Citi To Split Into Bad Bank/Worse Bank (Reuters)
“Citigroup Inc unveiled a plan to break into two businesses as a way to shed troubled assets, and reported an $8.29 billion fourth-quarter loss, its fifth straight quarterly loss.
The company also said on Friday that it anticipated more departures from its board, which is losing Robert Rubin as a director later this year. Nevertheless, Citigroup shares rose 14.9 percent to $4.40 in premarket trading, in part because of hope about the bank’s plans to restructure and separate its good assets from its bad ones.”
Bank of America To Get $20B, $118B Guarantee (WSJ)
Apparently there’s anger abound as BoA exec’s feel like they’ve been duped because Merrill’s balance sheet could reasonably be used to wipe one’s ass. There’s only two real ways this could go: either Bank of America comes out and says that they were caught off guard by the standing of Merrill’s balance sheet, in which case you really have to ask whether or not everyone was at least sober during the valuation, or they say they knew.
They’re calling the preliminary loss at Merrill at $15.41B, while the BAC 4Q numbers are in at $1.8B. Headline of press release from Bank of Amerillwide: “Bank of America Earns $4 Billion in 2008.”
“A Miracle On the Hudson” (Bloomberg)
It’s quite possible that’s both the first and last time I’ll ever quote Paterson, but it is what it is.
“”It’s somewhere between remarkable and miraculous; probably more miraculous,” said Mann, of R.W. Mann & Co. in Port Washington, New York. “If you had choreographed this, you couldn’t have done any better and couldn’t have done it as quickly.”"
For those of you wondering about Bankers on board the aircraft, it appears BoA had a large group on the plane, and Wells Fargo had three. Be sure to reach out to your colleagues today.
O’Bama Has Access To Remaining Tarp Money (WSJ)
It’s quite possible that the expectations and optimism are far outshining the capabilities of the President Elect to perform. That said, it’s also quite possible that those same expectations and optimistic views will create enough momentum to pull us out of this.
Wall Street Still Alive (WSJ)
“Though a number of the society’s luminaries — including former Bear Stearns Cos. Chief Executive James E. Cayne, Lehman Brothers Holdings Inc.’s Richard S. Fuld Jr. and ex-Merrill Lynch & Co. Chief Stanley O’Neal — have faced rebuke and were conspicuously absent, members still standing haven’t lost their sense of humor. This year’s attendees gave a rare standing ovation to a rendition of Don McLean’s “American Pie,” rewritten to read: “Bye, bye to my piece of the pie.”"
Comments (59)
Leave a comment
You can log in with your account or comment as a guest below.
Bad Bank/Worse Bank. I love it.
Is that like Good guy/Bad guy ?
AWESOME….Ken “Were NOT cutting our dividend” Lewis SLASHED the dividend. This guy is a total ass clown.
Thar C blows
http://www.beckerfilms.com/titanic2.jpg
WOW. I never thought I would actually see this commercial illustrate the relationship between large banks and congress today…
http://www.youtube.com/watch?v=CZmHDEa0Y20
It really is unbelievable. Lewis buys MER only to find a rat’s nest on the balance sheet of Level 3 assets. Whoops! there goes another $15 Billion!
Watch for the same at MS!
@ClownC
I used to live close to Slough – there weren’t any giant Sloths pillaging the A4 or environs. That IBM commercial sucks but I do see your meaning …
Welcome to Wall Street, BofA.
Frat boys: the absolute scourge of civilization. The most useless beings roaming the face of the earth.
The party’s over, kids.
Barney Frank is now doling out TARP money and male escorts from his Dupont Circle pad. First come, first served.
@9
Ugly chick or sensitive guy?
re Paterson: He can’t be all bad if he knows a miracle when he sees it.
Hi Bess! I came back today because I was looking for some your choice “Warren Buffett sexual obsession” quotes to post over on Freerepublic.
Bess you’re a really talented writer. But you need to purify and channel your rage.
Love,
guest.
freak@12- you need to learn how to read a byline, idiot.
@11
a man with a pair who detests pretenders.
who started with ZERO and thinks the privileged classes are parasites.
a grown up who thinks other chronological adults ought to act thier ages.
a guy who wishes that people who pay women to act like whores would come face to face with their fathers sometime.
and, actually, a handsome, well built, well proportioned 40-something who can not only do math but can carry on a conversation, who doesn’t mentally undress every woman he sees and doesn’t pawn his soul moment by moment in order to make more money than YOU do.
a healthy, sound mind, in other words.
the kind of guy, when he walks into a room, sends the little-dicked half-men into fits of jealousy.
Have a nice day!
@13
try meditation.
@9/11
Gotcha, sensitive guy. Potpourri in your bathroom?
“Merrill’s balance sheet could reasonably be used to wipe one’s ass.”
I like! if only they made a quilted version
@14
Tell us more about how your parents couldn’t afford to buy you nice sneakers growing up and how that has affected you
14 – hilarious. probably not in the way you intended though
@14
That just reads like something written by
a tool who admires himself in the mirror
every morning.
@14
“…who doesn’t mentally undress every woman he sees”
Fudge packer? Not that there’s anything wrong with that.
@14 – thanks for the essay. keep telling the world what a great person you are on an anonymous blog
(Drumroll) The nominees for this years “Excellence in Due Diligence Award”!:
1) Ken Lewis/Bofa
2) [fill in the name of any Madoff investor]
3) [fill in the name of any sovereign wealth fund]
4) U.S. Government
Thain has earned every penny he’s made at MER. It takes real skill to unload that kind of shit.
