“Not so fast,” Bank of America said today to a bunch of analysts, who were hilariously projecting that the bank will earn $1.12/share in the fourth quarter, when it announced a $3 billion pretax loss stemming from standing in front of collateralized debt obligations for too long. Chief Financial Officer Joe Price cautioned that while 3 is the number we’re hearing now, the sky’s really the limit in terms of how much more money the bank could lose before last call, which is why more money has been set aside for other potential fuckups. ``Where valuations will be at the end of the year is anyone's guess given these variables,'' Price said at a Merrill Lynch & Co. banking and financial services conference, still stifling laughter over the idea of BoA not being a huge embarrassment to itself. Giggles aside, he was being dead serious-- whoever estimates Bank of America's fourth-quarter losses closest without going over will win an unpaid apprentice position with Deutsche Bank's Mike Mayo, and another date with John Carney (you're still paying).
Bank of America sees $3 billion loss on CDOs [Reuters]
Posted by dude hoping carney puts on the second date, Nov 13, 2007 1:41PM
50 billion