Glass
1st December 2010, 06:12 AM
Following Wikileaks Revelations, The Tricky Dick Rushes To The Rescue, Sees Bank of America Worth $21 In Bankruptcy
This is certifiably one of those days when the insanity refuses to end. The latest laugh out loud episode come from the lunatic who has outstayed his "analytic" welcome by about 2 years following his Buy recommendation on a soon to be bankrupt Lehman Brothers (sorry Dick, nobody will ever let it go): The Rochdale analyst, continues to reprise the role of the evil grandpa-in-law who just. refuses. to. leave. even though it is about 12 hours past his credibility-time, now sees Bank of America as worth $21 in bankruptcy. You really can't make this sh*t up. To wit: from a very funny Dick: "In death, this company would be worth 91% more than it is worth in life." You may laugh now.
From Tricky Dick Bove: Bank of America (BAC) - Let’s Get Real
* It has been reported that Wikileaks has obtained the hard drive of a Bank of America executive. This hard drive is believed to have 5 gigabytes of data on it. Consequently, it may take until the beginning of next year for Wikileaks to sort out the information and select what it wants to reveal. The organization is striving to make the biggest impact by touching upon data that is relevant in today’s marketplace.
* It is further believed that this may narrow the data down to either the Merrill Lynch acquisition or Countrywide’s lending policies. It may be that the executive indicated that Bank of America was fully aware of all the write-offs and bonuses at Merrill well before this information was made available to shareholders.
* Or, the data may deal with Countrywide’s underwriting policies and some type of collusion between the bank and Countrywide related to the issuance of securities. Possibly, the “friends of Angelo” may be revealed including Senator Dodd’s relationship with the company.
* Wikileaks may not even know at this moment what it is going to reveal. The only issue one can be sure of is that whatever the data it will be sensational.
* However, will it be relevant? Bank of America has already paid fines related to the events surrounding its acquisition of Merrill Lynch and no further government action is contemplated.
* The Countrywide underwriting policies and Bank of America’s collusion or non-collusion is now in the courts and there are multiple lawsuits still being prepared relative to this issue. These court battles still come down to a mortgage by mortgage review to determine if fraud was involved.
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Operating Basis
The fact is that Bank of America will not enter bankruptcy. Instead it will deal with the Countrywide lawsuits over an extended period of time. My estimate is that they will cost the company $20 billion over five years. The company’s estimate is that they will cost $3 to $13 billion. The courts will decide. Any statement from any executive may be part of the lawsuit but it still comes down to proving that this company did something fraudulently mortgage by mortgage.
Conclusion
This stock is considerably undervalued. It continues to be driven by sentiment and not hard numbers. When this changes, and it will change, the issue will rise rapidly in price.
[size=10pt]A comment
Dear Bob,
In your 30 weeks here you have learned not so much since you state the obvious. You see, Dickie Bove--he is a legend in his own mind and a bovine signal flasher--when he sees value, he's not shopping with me at Tiffany's, he's at the dollar store. Dickie is a man of many myths in the world of those who guess at valuation. You see, he knew Hamburger Berman was worth $12 Billion alone in early September of 2008 before Lehman was smushed like an overcooked yam, Citi was such a bargain at $20 that when it went to $1 he just dropped the 0 from the 20 and only lost 50%--so, you must see the truth that BAC is worth at least $21 to this pigman that always gets his numbers confused and even goes on the television to embarrass himself. Bad breeding (see below) in the Bovine family.
This means BAC could go to $1 or less just like the amount Vikrim Panda tips my Colombian girlfriends these days. I do not know him personally since he is also a small man.
Sadly, my former lover John Paulson is now a very limp man. Viagra, Vergara--not satisfying. Since he told me his Dick Bove stock was tanking he has been very boring. He has this thing he calls the GLD and tells me it is worth a sooo much. He says it is like gold. My jewelry is gold--22K--and it is shiny and beautiful. When I ask him how gold can be paper, he says it is the same thing. Well, I may be a hot blooded Colombian woman but I know when a bull is sh*tting. I'm not wearing any paper jewelry anytime soon. And when the jewelry stops, well, let's just say he gets no more weeklyleaks.
I so love the internet and this wonderful ancestry.com. I have learned so much about Mr. Bove.
