sether

Bank of America's Gain Is Taxpayers' Loss

Without the intervention of Gov't "lackies", your BofA shares are worth ZERO, bro. BofA and every other major financial institution effed-up in a major way. If you owned the stocks, you lost. You had a bad day at the track. My charity (involuntary) is propping up your stock. Forgive me if I cannot muster any sympathy. Your post is petulant and asinine.


On Sep 23 02:33 PM Big Jack58 wrote:

> No, I'm not infuriated.This was another mechanism the governement
> was using to try to milk money out of one of our largest financial
> institutions. And we can count on the inept government lackies to
> fail to get the documents signed (which has been well reported for
> several months, but it took this author until now to figure this
> out). Additionally, in it's quarterly meeting for Q1 in April, BAC
> announced they would never leverage this backstop because the terms
> would cause the price to be paid by BAC to be greater than any backstopping
> they would receive (but the author failed to call into that analyst
> meeting and hear any of this). Being a shareholder, I'm furious at
> our sleezy government because BAC received nothing in return for
> their $425 million payment for backstopping ... again, nothing was
> backstopped. So let's see: Sept 2008 the gov't highly encourages
> BAC to buy a failing ML in an attempt to save the economy the gov't
> couldn't save themselves; Dec 2008 the gov't threatens BAC to not
> back out of the deal nor leverage the MAC for a cheaper price on
> the merger; Jan 2009 the gov't, as consolation to BAC for a forced
> merger, decides to throw $20 billion in loans at 5.5% interest along
> with a scheme to backstop several billion that would never materialize
> (given they had $45 billion in TARP); Summer 2009 the gov't blames
> the recession on BAC, changes it's board and management teams and
> forces lending practices that provide handouts to irresponsible consumers
> (at the expense of the bank's profits and the shareholders' gains).
> It's obvious our gov't is no longer the leach we thought it was ...
> its a full sized vampire.

Schadenfreude: Finally, Countrywide's CEO Getting What He Deserves

Why do we even need the SEC?
Ayn Rand and Adam Smith told me markets were infallible, self correcting, omniscient. Angelo Mozilo was just acting in his own interest. If everyone did likewise, we'd all be better off, right? I think we've all learned a valuable Libertarian lesson from this great american.

Fed Finds a Way to Use Stress Tests to Screw Bank Shareholders One More Time

Bank shareholders should have been completely wiped out by now. Any value remaining in your 'investment' is by the grace of the taxpayer. Be thankful, instead of posting petulant and asinine gripes, you freckled grinning bastard. We could all give a sh*t about your gambling losses.

The Escalator of Life Is Going Down (Part 2)

I take issue with the claim that Fannie+Freddie helped cause this global crisis through democratic mandated lending to unqualified borrowers. That is not what happened. The Bush admin wanted to increase Fannie/Freddie exposure to "low income" loans. Management at these companies and congressional oversight / regulation related to that may have been horrible to criminal, but that's a different issue, and a bipartisan one. Who was controlling these committees, congress, and white house at the time? Anyway, here's some other out of context quotes:
In 2004, this is what Frank said regarding the BUSH administration's attempts to reform Fannie/Freddy:
“Fannie Mae and Freddie Mac would suffer financially under a Bush administration requirement that they channel more mortgage financing to people with low incomes, said the senior Democrat on a congressional panel that sets regulations for the companies.

“The new rule compels the companies to put 57 percent of their mortgage financing by 2008 toward homes for people with incomes no greater than area median income. Fannie Mae and Freddie, the two largest U.S. mortgage finance companies, must currently meet a 50 percent threshold.

this from a Bloomberg article, June 17, 2004: "Fannie, Freddie to Suffer Under New Rules, Frank Says” by Jim Tyson.

Thoughts on the Worthless Equity Value of Some Banks

Targeted higher taxes and more regulation will hopefully prevent 'business outcomes' like we have been experiencing over the past year. Skillful and innocent. That's priceless. Fleas and ticks are skillful and innocent, and I grant you, play an important role in our ecology. However it becomes necessary at times to exterminate them when they threaten to overwhelm the host.


