iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,482 Blog Posts

Shitty Bank is a Fraud

They are partially financing the private equity firms, who have agreed to buy Citi’s 12 billion dollar crapfolio. And, they will eat the first 20% loss.

In other words, they are paying others to buy their paper.

ROFL.

Come now. Go buy the banks. I dare you.

Hat tip: Mish

NOTE: Mr. Mortgage (the youtube guy) has a blog.  

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53 comments

  1. Dinosaur Trader

    Why am I awake?

    That’s completely insanse… and it has to be illegal, no?

    -DT

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  2. calvino

    They are not buying 12 bil of anything. Shitty is ‘lending’ them 9 bil to close the transaction. In Tuco speak, that’s selling a property and taking back a mortgage that you know is worth more than the property. Just balance shit games. HOwever the stockfucks may find succor in their stupendously clean asset column. They did it with ‘the man’ two weeks ago, so why not with shitty.

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  3. Or we will kill you
    Or we will kill you

    Buy the banks.

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  4. Prospectus

    So $10 is the new zero, and 90% is the new 70%? Now THAT’S inflation.

    Hell, I just sold the Brooklyn Bridge to a guy for $55 Billion. I had to loan him $55 Billion and a baloney sandwich as part of the deal, but those are just minor details. I got $55B!! Don’t you get it?

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  5. Juice

    I urge you to read this bit fm Jim Rogers on how to demonstrate your patriotism to the USofA by selling $$$$

    http://www.moneymorning.com/2008/04/08/exclusive-interview-investment-guru-jim-rogers-predicts-more-pain-for-the-greenback-and-the-failure-of-the-federal-reserve/

    Keith Fitz-Gerald (Q): There’s a confluence of money flowing into and around China. Do you believe that the U.S., with all its current problems, will get left out?

    Jim Rogers: Absolutely.

    The U.S. dollar is a terribly flawed currency. I’m trying to get all of my money out of U.S. dollars. I don’t know why anybody would put money into the U.S. dollar, and by extension into the U.S., as we stand here today. The U.S. is probably the largest debtor nation the world has ever seen!

    The United States’ foreign debts are increasing at the rate of $1 trillion U.S. dollars every 15 months. U.S. foreign debt is over $13 trillion, and rising rapidly. It’s the official policy of the central bank to debase the currency. They’re trying to drive down the value of the dollar.

    Q: The government has succeeded wildly, so far.

    Rogers: You haven’t seen anything yet!

    They’re trying to drive down the dollar. I’m trying to be patriotic. I’m trying to sell dollars. That’s what they want. I’m trying to help them drive down the value of the currency.

    All Americans should. There are certainly probably good reasons to put some money in dollars. For instance, if you have to buy cotton, you have to have dollars.

    But for the most part – I, anyway – am joining other people who’re trying to avoid the U.S. dollar, because Washington has sent a very clear signal: “We want the dollar to decline. We’re gonna do our best to make it decline.”

    Well, everybody has to make their own decision. I’m trying to do what the Federal Reserve wants me to do, and I’m selling dollars.

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  6. cuervoslaugh

    EWZ anyone?

    The Brazilian Real had a great year in 07 against the American Peso. Even with the worldwide problems it should do great again.

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  7. JakeGint

    Dollar getting savagely ninja-kicked to the head, plexus and groin by the yen.

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  8. cuervoslaugh

    Obligatory chart

    Don’t have time to track down a BRL ETF right now.

    http://finance.yahoo.com/q/ta?s=BRLUSD=X&t=2y&l=on&z=l&q=c&p=e100,e20&a=v,r14,ss,f14&c=

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  9. Juice

    So now we know why FMCN has acted like death.

    http://biz.yahoo.com/prnews/080410/cnth026.html?.v=15

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  10. TraderCaddy

    Cool. I see Lurch is the guest on Squawk Box this AM. Maybe tomorrow they can have Thing.

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  11. nullpointer

    i like Mish’s blog a LOT.

    very intelligent writing.

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  12. God particle

    If you put me into a particle collider, you won’t like the results.
    http://www.reuters.com/article/newsOne/idUSL0765287220080407

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  13. Dwarf Tosser

    Mish rules.

    Also, FMCN will be a screaming buy in the $20’s

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  14. Helicopter Ben

    Oh…I forgot to tell you guys…the FED has worked out a deal with Treasury and Justice. You see, we suspended those silly “money laundering” rules.

    Gotta do what you gotta do.

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  15. JakeGint

    Mr. Mortgage’s blog may make it into my top five list…

    with a bullet!

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  16. WallStreetLurker
    WallStreetLurker

    Same store retails sales were horrific.
    But no worries, I’m sure the second half will be better……

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  17. JakeGint

    Mortimer, get back in there and RUN THOSE PRESSES!!

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  18. JakeGint

    She’s a beauty, Mate!

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  19. JakeGint

    MEE finally breaking down. I expect this is a short term top (at least) in the coalies.

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  20. calvino

    Calvino sell one share of HD. Calvino sell one share of LOW. I checked the channels, and the cashiers tell me they are expecting the layoffs to come hard and heavy.

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  21. JakeGint

    Semi-Silent Cal — are you in the securities biz, too, and if so, are you seeing layoffs there?

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  22. JakeGint

    For some reason, the Cubes are trying to act “all tough & shit” here.

    Short them to $44, very near term.

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  23. gappingandyapping
    gappingandyapping

    Why are we rallying? I can’t seem to figure this out other than the jobless claims? Exports were horrid.

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  24. Gary Gnu

    All Gnews is Good Gnews.

