For a minute, put the cynicism aside and recognize what this man has done. He has taken Bank of America Corporation [[BAC]] from the precipice of oblivion, in the process getting bitch slapped by the Government, to turning his business around inside of 1 short year—allowing him to pay back Barney Frank and some of his homo friends. Incredible.
In my estimation, this is incredibly bullish for equities, as it demonstrated massive availability of private capital for publicly held companies.
In a word: BROKENROBOTS
If you enjoy the content at iBankCoin, please follow us on Twitter“We are pleased that Bank of America is moving ahead with plans to pay the taxpayers back in full,” the Treasury Department said in a statement. “As banks replace Treasury investments with private capital, confidence in the financial system increases, taxpayers are made whole, and government’s unprecedented involvement in the private sector” declines.
The bank plans to repay a chunk of the $45 billion in TARP funds using $26.2 billion in excess liquidity, such as cash and other holdings that can be sold quickly.
The remaining $18.8 billion will be raised by selling “common equivalent securities,” the bank added.
Goode for C, but thys has the smyll of phuckery about it. Have the partyicipants yet beene named?
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I heard “Backhand Charlie” was one of um…..
Hmmm… interesting segueway opportunity…
Fly’s new nickname?
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I imagine Loki was somewhere in the background
Indeud!
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The guy is an idiot. And how much TGLP is left to repay? How about when he’s asked to testify in all the CFC lawsuits? Reckless is more like it.
You don’t even have any long BAC so not even worth talking about when no skin in game.
He did it with our money via ‘God’s hand’ supporting the market.
This fucker hasn’t done shit except transfer bad debt to the taxpayer.
He is a great American opportunist. I don’t know if he deserves credit or blame.
“A leader is a man who finds a parade and gets in front of it,” MTZ?
He is more of a hero than those fucking firemen
But those idle fireman will drink a lot more coffee.
This should mean a strengthening of the dollar though right which would be bad for the markets?
Not necessarily, since the lending rate of BAC is questionable. Although, by itself, assuming the bank was lending enough of the money out, the overall capital available to the system would have just gotten smaller, and yes, theoretically, the dollar would strengthen because of it.
This isn’t a straight line though, if the government passes an entitlement program or two, within the month, it could easily undermine this.
He also bought Merrill which avoided Lehman part II which could have led to nationalization of our banking system and Dow 3,600. Dick Bove said BAC was the greatest buy in the history of the NYSE back in Feb/March and he was right. Ken Lewis put America ahead of his own interests, truly heroic.
Congratulations BAC and Ken. Way to go out a hero.
From and asshat to a American hero …. Wow
Exactly. Ken Lewis Saved the Republic!!!!
…for this week
One thing is for sure…he is happy that he purchased all those company shares at $5-$6!
I smell dead bears. Maybe even Stew(ed) Leonard bears. Now if we can get a little hiring mojo going 2010 may not be too bad.
So far futures are giving it a “Who gives a fuck” attitude. Stupid futures.
Now they are perking up a bit. Nice going futures.
Personalized license plate belonging to Morgan Stanley Vice-Chairman Rob Kindler http://www.andrewrosssorkin.com/?p=386
I have come up with an original plan to solve unemployment.
The chronically unemployed and their families will be placed aboard trains and sent to large newly constructed manufacturing sites across the country or “work camps'” for lack of a better word. In exchange for food and board, these people will produce stuff we don’t already make like jeans, shoes, etc…
These camps can even supply their own power via steam through the use of incinerators. Trash and unrecyclable materials, among other things can be used as fuel.
Given enough time the unemployment problem will work itself out.
All aboard the fucking unemployment train!
Detroit has lots of affordable & available housing. Methane can be extracted from human waste to power the place.
But seriously, a friend of mine was in Detroit a month ago, His comment: The highways were deserted. No rush hour.
There is a serious rush hour, it’s just in all the suburbs.
Yeah, my 15 minute transit turned 30 minutes calls bullshit on this.
Sounds like a green initiative, soylent green that is.
