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
23,446 Blog Posts

POOF! Your Credit Crisis is Over!

Indeud.

BAC Bank of America: Fitch places Bank of America’s Individual Rating on rating watch positive (16.19 -0.09) Fitch placed its ‘D’ Individual ratings for Bank of America and its operating subsidiaries on Rating Watch Positive. Fitch has affirmed the Issuer Default Ratings (IDRs) of BAC and its subsidiaries, which are derived from U.S. government support and continue to carry a Stable Rating Outlook. Ratings of long and short-term deposits, long-term and short-term debt, and subordinated debt (with the exception of First Republic Bank are affirmed… BAC’s overall risk profile has begun to improve, with the potential for requiring additional government support or needing to omit dividends on preferred stock beginning to recede. Accordingly, Fitch has upgraded the preferred stock rating of BAC to ‘BB-‘ from ‘B.’ At the same time, Fitch has placed all preferred and trust preferred ratings of BAC and its affiliates on Rating Watch Positive. Earnings remain under pressure, as BAC posted a narrow loss to common shareholders in the most recent quarter after noncash and nonrecurring items are factored out. Asset quality problems remain severe, with loan loss provisions remaining high. However, with a recent slower rate of deterioration in problem assets the pace of reserve build has begun to decelerate, which could indicate the potential for a near-term peak in problem assets.

[youtube:http://www.youtube.com/watch?v=LIZIBm2QGaM 616 500]

NOTE: Mr. Woodshedder is about to launch his Power Dip System. Check it out.

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29 comments

  1. RaginCajun

    indeud.

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    • mrsbuttons

      Fly, could you put another asshat on Timmy? I hereby nominate Nick Cage to replace him as Treasury Secretary

      Cheers! And good luck with GMCR – right there with ya buddy…and oh yeah, kill the crappy raptubes and stick with the Chariman of the board…intrepid!

      Chet Baker rocks the casbah too…

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  2. TMoe

    Same rating agency that got it so right in 2007. Ha Ha

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    • TA

      Glass always half empty

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      • TMoe

        No, just always a skeptic. Doubt all before you believe

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        • DSB

          That’s not going to make you any money.

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          • TMoe

            I have made plenty of money being skeptic of numbers put out by the government media complex and the bullshit banks, and other bullshit CFO’s.

            For shits and giggles I’ll post some of my shorts: LVS, BAC, TOL, MAR, GE, SPY

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  3. Mr. Cain Thaler

    Sweet. Now bring on the currency crisis.

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  4. No One

    Witch (sic) crisis?

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  5. The V.King

    V.King was here….

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  6. toptick114

    LMFAO

    http://www.occ.treas.gov/ftp/release/2009-114a.pdf pg.22

    http://www.bis.org/statistics/otcder/dt1920a.pdf

    Dreamingggggggggggggggg….

    Indeed!!

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    • The Fly

      those numbers are all fake

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      • Generational BOTTOM Picker
        Generational BOTTOM Picker

        You don’t see the problems inherent in this “small” number?

        “The notional value of derivatives held by U.S. commercial banks increased $1.5 trillion in the second
        quarter, or 0.7%, to $203.5 trillion.”

        Report from “Comptroller of the Currency, Administrator of National Banks”

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  7. dave

    V.King deserves his own blog for the pictures of hot chicks alone. Plus, he’s more interesting to read than JAKEGINT.

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  8. Pete44

    Frank rules!!

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  9. Diamond Jim Brady

    Rating Agencies rule.

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  10. JakeGint

    Holy shit, was there ever anyone ever as good as Frank at his peak?

    Will there every be anyone?

    Dave’s vote for Taylor Swift notwithstanding?

    ++++++++++++++

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  11. Yogi & Boo Boo

    Whose [sic] Dave?

    “I’m sorry, Dave. I’m afraid I can’t do that. ”

    That Dave?

    Maybe they get different interwebs out by Jupiter way.

    BTW, Jake please keep up your hammering of the President, and the congress. Just keep it in good taste and respectful of the office. If we only had one side, we would end up like the Soviets did, shopping in empty stores for rotten potatoes.

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    • Teahouse On The Tracks
      Teahouse On The Tracks

      No,

      The “Dave’s not here” Dave from Cheech & Chong …

      That Dave.

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  12. The_Real_Hmmm

    Having said that, do you respect wood?

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  13. chanci

    I don’t care what Fly says, Dean Martin had the voice of an angel. Too bad he was always so drunk.

    http://www.youtube.com/watch?v=RfAHBVMguDQ

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  14. JakeGint

    Yeah, I went to Radio Shack and got my adaptor extension plug, as necassary.

    Now I’m inceasingly worried about this market beingstretched taut.

    Caeh-full.

    ______

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