On Mar 12 12:12 PM Buckoux wrote:

> posted by apppro:
> "WINDFALL CAPITAL GAINS TAX OF 65% ON ALL SHORT SALES RETROACTIVE
> TO 01/01/08!!"
>
> I deplore the use of the taxing power of the state to be used as
> a form of punishment for business outcomes that disagree with some
> citizens and the populist agendas of certain political parties. The
> tax system, like church and state, should be separate from crime
> and punishment. The tax code should fund the government and not your
> personal umbrage, apppro! The use of windfall taxes, capital gains
> taxes and taxes levied to punish success are backward ways of Europe
> and are very Un-American. If you don't care for the lawful outcome
> of certain legal financial transactions, then have such transactions
> declared a crime. Otherwise, leave the skillful and the innocent
> to their profits.
>
> disclosure: not short seller, long on finance. "Bullish on America"!

The Road to Economic Hell

Is this Roger Ailes?
Roger you forgot the Homos and Hollywood.

On Mar 05 09:03 AM patio wrote:

> It's far worse than you desribe. Obama, Pelosi, and Reid are using
> this crisis to cram through massive gifts of our money to their cronies
> ( ACORN; unions; you name a dem voting bloc, they get a payoff ).
> That's jsut the porkulus. Then they are putting together a multi-year
> spend and tax budget aimed at crippling our economy for decades,
> and solidifying power. They are targeting small and big business
> alike; they are still using the phony global warming scam ( exactly
> how cold, for how long does it need to get before the media pokes
> their head outside???) to target oil and gas; the list is endless.
>
> The sheeple are being led into socialism, and they are seemingly
> clueless.

Bank Nationalization: It's Just Plain Wrong

Shareholders of the banks do not deserve to be 'treated' in any specific way. If you invested in bank stocks, you lost. Go get therapy if you are confused about this or feel brutalized. And what exactly is it about nationalization that would scare off investors more than the previous 90% losses? The loss of the reamaining $3 bucks a share? I do not own any bank stock. Contrary to what has been printed here elsewhere, most people do not. I could give a sweet sh*t about other people's gambling losses. Nationalization would be like euthanizing a mortally injured pet. This pet wasn't particularly loyal or intelligent either. Put them out of their (and our) misery. Put them in the ground and let the smaller organisms benefit. Circle of life sh*t, hey? All is well.


On Feb 16 08:20 AM dare16 wrote:

> Nationalization would scare away investors, it is the most brutal,
> cruel, and uncivilized ways to treat shareholders of the bank. Vulture
> investors call for natinalization because they sense there is value
> in the bank assets and they can profit from it.

Bank Nationalization: It's Just Plain Wrong

I agree, Obama and Emanuell haven't done sh*t, you dope. They are stomping on the flaming bag of dog poop left on our doorstep by your buddies at BushCo. If they are guilty of anything, it is being far too timid with (or too close to) the plutocrats at the banks and the rest of the festering, ingrown, and parasitic financial power structure. Nationalize the banks, de-charter the FED, lets realize the true depths of this misery NOW and not spread it over 3 generations. NITRAM, If you are old and conservative, you are part of the problem. You, and every other status-quo supporting old fart owe it to yourself to stop being such a fearful pussy for a minute before you die. In the long term, 95% of this country has nothing to fear from the complete and swift collapse of all of the financial institiutions involved in this fiasco, and the resulting 'socialsm' or whatever transitional 'isms' arise as a result. One could argue that this has already occurred. The remaining 5%, with 99% of the money will deny reality as long as we allow it, and continue to socialize their financial cancer. Let's get it over and done with. Maybe a generation of austerity will restore this nation's moral compass and common sense. Then we can get back on our feet, maybe by the time my kids are adults. Like NITRAM says, there are millions of people willing to do the job.

On Feb 15 08:11 PM spigzone wrote:

> "Obama and Emanuell have put us on a course for DEPRESSION AND SOCIALISM"
>
>
> And after Bush and Cheney had us RIGHT THERE ON THE EDGE OF ETERNAL
> PROSPERITY ... and John and Sarah, such NICE biblical names, were
> there just awaiting to carry us all into heavenly bliss.
>
> The American people are SUCH idiots.
>

Why Capping Pay Is Likely to Work

I understand your point about booting talent from firms we now 'own'. I was just ranting macro a little. I think the govt is in this for the long term though, and is likely unconcerned about immediate further deterioration and would be happy with several years of stagnation. I think there will be heavy regulation instituted, in part to restore confidence in the markets and financial institutions in general. Under those conditions, the high rollers will indeed be gone.