My sarcasm exceeds even yours and is as dark as the future of this country..
Can Ken Lewis save GMCR now?
That’s the next bailout challenge.
Oh, wait a minute – Fly will bail out GMCR.
Yo Fly… how can the f can you say your all in.. and then a little over an hour later say prepare for a meltdown? Where is your head at?
Melt up you ducking piker putz. That means going higher.
Inverted melt up means meltdown.
melt up, motherfucker. Melt up
touche
Why isn’t the MSM talking about this?
http://www.timesonline.co.uk/tol/news/world/asia/article6940482.ece
Shops and markets in North Korea have been closed and all cash transactions frozen after the Government’s shock announcement of a devaluation of its currency in an effort to crack down on the country’s burgeoning free-market economy.
I could give a fuck less about North Koreans, but there is a story here.
No there isn’t.
If you couldn’t even pay for some sideways vagina, you would want the world to know about it.
all this means is hookers in N. Korea that charged 100.00 yesterday now charge 10.00 today…..you know….1950’s style….
Woah! Not a currency devaluation? Man, North Korea might really start to suck dick now…
It’s not a devaluation, it’s redenomination. It’s inflation related.
Let’s not forget that most of the big banks that took the TARP money didn’t need it in the first place. It’s no surprise they can pay it back so soon.
BAC was not of that mold. They needed the money.
http://www.econtalk.org/archives/2009/11/sumner_on_monet.html
Sumner on Monetary Policy, this is a great pod cast. After clicking on the link and the web site pops up click on play. There are no down loads, it just plays. Its a very interesting interview. Enjoy
Nikkei going Samurai to the upside right now.
You rang?
hello.
yes,
Halliburton here.
Halliburton who?
Your old Pal, HAL…still up $4+ dollahs since you said it was a worthy short…odd, no?
Management- Aluminum was delisted. Check Le Market Centre.
LED space stil on fire. Some of the names working aixg, veco, rbcn and the dominant player Cree. Might see Scott Wapner in 2010 start referring to these as a sector. Lot of buzz, high growth and not a lot of pure plays. IBD threw AMAT into the category yesterday. A multi year mega trend as the world converts to LED. Wouldn’t be surprised to see some of these make a dot com type run. Can’t decide if over extended or in the beginning of huge runs, but leaning towards the latter. Secular trend similar to $star.
Top LED plays:
AiXG, VECO,
PPT rankings?
VECO trading super light recently like it wants to go mid 30s.
take a look at UTEK too.
Sorry pal, PPT is for closers only.
I’m looking at a number of low float scorchers, like YONG. Interesting price action in many of them.
Starting to like JOSB right here. Good earnings today.
I concur.
They treated Ken Lewis like crap at the beginning of this mess, but he did pull a rabbit of the hat with B of A. Hats off to K.L.
Zombie:
Ken Lewis has quite possibly displaced Fly as the new God? Possible?
KLIG
Indeud !!
Ken Lewis triumphed victorious because he took it by the haunches and humped it to submission.
Ken Lewis is a fucking burned out shoe salesman. Fly, can’t you see the shell game that is being played. Ken Lewis and the rest of them are fucking crooks. along with Paulson, Geithner, Summers and the rest of their ilk. If the things they did were perpetrated by individuals it would have been called robbery, ex-tortion, embezzlement, felony and fraud, and the criminals would have been indicted, hauled into court and brought to justice.
The economic fear card, dealt by the Bush Administration in 2008, and trumped by President Obama in 2009, was that if the “too big to fail” failed, the credit markets would freeze, the entire financial system would collapse, and life as we know it would never be the same again.
But would the system collapse? Would civilization as we know it cease to exist? It was a 14 trillion dollar question (the amount earmarked for the various rescue packages) that was answered with a counterfeit two-bit analogy.
However, there was never a fear of all of the “too big to fail” failing. It was a ruse and a fear tactic; the White Shoe Boys crying wolf to extort funds from the American people to pay for their compulsive speculation.
