Comments on CreditMattersBlog.com: Bank of America Faces $34 Billion Gap

Thanks, Ciif. I'm already half way done. Tomorrow ...

2009-05-07T10:34:15.777-04:00

Thanks, Ciif. I'm already half way done. Tomorrow evening I will have completed four of six. Heading down the homestretch.

Good Luck on your finals CM!! CiifIcare

2009-05-07T10:33:24.734-04:00

Good Luck on your finals CM!!
CiifIcare

Ha! I hope they fall under and die a slow, painful...

2009-05-06T20:45:33.403-04:00

Ha! I hope they fall under and die a slow, painful death. They're a terrible bank that's been ripping customer's off for years! And, they hold my credit union's credit card portfolio and treat my members like scum, so I'm not really feeling very generous towards them. I suspect the government will step in and bail them out, because that's what they've been doing; however, I think it's a bad idea.

Oops. It should be "current tockholders will lose ...

2009-05-06T20:34:15.139-04:00

Oops. It should be "current tockholders will lose 44%".

Drewbert: The 34G could only be used to buy stock, not pay debt. Because of the 25:1 leverage, paying off debt would take about 850G.

CreditMatters, If things keep going the way they ...

2009-05-06T19:35:45.496-04:00

CreditMatters,

If things keep going the way they are, you are going to owe Sam 5 milloion in Taxes, along with the rest of us.

Dougwood

Lets get rid of BOFA. Its a cancer, seriously. T...

2009-05-06T17:56:11.824-04:00

Lets get rid of BOFA. Its a cancer, seriously. The news Creditmattersblog posted and all of the posts by DrewBert, parkaboy, caughshort, Sam, welcome to the future, and other Anons, shows BOA is stupid, incapable, incompetent, idiotic. The famous proverb comes to mind, "princes walking on the earth while idiots ride horses". Many of you are smart, thrifty, "princes", while idiots like BOA

Irving Fisher's debt-deflation theory is making a ...

2009-05-06T13:58:39.430-04:00

Irving Fisher's debt-deflation theory is making a bigtime comeback.

So BoA needs 33.9G$ in new capital (as stock) to g...

2009-05-06T13:54:31.757-04:00

So BoA needs 33.9G$ in new capital (as stock) to get to a 4% equity to asset ratio. The asset is your credit card balance, home loan balance etc. They could get there by reducing card balances by 847.5G$, which is about 1/4, I think, of all US credit card balances. Their market cap is about 78G$; so selling 33.9G$ of stock will cause existing stockholders to lose 56% ((78-33.9)/78), but the only

Give all people in debt with Bank of America $34 b...

2009-05-06T12:16:21.739-04:00

Give all people in debt with Bank of America $34 billion dollars to pay off their debt.

Problem solved for everyone.

FYI, I am in the middle of finals. Hope no one min...

2009-05-06T12:15:49.831-04:00

FYI, I am in the middle of finals. Hope no one minds that it's a bit slow around here this week.

Anon, thanks for the post. That's what I was talki...

2009-05-06T11:39:14.909-04:00

Anon, thanks for the post. That's what I was talking about when I said (in my blog entry): "Dilution, anyone?"

No way around it. Sucks to be a shareholder.

http://market-ticker.denninger.net/archives/1013-B...

2009-05-06T11:36:45.623-04:00

http://market-ticker.denninger.net/archives/1013-BAC-More-Obfuscation-by-The-Media.html

U.S. May Set a Debt Test for Banks http://www.ny...

2009-05-06T11:22:40.224-04:00

U.S. May Set a Debt Test for Banks

http://www.nytimes.com/2009/05/06/business/06bank.html?_r=1&ref=business

For BofA, It Could Have Been Worse http://dealboo...

2009-05-06T11:11:05.562-04:00

For BofA, It Could Have Been Worse

http://dealbook.blogs.nytimes.com/2009/05/06/for-bofa-it-could-have-been-worse/

This is really getting to be old news with Bank of...

2009-05-06T10:58:12.688-04:00

This is really getting to be old news with Bank of America and Citibank. It's almost to the point of insanity!! Not only does Bank of America need more money but Citibank also needs more too; just reported by CNN's Christine Romans, Money Specialist.

The taxpayers are also being left holding the bag with Chrysler's bankruptcy as they can't repay, it was also stated on CNN just a few

I've tried to keep my money away from BoA but wher...

2009-05-06T10:03:39.589-04:00

I've tried to keep my money away from BoA but wherever I run, they find me... first they took my MBNA card, next my mortgage with countrywide.. no matter where my debt is they find it, assimilate it in to their ceaselessly expanding quagmire and force their way into my pockets... it's not a bank, it's The Blob.

Parkaboy, if that story ever comes to pass, I'll b...

2009-05-06T09:42:32.441-04:00

Parkaboy, if that story ever comes to pass, I'll be here.

It's all my fault BOA needs the money. I refused ...

2009-05-06T09:41:18.506-04:00

It's all my fault BOA needs the money. I refused their offer to double my interest rate and instead closed my account. I've read of many others doing the same....

That will be your next BOA story CM: "BOA cites need for an additional 20 billion in funds due to a steep decline in number of card holders"

In premarket trading, BAC up about 10%.

2009-05-06T09:08:54.622-04:00

In premarket trading, BAC up about 10%.

The WSJ has changed their amount to $34B. I've cha...

2009-05-06T09:07:55.542-04:00

The WSJ has changed their amount to $34B. I've changed the headline to reflect that change in their reporting.

BofA took $3,500 from my Visa limit last month. I'...

2009-05-06T08:53:03.700-04:00

BofA took $3,500 from my Visa limit last month. I'll consider that my contribution to the cause.

After one reads how the FDIC FORCED them to comple...

2009-05-06T06:51:29.512-04:00

After one reads how the FDIC FORCED them to complete the Merril deal, we owe them as much as they need to get back on their feet

Will be interesting to watch the entire market tom...

2009-05-06T01:20:21.160-04:00

Will be interesting to watch the entire market tomorrow.

Of course people will be surprised. It was only a...

2009-05-06T01:08:21.672-04:00

Of course people will be surprised. It was only a couple of weeks ago that BofA reported a profit of 2.8 billion.

Anyone that bothered to pay attention knew that it was because the banks weren't required to mark their toxic assets to market, and so no bank's numbers reflected reality.

The market will probably react pretty strongly. But the market is always hyper-reactive

I wonder if anyone is surprised by the $35 billion...

2009-05-06T01:00:04.604-04:00

I wonder if anyone is surprised by the $35 billion shortfall. We'll see tomorrow when the market opens.