-five years,’ replied the Albertan.
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‘And after that?’
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‘Afterwards? Well my friend, that’s when it gets really interesting,’ answered the Albertan, laughing. ‘When your business gets really big, you can start selling stocks and make millions!’
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‘Millions? Really? And after that?’ said the Maritimer.
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‘After that you’ll be able to retire, live in a tiny village near the coast, sleep late, play with your children, catch a few fish, take a nap with your wife and spend your evenings drinking and enjoying your friends.’
Citi demands Wells Fargo terminate deal with Wachovia, claims it is ‘clear breach of exclusivity agreement.’ More soon.
Bob Steel gets to golden parachute out twice in one week.
The Man. The Legend. All Hail King Steel.
Fly,
whats your take on HIG
It’s good to see, two big banks, fighting over that HIV infected cockroach, Wachovia.
Capitalism may survive after all.
When I saw Bob Steel on Cramer, I thought he was a CEO robot, just talking what Wall St would have bought for the last 20 years. I thought he was full of shit.
Aesop.
Ah, the wonders of the simple life.
You leave out one portion of your tale: risk.
Fucknutz the Fisherman might see Russian net boats on his horizon tomorrow, and then it’s sardines-on-the-hotplate and hock-the-ukele time again.
There is no “easy” in this life.
(Commie)
____________
Finally a good day so far after being clown raped yesterday and Monday.
Movin’ on up!
The bill might not pass!?!
Pelosi doesn’t have control of the House!?!
It HAS to pass – I LOVE this town!
Crony communism is gonna totally kick ass…
Citi demands Wells Fargo terminate deal with Wachovia, claims it is ‘clear breach of exclusivity agreement.’ More soon.
good. King steel ought to have his left ball boiled and then roasted if he broke an agreement with the beloved citi.
On fly’s count if the deal goes back to Citi that means the king gets a third golden para.
Keep Bailing!!
_
I’m buying calls on everything. Banks, Tech, Oil, Builders, Ag etc. Leaps upon more leaps. I’m going to be rich!!!!
If it ain’t broke, fix it until it is.
Jake, your all worked up.
That Sean Penn pic is funny as fuck.
I hope your going to watch some football this weekend…take your kids for a Hot Fudge Sundae!
There seems to be some good new flicks out there too.
Wall Street is saved. Hurray!! Psst! Hey buddy, can I interest you in some derivatives? This is the good stuff, not that junk like those other dealers are peddling.
Bailout wont pass. People will jump out of buildings.
dude, you left me at home today! c’mon, i want to go back to Nirvana!
I don’t think they are going to pass this bill. Just a gut feeling.
Good, C told Wells to fuck off and the regulators are none too happy either recognizing the agreement.
Fuck Wells and fuck Warren Buffet (i like derivatives but only for myself) Buffet. Fuck right off you pricks. Wachie belongs to the beloved Citi now.
Relax Boomer, it’s probably just gas.
🙁
Mister Balls … my wife was not happy with that “sex” comment on Wednesday, and she has sworn that I can reclaim you in the near future. However, due to the fireworks exploding on Capital Hill and Wall Street, I have trimmed my already modest exposure in this fucked up stock market, to a bare minimum.
🙂
Keep the Panic Pressure On
http://www.youtube.com/watch?v=gnbNm6hoBXc
That 🙁 was not me. Besides there is a gas shortage in Nashville.
At this point we are to far gone to stop it. Bill passing or not it doesnt matter the bottom is coming. Bill pass we Bleed to the bottom. Bill fails we free fall to the bottom. We arent there yet.
hey guys u know what, that deal with wells fuckgo will be terminated soon by Citigroup, i short WB Till death.. fuck u all wachovia supporters
http://admin.minyanville.com/assets/FCK_Aug2007/File/Theale/sg2008100338875.gif
Bennet Sedacca
11:05:47 AM
No positions in stocks mentioned.
The Chosen Ones
There seems to be a list of ‘Chosen ones’. You know, the ones the Government has decided will be allowed to survive. I have used Citigroup (C), Goldman (GS), JP Morgan (JPM), Wells Fargo (WFC), US Bancorp (USB) and Bank of America (BAC); and simply added them up and created an index.
Note the trend line looming.
Keep in mind that this is not market weighted, but I will create that soon.
The Donnymon sold too low on DIG – I did too – what about DUG before the close?
http://www.youtube.com/watch?v=NWzROoxS2b4
By the way, there is ZERO support for the bailout in the GOP.
GOP leadership was making positive comments regarding votes this morning. There are enough votes to pass it this time, although I doubt the GOP support has risen substantially since Monday.
Pelosi only needed another dozen or so votes to pass it anyway.
Can I get a Chosen Ones ETF over here…
That’s alright Donny- no ever went broke taking a profit.
I wussed out of DIG at $57.28
Good luck!
Anon
I am slightly wealthier today, than I was on Wednesday.
My portfolio is now up 84% YTD. I am confident that I will double this year.
Anom … one more point.
Do not buy DUG right now. Don’t ask why, just don’t do it.
Boomer-
Different kind of gas, numbskull.
I think not, Donny…
Jake,
Still holding your Skiffles into today’s pie fight?
Jake,
Still holding your Skiffles into today’s pie fight?
Jake,
Still holding Skiffles into today’s pie fight?
Jake,
Still holding the Skiffles into today’s pie fight?
DIG is heading higher just look at the chart of XOM…
I wonder, “Who’s dumber? Cramer or Kudlow?”
Zogby,
Find out. Ask which one wants to be poled.
Zogby,
Find out. Ask which one wants to be poled first.
Cover your shorts ahead of this bill passing, fly. You’ll have a better opportunity to short on the bounce.
http://www.j3sg.com/Reports/Stock-Insider/GenerateFiler.php?filerCik=0001180592&pageNumber=1&descending=1&sortBy=PeriodOfReport
I dont think Robert Steel needs the WB money…
a depression is coming sooner or later, the longer we wait for it, the worse it will be. Fuck rushing into this bullshit asshole bill that people say “i don’t like it but I have to vote for it”
Fucking coward pushover mother fuckers.
Old fucking congressmen figure “Maybe we can push this off until I die, and I can leave all the problems with my children.
Fuck y’all
a depression is coming one way or another, the longer we wait, the worse it’ll be.
fuck the old cowards who want to delay this depression until they’re practically dead, and build it up so their children are royally screwed.
this bill is BS
depression either way one’s later on, and will be much worse, the other we can get over with that some may even consider only a sever reccession.
This bill makes me ill.
Let the credit unwind, let everyone who needs a loan who has lived in excess bite the bullet rather than continue to borrow from responsible savers future wealth and abundance…
Jake,
Still holding Skiffles into the pie fight?
http://www.youtube.com/watch?v=KKAIlrkSZOg
CNBC – Charles Meatball Gaspfaggot. I hate that son of a bitch. He’s an ingnorant fucker. Why CNBC puts his stupid ass on the air is beyond me.
Just watching CSPN, and all I have to say is hello dow 8000. We go down big today. Too much jerking around. I am scared.
Help
Still holding your Skiffles, Jake?
Gasbag makes his stir the shit-pot ‘points’ by yelling and spitting them into the camera.
MC — Got the biggest HS game in the country tonight.
NFL Films will be there to film it.
Also thinking of watching that new Michael Moore is a Fat Fuck flick.
___
Shows you what kind of people are running the financial institutions. liers- cheaters -back-stabbers. Here is CITI trying to help Wachovia , and Wels Fargo comes in and fucks them behind their back !!!
People like them will get theirs. They all SUCK!!