On Feb 04 03:21 PM Robert Perrego wrote:

> Actually they are different people. I stated earlier that the rainmakers
> are who I am talking about - the investment bakers, brokers and traders.
> Not the CEO's, CFO's etc...
>
> This entire mess is from the mortgage derivative area, and you might
> remember Fannie and Freddie (The government) had a lot to do with
> this.
>
> What Obama is proposing is to limit the people who WERE making a
> lot of money for the firm and being paid to do so as a result of
> the derivative quants on the mortgage desks. Punish them all right?
>
>
> And the result will be that those working at these banks that were
> making the banks a lot of money will simply leave and then what will
> our TARP banks have?
>
> No money from derivatives (dead business), no money from mortgages
> too, and a lot less money from the investment banking, trading and
> brokerage functions.
>
> I am sooooo glad my taxpayer money is invested in an idea that looks
> set up for failure from the start.
>
> Pissed off is fine. I am pissed off these quant derivative freaks
> and politicians that let Fannie and Freddie run amok is kicking the
> economy's ass (I am working in the internet sector by the way - was
> on Wall Street for 14 years so you are correct) It is just that when
> you want to punish someone, then punish the wrong people, and then
> punish yourself because you are being irrational - now that is just
> plain stupid.

Why Capping Pay Is Likely to Work

Stop making bets and putting me on the hook when they go bad. And don't tell me that other activities of I-Banks are profitable. It's only a matter of time before the best 'talent' works those rackets as well. When they go bad, do I have to pay that off as well? Profits=private : Losses=public.
I ask you again, How has anything that any investment bank has ever done, ever benefitted me, or the vast majority of people in this country? You don't get it. The whole paradigm is bankrupt, man. Moving, lending, and speculating on money that doesn't exist is not a legitimate or viable enterprise.


On Feb 04 02:17 PM Robert Perrego wrote:

> Poor baby. i bet the banks got up each morning and thought about
> you.
>
> Stop playing roulette then.

Why Capping Pay Is Likely to Work

The Yankees have not won in 10 years because they are composed of a bunch of overpaid, 'roid-shooting mercenaries, with no concern for anything but their own bottom line. In that sense The Yankees, and most of baseball, is like Wall Street. How about teams like the A's, and Tampa Bay? Good clubs who have built up talent through their own farm systems and prescient trades. As soon as anyone gets too entitled, they can go extort the Yankees or Sox. Same thing should happen to all that fabulous 'talent' on Wall Street, once we regulate the sh*t out of it. Maybe that will leave us with a functional market, chugging along, that people can trust if they want to, or can count on to stay the hell out of their lives if they don't. I suppose that will cramp your high-rolling trader lifestyle, but to hell with that. Go buy some scratch tickets if you miss the adrenaline.

On Feb 04 02:08 PM Robert Perrego wrote:

> OK - you buy the New York Yankees - a historically winning franchise,
> cap all the salaries and let all your best players leave.
>
> What do you have left? The Kansas City Royals. And then it takes
> years to rebuild by waiting for players to come back on the market
> and back to your team. it's not like these producers grow on trees
> or are mid-level talent.
>
> This says that the government is buying into these banks and destroying
> their business models.
>
> Not too smart.

Why Capping Pay Is Likely to Work

Yeah and I made $200 at craps, blackjack, and slots last week, but I lost my house playing roulette. Oh yeah, I also lost my neighbor's house.
What has any investment bank ever done for me? Please educate me. I think I understand what they have done TO me.


On Feb 04 01:56 PM Robert Perrego wrote:

> Whats wrong with you? One area of the finance puzzle lost money -
> mortgage derivatives. The equity trading (and in Goldman's case the
> bond trading), brokerage and investment banking businesses made a
> LOT of money. Take away the talent here and you have even bigger
> losses. Read a little, educate yourself, then open your mouth.<br/>

Why Capping Pay Is Likely to Work

How about the execs are allowed to walk away with their lives. These are failed companies. The execs are leaders in failure. These companies are financial black holes at this point, hyper-concentrated focii of loss, debt and insolvency so potent that they threaten to suck the entire economy, the dwindling health of a nation, down into their vortex of bankruptcy.
So their financial crack smoking has now involved me and my children, and every citizen of this country (and the world), by force.
On second thought, OFF WITH THEIR HEADS! Seriously. Maybe they don't realize people feel this way. Neither did Marie Antoinette.