The big gamble paid off this time for BAC as they propped up the markets and continued the shell game of trading CDS.
BAC will see some big troubles again. They are not out of the woods by any means. The “too big to fail” has now become the “too big to manage.”
The economy has not been “pulled out of its worst crisis only the “too big to fail” were pulled out and the economy is temporarily titillated. Who could celebrate creating “staggering amounts of money out of thin air” to bail out gangs of corrupt, reckless, greedy, compulsive gamblers and bloated, incompetent, noncompetitive industries … just be-cause they had been decreed “too big to fail”?
Feeding the insatiable appetites of the “too big to fail” with repeated injections of liquidity will not stave off the inevitable.
Brought on by cheap money, easy credit and unrestrained borrowing, the crisis cannot be solved by printing more cheap money, providing more easy credit, and encouraging more borrowing.
This the most speculative momentum-driven stock market surge since the 1930s. The surge wasn’t an indicator of recovery back then and it isn’t now.
Why Ken Lewis a hero? Because the government took $165 billion in taxpayer money and doled it out to nine of the largest banks that had lost $81 billion in reckless business practices. Celebrating those staggering losses, the bank bandits decided to reward themselves by skimming off some $33 billion for bonuses and executive comp. give me a fucking break!
“Nothing we did was for them [the banks],” said Timothy Geithner.
Of course not! What diseased mind would think that the hundreds of billions given to the banks was done to help the banks? It was all done for the good of the people
TMoe The Fly knows all that shit.
Remember, bubbles can inflate longer than you can remain solvent
Follow the Fly to make money before the pop.
Fly/Shed, what were the results of the PPT backtesting during extended declines?
Moe:
Settle down and take a Valium. Good news seems to get you depressed, dude. Your brain is working in reverse.
It’s also quite clear that you don’t understand a thing about the 30’s depression if you’re using that period as correlation
The 30’s was a series of clusterfucks.. recessions rolling into each other as a result of bad policy. The economy nosedived in the late 30’s because of a sudden tightening in the budget and a few other fuck ups by the FDR administration.
Whew! I sure am glad we don’t have to worry about “bad policy” heaped onto recession.
That Cap & Trade and Obamacare look absolutely nothing like Smoot-Hawley or the Works Progress Administration…. (or Socialist Security, for that matter)….
😉
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Yeah, this administration is at least as incompetent as FDR’s, but, we have a trump card this time around. No gold standard or Bretton Woods system to secure the value of currency.
Theoretically, the stock market can look like any fucking continuous shape you can dream up, as long as you don’t care about the value of your assets.
Should be a nice melt up today. My only question is will GMCR participate or will it continue to sit there like road kill. I am not particularly optimistic.
Lets not forget January 2009:
http://www.youtube.com/watch?v=pDzvduOheTs
From cocksucking asshat to American hero in just 10 months, a fine performance, indeud.
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did Geithner just leak the job numbers when he touted job losses slowing dramatically?
I have to think he has seen the # in advance and would not say it if number negative.
this is the most confident I have ever seen Geithner.
Ya I heard that. I also noticed his voice cracked more then a few times, when speaking about job growth and banking recovery. He’s full of it.
Want banks to lend more. Stop paying interest on bank reserves.
Geithner is a moron (& on the way out)
Wants banks to do this & that. what a fucking moron. The banks do what’s in the banks interest. If he wanted banks to do somthing different he should created incentives for them to do what he wanted.
He should have thought about that before pissing away billions.
If you dudes have time I suggest you read this speech by Michael Crichton. It’s away from school but it’s a refreshing bit of reading by a first rate mind the world lost too early.
http://www.michaelcrichton.net/speech-alienscauseglobalwarming.html
He had a so/so book that pitch-forked this global warming hoax, “State of Fear”, sometime around 2004….
Yeah, he got excoriated for that book by the Left. Despite the kajillions he made Hollywood throughout his life, I doubt we see that one on the silver screen anytime soon.
We lost a soldier with his passing, indeud.
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It’s as true now as it was then. You can’t argue with fanatics though.