Bank of America is going down, starting tomorrow...

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posted on Aug, 4 2011 @ 11:46 PM
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Bank of America, aka BAC, is one of the ``too big to fail`` banks... and they just got crushed for their fraud by a judge in New York.

Got Bank Of America CDS? New York AG Says BAC's $8.5 Billion Settlement Is "Unfair and Misleading"; BAC Equity Offering Imminent

When we last looked at the Bank of America joke of a "non-settlement" settlement for a paltry $8.5 billion when $424 billion in total misrepresented (530 in total) Countrywide mortgage trusts were at stake, we said, "we are confident that the legal process will prevail and that the presiding judge on this case, and if not him then certainly the New York District Attorney, will step up and demand a thorough reevaluation of the settlement process."

According to a just released filing from the New York Attorney General Eric Schneiderman, Bank of America (and Bank of New York Mellon, one of the tri-party repo banks mind you), violated New York state law and "misled investors." In a knock out punch to Bank of America (and Brian Lin who was profiled here previously), the bank allegedly violated the New York’s Martin Act and misled investors about its conduct tied to mortgage securitization as Bloomberg summarizes. Schneiderman said he has "potential claims" against Bank of America Corp. and its Countrywide Financial unit.

As Zero Hedge alleged all along, "The proposed cash payment is far less than the massive losses investors have faced and will continue to face." What does that mean? Well, as the countersuit by the FHLB indicated (which we are certain will be the basis for the NY AG claims), the likely final settlement is probably going to be about $22 to $27.5 billion. Which also means that the bank's Tier 1 capital is about to be discounted by about 25% lower. Which, lastly, means that the stock is about to plunge due to a massive litigation reserve shortfall which will have to be plugged with, surprise, a new equity capital raise.

Long story short: Bank of America is now totally skewered (as in can you spell U-N-D-E-R-R-E-S-E-R-V-E-D), as this process throws the entire existing settlement, which most certainly was cobbled together with the assistance of the purported legal adversaries so that the American financial system was not scuttled when BAC has to file for bankruptcy, out of the _


BAC is very big... if it goes down, which it seems it will, it could be another Lehman Brothers... and bring the whole system near collapse... if not outright collapse.

That, the situation in Europe (especially Italy) and the unemployment report tomorrow shall make interesting news.

Financial collapse tomorrow? Yes we can! (but as always, those bastards are probably gonna give them a secret bailout or something to save the day once again) Or you know they gonna do the usual stuff... cut BAC into pieces... the bad stuff goes to the US taxpayers... and the good stuff is taken by Goldman and/or JPMorgan.
edit on 5-8-2011 by Vitchilo because: (no reason given)



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posted on Aug, 4 2011 @ 11:59 PM
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About bloody time one of these banks disappears, hopefully there will be a domino effect......



posted on Aug, 5 2011 @ 12:04 AM
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I cant say I personally take anything zerohedge says to heart... They have been wrong about alot of economic collapse info in the past(just my view, from what ive seen posted on ATS)...

But even if its not true, we are seriously at a tipping point here folks... Get your food and water, and if you can, guns and ammo as well...

Figures as soon as I get my job back, it seems that the fan is getting ready to be hit by the S...



posted on Aug, 5 2011 @ 12:07 AM
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I'm beginning to think economic collapse is an irresistible force.



posted on Aug, 5 2011 @ 12:09 AM
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Does it really matter?

If you are an adult in this country and you can't see that this country is getting ready to collapse then perhaps
you deserve what you get.

It's no secret folks, the dollar is GOING to tank and soon!!!!
If you don't see that then you are blind.
So whether it happens tomorrow or the next doesn't really matter.
Either you are prepared or you're not.
If you aren't prepared yet, I would say don't bother cuz' you missed the boat, It's too late!
It is coming REAL SOON!!!!



posted on Aug, 5 2011 @ 12:12 AM
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Does this mean I don't have to give them my 4 grand back



posted on Aug, 5 2011 @ 12:15 AM
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better buy lots of rice ,beans, and bullion or ur gonna be hungry



posted on Aug, 5 2011 @ 12:19 AM
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Originally posted by Vitchilo
Financial collapse tomorrow?