- JO Legal
So, kenny louie and johnny thaint walk into an NC bar…
Thaint: “Kenny, come on, come on, lets do it again, lets call Hankster..”
Kenny: “JT, You’re drunk, have another beer… I don’t think he likes me”
Thanint: “Plz Ken, can we call hankster the prankster?? Trust me, we’re totally still tight from the gs days..”
Kenny: “OK, OK, order me a sparkz while you’re at it.”
Handlebar-mustachioed bartender hands JT the phone.
ring-ring
Hanky: “Hello? dis is Hank”
Thaint: “Knock, knock!”
Hanky: “Who’s there Johnny?”
Thaint: “BOFA”
Hanky: “BOFA who?”
Kenny & JT in unison: “BOFA deez nutz need another bailout!!! HAHAHHAA”
JT: “I love NC, you gotta come down here Hankster!!!”
Hanky: “OK, OK, I got nothin’ to do after next week… go buy something that makes money you crazy fuchstiks!!!”
So does Shea become Citicorp Field or Citi Holdings Field?
@14 TMI but hilarious.
@25 i vote for Bad Bank Ballpark….lol
@14: BBW here, call me (,)(,)
@23 Brilliant post….Thain should have recieved every single penny of bonus money he was due. Are we positive Thain didnt sell annuities to senior citizens in a previous life?
Actually, the Mets are concurrently announcing that they will split into a good team/bad team structure – the bad team to be managed by Dallas Green in a yet to be determined location. No word yet on which team Delgado and Pedro will play.
@14
It’s so rare to see a guy with Daddy Issues; when you had your sack surgically removed was it painful?
@14
are you the guy that gave Steve Jobs the hiv?
the problem with the street is that frat boys are NOT in charge anymore…a bunch of fucking eggheads figured out how to jizz themselves silly securitizing dog shit…much more dangerous than martini lunch and banging admins
@32 – I fucking loathe the Greek system and frat boys etc., but man, I totally agree with you.
@32 put that up on the whiteboard
RE: New York Plane Crash
Good News: No one died.
Bad News: BofA Bankers now think they can walk on water.
@32 and @33 : agree with both of you 100%. The other problem, of course, is the pencil necked losers in Washington that used to cry during dodgeball games.
Not pertinent here……Page Six was leaking a story about Hillary Black, Ashley Dupre and Maria Bartiromo backed by either CNBC or HarperCollins Books. Why did they publish the crap on Tues for a Weds event “hosted by Maria Bartiromo”. Was it to honor Hillary’s editing prowess or Ashley’s prowess as a………..(call……..well, screw it. Maria will do nearly anything to get her name in one of these sites. The big question……WHAT HAPPENED…..DID IT COME OFF?
John Thain = Banker of the Year
Ken Lewis = Bernie Madoff
@9. nothing is over until we say it is.
Was it over when the Germans bombed Pearl Harbor? Hell No!
too big, didn’t succeed
@ 14/9: stop crying because you didn’t get a bid to pledge.
oh wait…you didnt even go to college
The real reason that plane full of BofA bankers didn’t sink in the Hudson is because dookie floats.
@11 – nice one, I needed a laugh
@14 – I don’t know what to say but I’d advise taking yourself less seriously and rather than trying to be better than other people, consider how you and your actions can make other people better.
@32 – Sadly I agree. Less time doing math and looking backward, more time looking forward to avoid the obstacles that inevitably show up.
@40
It was the Japanese…
@45. Wow. you must be one of the pencil necked geeks. time to bone up on classic movies.
“Bye, bye to my piece of the pie.”
What a bunch of d’bags. It was you who ate everyone’s pie in the past few years so that now we have a famine.
mmmm’ i love me some blueberry pie
@24 – lmao…
instead of firing the hick, let’s have a good old fashion public flogging…the bofa call shed light on the poor managerial skills coming out of charlotte. without the hocus-pocus of the debt write down (which added $15.5 bn to value of mer) and the tax deduct, the “true” equity value of the thundering herd was $4.3 bn which means shotgun marriage was done at 6.77x book. I vote for john kanas to come in and clean up this $h1tshow. hell even hugh mccoll could do a better job than the “banker of the year” – what a joke.
and did you catch the dig that kenny got in at the beginning of the call: “since most of you are focused on the short term…” he deserves a b1tchslap for that one. the guy has a tang common ratio of 2.83%, he needs to take a few slices of humble pie.
Dylan Ratigan is dreamy. Is eyes sparkle with the energy of a rapscallion.
what we have is a major lack of leadership. time for us all to grow up
Wall Street…that is it, that captures everything you need to know
“the kind of guy, when he walks into a room, sends the little-dicked half-men into fits of jealousy.”
@14,
Wow, you really blew it with that comment.You embarrassed all of us in our 40′s.
Are you related to that Russian guy that sent the video resume of himself lifting weights?
@32, f’in fantastic post
Ken Lewis should have purchased Lehman for $2 Billion. Then none of this shit would have happened. Thanks Ken, you retard!!!!!
@ InspectorCluzo
Amen on Kanas, that guy was a friggin genius to sell the east coast IndyMac when he did.
@9/14 is this you?
http://johnfitzgeraldpage.com/
BTW, you are a douche.
I love the smell of buyer’s remorse in the morning. Smells like . . .
i wanted a mission
and for my sins they gave me one