Here Comes TARP 2: Bank Of America Implodes, At $6.87, BAC CDS Up 20% As Bankruptcy Contemplated

http://www.zerohedge.com/news/here-comes-tarp-2-bank-america-implodes-687-bac-cds-20-260-bps-bankruptcy-contemplated


With Bank of America investors finally realizing it is game over for the company as a going concern, at this point there are just two options for Brian Moynihan: the spin off of CFC as a bad bank, backstopped by the Fed, or, well, Chapter 11, which for a bank is essentially liquidation (and with CDS trading up 50 bps to 260 a bankruptcy seems increasingly inevitable). It also means that another TARP is on the way. And once America realizes that another several trillion have to be put into its insolvent banking sector, it will get quite violent. The biggest irony: it is AIG which takes down the financial system for the second time after its lawsuit against BAC filed last night kills Bank of America.



And the full AIG filing which just put the final stake through the heart of America's most insolvent bank:

AIG versus BAC 8-8-2011

http://www.docstoc.com/docs/88884809/AIG-versus-BAC-8-8-2011


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Expect the demonic banksters to saturate the airwaves with dire threats of 'global meltdown' if their billions in losses aren't shoved down the USA citizen's throats.

BOA's precious track record

1 Drug Money Laundering
http://blogs.reuters.com/felix-salmon/2010/06/29/u-s-banks-still-very-involved-in-money-laundering/

2 Mortgage Fraud
http://www.theatlanticwire.com/business/2011/03/bank-america-mortgage-insurance-fraud-allegations/35818/

3 Perjury
http://floridaforeclosurefraud.com/2010/10/bank-of-america-halts-foreclosures-after-perjury-exposure-are-wells-fargo-and-onewestindymacnext/

4 Obstruction of Justice
http://www.businessinsider.com/cuomo-bank-of-america-is-obstructing-justice-2009-2

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If BOA is bailed out, it truly is game on for the raping and pillaging.

:thumbsdown:

PB

someone posted a list here several months ago of the most hated corporations in America, and BOA topped that list. I've never dealt with them, but several friends and neighbors have been screwed over royally by BOA. Let 'em fail; they obviously crashed their own car and don't deserve a new one!

shuffling 10s of 1000s of forged documents past the courts

Buh-bye, BoA. :nuke:

1- Dodd-Frank provides resolution authority
2- there is zero political will for a second TARP
3- BAC has about $20 billion in loan loss reserves.

That's for insurance companies. B of A would do it under the FDIC, because they're a bank.

However, the FDIC would have to provide guarantees for their shitty assets to the banks who would buy them, so we the people still take on the liability through a backdoor way, because the DIF probably doesn't have enough money to cover any losses. It's a sham insurance fund that never has enough money to cover its liabilities.

They only keep 1.15% of their liabilities on hand.

I hope they do too.

Although I wonder why they had trouble spelling the word fuckers?

:evilgrin:

If you know the history of that, you know what I mean.

sayonara motherfuckers!

If we are going to help anyone, we should help those having trouble paying their mortgages. Extend unemployment, work on jobs programs. 3/4 of a trillion dollars can help lots of individuals, which will help the economy in the long run.

(BTW, I love the sign someone had down on Wall street after the 2008 debacle. It said, Jump, you fuckers. You can google it.

LET IT FAIL.