Some good news about BAC and Merrill Lynch for the future. I see $25 within 6 months! "...the combined brands tested stronger domestically and globally than either one on its own,”
I read last night that the BoA merger with Merrill has added tremendous losses on the balance sheet for fourth quarter. BoA has already received $15b in federal bailout money and another $10b to assist with managing the Merrill Lynch acquisition. In addition to ironing out the sub-prime mortgage losses and committing to cut 35,000 jobs over the next five years, BAC shares fell below $10/s this morning for the first time in over ten years.
BoA is due to release fourth quarter earnings on Tuesday. Remember when we inherited BoA shares in the Countrywide deal and sold proudly at $31/s? We all voted in favor of keeping BoA. Anyone else sweating our 40% loss in less than a week?
Following the stock market these days is like driving by the scene of a horrific car accident. You know its bad, you know the closer you get its only gonna get worse. You should just stay back and continue on your way but for some reason; you can't keep your eyes off it.
But sooner or later you become immune to the carnage - nothing is shocking.
That next CEO of (insert bank here)reassuring their investors that everything is gonna be o.k. - its only a bump in the road one week. The next week they are bankrupt on Capitol Hill with a can in their hand and a dancing monkey begging for another hand out.
To say the economic future of this country is looking grim would be the understatement of the year.
The Good Doctor said it best:
"In a nation ruled by swine, all pigs are upwardly mobile—and the rest of us are fucked until we can put our acts together: not necessarily to win, but mainly to keep from losing completely. We owe that to ourselves and our crippled self-image as something better than a nation of panicked sheep."
It should be noted that BAC is being HEAVILY shorted this week. These "shorts" will have to cover, and the stock will jump back up in the short term once they do, mark my words.
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Some good news about BAC and Merrill Lynch for the future. I see $25 within 6 months! "...the combined brands tested stronger domestically and globally than either one on its own,”
Click here for full story on Boston Biz Journal
I read last night that the BoA merger with Merrill has added tremendous losses on the balance sheet for fourth quarter. BoA has already received $15b in federal bailout money and another $10b to assist with managing the Merrill Lynch acquisition. In addition to ironing out the sub-prime mortgage losses and committing to cut 35,000 jobs over the next five years, BAC shares fell below $10/s this morning for the first time in over ten years.
BoA is due to release fourth quarter earnings on Tuesday. Remember when we inherited BoA shares in the Countrywide deal and sold proudly at $31/s? We all voted in favor of keeping BoA. Anyone else sweating our 40% loss in less than a week?
I'm not sweating. Just wishing we had more capital to invest in this cash cow!
Following the stock market these days is like driving by the scene of a horrific car accident. You know its bad, you know the closer you get its only gonna get worse. You should just stay back and continue on your way but for some reason; you can't keep your eyes off it.
But sooner or later you become immune to the carnage - nothing is shocking.
That next CEO of (insert bank here)reassuring their investors that everything is gonna be o.k. - its only a bump in the road one week. The next week they are bankrupt on Capitol Hill with a can in their hand and a dancing monkey begging for another hand out.
To say the economic future of this country is looking grim would be the understatement of the year.
The Good Doctor said it best:
"In a nation ruled by swine, all pigs are upwardly mobile—and the rest of us are fucked until we can put our acts together: not necessarily to win, but mainly to keep from losing completely. We owe that to ourselves and our crippled self-image as something better than a nation of panicked sheep."
It should be noted that BAC is being HEAVILY shorted this week. These "shorts" will have to cover, and the stock will jump back up in the short term once they do, mark my words.
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