Heres hoping!



posted on Aug, 5 2011 @ 12:21 AM
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reply to post by sir_slide
 

My apologies to the op but I just want to say to you sir_slide, that any one who loves sir_Tom is alright in my book.



posted on Aug, 5 2011 @ 12:42 AM
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Hell, after 500 points today, what's a little collapse tomorrow? It'll just be the icing on the cake!

But, more than likely, it will be much like 2008. The Government would step in and save it. Not that anything they do will save the Dow tomorrow. There's going to be blood in the water once that bell rings tomorrow morning.



posted on Aug, 5 2011 @ 12:43 AM
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I know that this isnt the right place to talk about it but anyone see how the hang send index is stopped, what the heck is going on there, did they hit a drop point to stop the market?



posted on Aug, 5 2011 @ 01:18 AM
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Originally posted by isthisreallife
Hell, after 500 points today, what's a little collapse tomorrow? It'll just be the icing on the cake!

But, more than likely, it will be much like 2008. The Government would step in and save it. Not that anything they do will save the Dow tomorrow. There's going to be blood in the water once that bell rings tomorrow morning.



Yeah, we've been saying this forever now, it is surreal to actually watch it happen. As for BAC, I hope they do tank.


On second thought, burn it all to the ground. And spend your last on torches and pitchforks.



posted on Aug, 5 2011 @ 02:22 AM
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reply to post by TerryMcGuire
 


Cheers mate!

If it wasn't for Tom I wouldn't be here, he saves more people than medicine.

"been performing road side surgery with a ballpoint pen, its murder out there"-Tom Waits.



posted on Aug, 5 2011 @ 02:34 AM
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Isn't this what corporations are all but designed to do? They seperate blame and punishment from those in charge. Some part of bank of america might be hurt, but the corporation is safe through multiple layers of law and contract and business design. Generally I would think the assets and capital backing the loans, etc. of bank of america to at least be seperated by region, probably state. On top of all that.

This is exactly why corporations and dictionary thick lawbooks exist, so that when something like this happens all of that loss disappears and is ultimately picked up by inflation, and the average person... no corporate white collar men will be harmed in the making of this movie.

I oversimplify but I doubt I am far off.



posted on Aug, 5 2011 @ 02:37 AM
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Got my money...

Got my house....

Now they got.....got!!!!

Merry F#%$@& Christmas " B Of A "!!!

May you have a wonderful New Year!!!!



posted on Aug, 5 2011 @ 02:55 AM
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Australia is the new united states and we were the ancestral criminals of the British bank of america have fun with recession



posted on Aug, 5 2011 @ 02:59 AM
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reply to post by Grimnal
 


Mate, ya got a fence I can jump over, or a river I can swim, to get in?????

Love the Aussies!!!!!

Friend of Bill/RIP Perth Kangaroo Fighter and WWll Vet



posted on Aug, 5 2011 @ 03:17 AM
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Originally posted by N3k9Ni
I'm beginning to think economic collapse is an irresistible force.


It is, how else would filthy rich people make more money. They put their money in, let it grow, then (if they control enough of a market or business) they pull it out causing huge drops but because they pulled out they got to keep their profits while causing the little guy to lose everything, prices plummet, then they buy again and pull again when the markets are farther up. The cycle will never end, greed controls everything.

Oh, also, when the elites cause the little guys to lose everything, they are also assisting them in remaining slaves to the system. It's a win win for elites but a S***pie to the face for everyone else.



posted on Aug, 5 2011 @ 03:21 AM
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Originally posted by anumohi
better buy lots of rice ,beans, and bullion or ur gonna be hungry


I believe you are 100%, my friend!



posted on Aug, 5 2011 @ 04:06 AM
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reply to post by Novise
 




Isn't this what corporations are all but designed to do? They seperate blame and punishment from those in charge.


They do if the company damages the environment, society, health or anything else except money. Once the shareholders lose out then liability become personal. It is a big travesty in law.





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