I bet it was really awesome, the moment that you penned the letter of intent. You know, that big snotty Wall Street Firm, the one that had turned up its nose at you time and time again. A thousand unforgotten slights. Even their interns would turn their nose up at you once the humble origins of your business card were revealed. But now, you were the one laughing. You were the one with the smug look, and the cocksure gait. Their big snotty bank? About to be bought. Soon. By yours. Hah! Yes. That was awesome. But now... after consuming all that sugar and slightly off custard... irritable bowel syndrome is setting in. It's going to be an unpleasant ride, your stomach is warning. You aren't going to make it out for celebratory drinks after all, are you?
Bank of America Raises $10 Billion After Dividend Cut [Bloomberg]
Posted by guest , Oct 08, 2008 10:22AM
1
Posted by artie help , Oct 08, 2008 10:28AM
cluzo don't make any comments to me. I don't know you.
Posted by guest , Oct 08, 2008 10:28AM
Can anyone explain why a corporation would be raising capital, but at the same time distributing capital via a dividend to shareholders?
If you clearly need more capital, why are you giving it away? Is there an intellectually coherant arguement for why this happens, or is it simply corporate window dressing?
Posted by guest , Oct 08, 2008 10:28AM
Investorcluzo, you are a moron.
Posted by guest , Oct 08, 2008 10:36AM
@3 If you are paying out a significant dividend your right, you are stupid.
A lot of companies have cut their dividends to pennies per share though, just so in future years they can continue the pitch of "paid dividends 50 years consecutively"
Posted by guest , Oct 08, 2008 10:40AM
Im a former BOFA employee. They are going to rule the world soon, Merrill was the best purchase in the last 10 years easy. #2, apparently reading comprehension isnt your thing, they cut the div by 50 cents. Where do yu work Jeffries??
Posted by guest , Oct 08, 2008 10:44AM
3: Because bank shares have always paid dividends and always will pay dividends, so mote it be, world without end. Every nitwit who buys bank shares to get dividends and hasn't yet dumped them would kick them to the curb in a hot minute if they didn't get their stupid dividend check every quarter come Hell or high water.
I know most investors are institutional, blah blah blah, but everything happens at the margins. If every grayhaired McCainnite who bought bank stock because they think banks are big piles of money with a little building around them dumped it, it would be bad. Real bad.
Posted by guest , Oct 08, 2008 10:53AM
5 Totally correct. As in the $.01 that was declared by NCC last week, so that they can say that they've always paid dividends.
Posted by guest , Oct 08, 2008 11:01AM
@6 Yeah, it makes sense to pay a premium for a company that was following Lehman into BK. Nice job Ken, first you pay up for Countrywide and now this. I think in a year he will be contacting the same security detail that surrounds Ken Thompson.
Posted by guest , Oct 08, 2008 11:03AM
@6 - I'm a former BoA employee too and f**k 'em!
and yes, @7 is absolutely correct
Posted by guest , Oct 08, 2008 11:21AM
Yeah, you are right 9. They only have the best retail brokerage business, a huge PB, great execution team, etc etc etc. Go back to clearing trades or whatever it is you do moron.
Combined with BOFA's retail banking capability they are going to be a monster. GS and MS are done, UBS to follow, they will own the space.
Posted by guest , Oct 08, 2008 11:27AM
Time to jack up the fees on the $36 billion in deposits that fled to BOA last quarter. Business as usual.
Posted by guest , Oct 08, 2008 12:12PM
I too am a former BofA banker, so f*ck em all to hell! But yeah, that firm is pretty much going to run Wall Street in the future.
Posted by guest , Oct 08, 2008 12:39PM
i am a hedge fund manager, what is bank of america?
Posted by guest , Oct 08, 2008 12:57PM
@14, you are probably Sykes. You are not a fund manager, you are a piker.
Posted by guest , Oct 08, 2008 12:58PM
Just a wafer thin merger, Mr. Creosote?
Posted by guest , Oct 08, 2008 2:30PM
Re #7. Very funny, esp the second paragraph.
btw, I have a checking account at BofA.
Posted by guest , Oct 08, 2008 2:39PM
I hope BofA lays off 50,000 people as the lawns from Detroit to Miami still need cutting, the snow needs to be plowed and clothes need to be drycleaned.
Posted by guest , Oct 08, 2008 3:26PM
17: This is #7. Thanks. And BTW, so do I. In fact, they've acquired all but one of the entities which which I did financial business at this point.
18: "Our people used to do those jobs for a fair day's pay. Then the bankers came along and started doing them for practically nothing while living six families to a basement! We should tighten the borders and enforce the labor laws! American jobs for Americans!"
Posted by guest , Oct 08, 2008 4:09PM
I'm a teller and I spit on your cash. Sometimes we vomit on it, sometimes its cum. Depends on how much I had to drink the night before.
Now, you learned the secret of finance.