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  25. Juice

    why are we rallying?

    because there are food shortages, food riots, because oil is at all time highs … if you can’t eat, why not drink, get drunk & buy stocks?

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  26. TraderCaddy

    DCR still sucks. Crude up, DCR down. Crude down,DCR down. Certainly can’t lose shorting the crap out of DCR (assuming share are available which I doubt).
    Apologies to Gapping.

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  27. gappingandyapping
    gappingandyapping

    Caddy no problem. Just watch the fuck out should crude reverse DCR will explode very quickly. I reduced some risk on it but still like the idea on the trade. Looks like the bears are going to get worked the fuck over today.

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  28. calvino

    I’m retired, a civilian. All I know is what you tell me.

    btw.. I see no reason to rally except to squeeze the shorts some more, on falsified statistics. The Japan machine exports were lousy, including China! This rally will not last, the yen/dollar will not carry it.

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  29. Woodshedder

    You guys are way overthinking this. The rally will continue until the whining about it ends.

    In other words, until the rally ends, it will continue.

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  30. PoorOkie

    It sure hurt dumping my DCR yesterday @ 6.70 but I guess that’s better than in the 5’s today or near 3 next week. That’s what I get for not doing enough DD on the ETF.

    Sometimes that fine print is really, really important.Lesson learned (I hope).

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  31. Prospectus

    Stocks truly are for asshats. This is bullshit of the highest caliber.

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  32. just watching

    We’ve now learned that all the good companies are beat down and will go up, while all the bad companies will get bought out by Japanese and other foreigners “eager” to give us back our dollars in exchange for…anything. Stocks CAN’T go down… It’s a B.S. world that Fly has chosen to short. He’ll probably be right in the end.

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  33. JakeGint

    Fly,

    You watching VMI here? Looks like make or break right at this point… stochastically, can’t get much more overbought, but it’s looking at free air overhead.

    Could be an awesome short here…. or the complete opposite.

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  34. kurt

    Fly:

    how is there still headline risk on the downside if everytime there is bad news stocks go up?

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  35. Juice

    this rally won’t last .. we get whacked from around here till monday

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  36. Mr. Obvious

    Of the 35 retail firms reporting March same-store sales that Briefing.com follows, 29 have fell short of expectations. However, the S&P 500 retailing Index (+2.0%) is outperforming the broader market…

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  37. TraderCaddy

    GS acting ugly.

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  38. TraderRenn

    For all the chart chompers out there… if you pull a 30 min chart on the Q’s (any others), you’ll see a nice head and shoulders pattern developing. If this patterns confirms, it will probably push us down a good bit. According to the master of chart patterns (Thomas Bulkowski) this pattern only fails 1% of the time in a Bear market and 4% of the time in a Bull market. Today’s crazy push up gives us the right hand shoulder and neck line we were missing earlier.

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  39. JakeGint

    LOL! Who’s the passive aggressive pissant that keeps negging my posts?

    WTF is your problem? This is a forum, if you disagree with something I say, come out and say it, for goodness sakes.

    I promise, I won’t bite.

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  40. JakeGint

    (I guess I should have expected that ^^ from you cowardly faggots.)

    Fuck all of you that are too chicken-shit to “wade in.”

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  41. mrkcbill

    Jake- you should get negative Karma for suggesting a short of the Virgina Military Institute. I thought you were a Patriot.

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  42. Juice

    don’t know if anyone is listening to el prezidente but I am sick of a sub 90 IQ’er ru(i)nning this country & the world

    what a completely delusional fuckface

    ok, back to the markets .. ag must join the party to keep it going .. and it seems like its coming around

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  43. JakeGint

    Renn —

    Noted your chart formation, but I think our “right shoulder” acme may be lower (by some 50 cent) than the left.

    Check this out– draw a trend line starting at the 3/17 low of about $44.36 all the way through the 4/08 close of about $45.57. In drawing that line you should also end up touching a bunch of candle bottoms from 3/28 to 3/31.

    You’ll note, after drawing that line, that it was “cut” the very next morning (yesterday) at the open, with a short term “bottom” at about 2:30 yesterday (at $44.63).

    Now look at today’s action. We are banging, banging,banging on that line we broke yesterday morning, but I don’t think she’s going to crack.

    Bombs away from here, is my conjecture, but whatever the case, that line is important to watch, I think.

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  44. Steve

    Jake:

    Who cares?

    (and no, I didn’t “neg” you)

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  45. JakeGint

    KC — and here I thought it was the commies negging me.

    I should have been more definitive, as I’d hate to kick the old lady when she’s down. (My gonnegtions are all Pointers).

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  46. JakeGint

    Steve,

    I don’t really. I just thought it was kind of curious… most of the time I don’t notice. I generally don’t mess with the things (unless it’s squarely for a joke, like when Bruce was going for the record), preferring more “open air” disagreements.

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  47. alphadawgg

    The market will go up. But it just might go down.

    In other words, just because you think the market will go down, doesn’t mean it can’t go up. Or, just because you think the market will go up, doesn’t mean it can’t go down.

    That is all you need to know.

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  48. Big Ben Bernanke
    Big Ben Bernanke

    How will the market react when we pause in April?

    See, I’m willing to fuck over the bulls. I need to keep some powder dry in case shit goes to hell in a hand basket.

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  49. alphadawgg

    Ben,
    The market does what it wants. Yoda is really a Sith. You get it now?

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  50. Checkmate

    What do you think of the micro-quake alert of Money Morning? Keith Fitz Gerald claims there are huge gains to be made by investing in micro cap shares that have the potential of exploding resulting in mind boggling gains.

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