Full article.......and comments (http://www.zerohedge.com/article/following-wikileaks-revelations-tricky-dick-rushes-rescue-sees-bank-america-worth-21-bankrup)
This is certifiably one of those days when the insanity refuses to end. The latest laugh out loud episode come from the lunatic who has outstayed his "analytic" welcome by about 2 years following his Buy recommendation on a soon to be bankrupt Lehman Brothers (sorry Dick, nobody will ever let it go): The Rochdale analyst, continues to reprise the role of the evil grandpa-in-law who just. refuses. to. leave. even though it is about 12 hours past his credibility-time, now sees Bank of America as worth $21 in bankruptcy. You really can't make this sh*t up. To wit: from a very funny Dick: "In death, this company would be worth 91% more than it is worth in life." You may laugh now.
From Tricky Dick Bove: Bank of America (BAC) - Let’s Get Real
* It has been reported that Wikileaks has obtained the hard drive of a Bank of America executive. This hard drive is believed to have 5 gigabytes of data on it. Consequently, it may take until the beginning of next year for Wikileaks to sort out the information and select what it wants to reveal. The organization is striving to make the biggest impact by touching upon data that is relevant in today’s marketplace.
* It is further believed that this may narrow the data down to either the Merrill Lynch acquisition or Countrywide’s lending policies. It may be that the executive indicated that Bank of America was fully aware of all the write-offs and bonuses at Merrill well before this information was made available to shareholders.
* Or, the data may deal with Countrywide’s underwriting policies and some type of collusion between the bank and Countrywide related to the issuance of securities. Possibly, the “friends of Angelo” may be revealed including Senator Dodd’s relationship with the company.
* Wikileaks may not even know at this moment what it is going to reveal. The only issue one can be sure of is that whatever the data it will be sensational.
* However, will it be relevant? Bank of America has already paid fines related to the events surrounding its acquisition of Merrill Lynch and no further government action is contemplated.
* The Countrywide underwriting policies and Bank of America’s collusion or non-collusion is now in the courts and there are multiple lawsuits still being prepared relative to this issue. These court battles still come down to a mortgage by mortgage review to determine if fraud was involved.
....................
....................
Operating Basis
The fact is that Bank of America will not enter bankruptcy. Instead it will deal with the Countrywide lawsuits over an extended period of time. My estimate is that they will cost the company $20 billion over five years. The company’s estimate is that they will cost $3 to $13 billion. The courts will decide. Any statement from any executive may be part of the lawsuit but it still comes down to proving that this company did something fraudulently mortgage by mortgage.
Conclusion
This stock is considerably undervalued. It continues to be driven by sentiment and not hard numbers. When this changes, and it will change, the issue will rise rapidly in price.
[size=10pt]A comment
Dear Bob,
In your 30 weeks here you have learned not so much since you state the obvious. You see, Dickie Bove--he is a legend in his own mind and a bovine signal flasher--when he sees value, he's not shopping with me at Tiffany's, he's at the dollar store. Dickie is a man of many myths in the world of those who guess at valuation. You see, he knew Hamburger Berman was worth $12 Billion alone in early September of 2008 before Lehman was smushed like an overcooked yam, Citi was such a bargain at $20 that when it went to $1 he just dropped the 0 from the 20 and only lost 50%--so, you must see the truth that BAC is worth at least $21 to this pigman that always gets his numbers confused and even goes on the television to embarrass himself. Bad breeding (see below) in the Bovine family.
This means BAC could go to $1 or less just like the amount Vikrim Panda tips my Colombian girlfriends these days. I do not know him personally since he is also a small man.
Sadly, my former lover John Paulson is now a very limp man. Viagra, Vergara--not satisfying. Since he told me his Dick Bove stock was tanking he has been very boring. He has this thing he calls the GLD and tells me it is worth a sooo much. He says it is like gold. My jewelry is gold--22K--and it is shiny and beautiful. When I ask him how gold can be paper, he says it is the same thing. Well, I may be a hot blooded Colombian woman but I know when a bull is sh*tting. I'm not wearing any paper jewelry anytime soon. And when the jewelry stops, well, let's just say he gets no more weeklyleaks.
I so love the internet and this wonderful ancestry.com. I have learned so much about Mr. Bove.
Full article.......and comments (http://www.zerohedge.com/article/following-wikileaks-revelations-tricky-dick-rushes-rescue-sees-bank-america-worth-21-bankrup)