Bank of America Is in Deep Trouble, and There May Be Financial Disaster on the Horizon
Its stock value has dropped 40 percent since April, and the bank is mum on what losses it’s hiding on its $2.3 trillion balance sheet.
Will Bank of America be the first Wall Street giant to once again point a gun to its own head, telling us it’ll crash and burn and take down the financial system if we don’t pony up for another massive bailout?
When former Treasury Secretary Hank Paulson was handing out trillions to Wall Street, BofA collected $45 billion from the Troubled Asset Relief Program (TARP) to stabilize its balance sheet. It was spun as a success story — a rebuke of those who urged the banks be put into receivership — when the behemoth “paid back” the cash last December. But the bank’s stock price has fallen by more than 40 percent since mid-April, and the value of its outstanding stock is currently at around half of what it should be based on its “book value” — what the company says its holdings are worth.The problem for anyone trying to analyze Bank of America’s $2.3 trillion balance sheet,” wrote Bloomberg columnist Jonathan Weil, “is that it’s largely impenetrable.” Nobody really knows the true values of the assets these companies are holding, which has been the case ever since the collapse. But according to Weil, some of BofA’s financial statements “are so delusional that they invite laughter.”
Weil points to the firm’s accounting of its purchase of Countrywide Financial — the criminal enterprise at the center of the sub-prime securitization market. Bank of America, Weil notes, hasn’t written off Countrywide’s entire value. “In its latest quarterly report with the SEC,” he wrote, “Bank of America said it had determined the asset wasn’t impaired. It might as well be telling the public not to believe any of the numbers on its financial statements.”
With investors valuing BofA at half the worth that the bank claims, it’s one titan of Wall Street that may be on the brink of collapse. But it’s not alone. “Everybody was doing this, this is not just something that Countrywide and Bank of America were doing,” legendary investor Jim Rogers told CNBC. As a result, the banks’ balance sheets are “full of rotten stuff” that “is going to be a huge mess for a long time to come.”
And that “rotten stuff” will continue to be a drag on the brick-and-mortar economy until the mess gets cleaned up. Which, in turn, is a powerful argument for a second dip into the public trough.
When the financial crisis hit, those of us who view the free market as more than a hollow slogan urged the government to take over the ailing giants of Wall Street, wipe out their investors, send their parasitic management teams to the unemployment line and gradually unwind the huge pile of “toxic” assets that they’d amassed before selling them back, leaner and meaner, to the private sector.
More from Barracuda Here
“Creepy” Prophetic Art in Bank of America
TSA Agent -45 rapes 14 year old
Project Subterrene And Secret Underground Tunnels
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).
| Online: | |
| Visits: | 1,604,946,703 |
| Stories: | 8,154,730 |
Whistler Blowers, Insiders
When I was in the Marines I was told we were killing COMMUNISTS because they were going to take away our JOBS, our HOMES, our WAY OF LIFE ………
TERRORISTS? I’ll give you TERRORISTS:
Your HOUSE has been foreclosed on …… probably in an “illegal” manner, forged papers etc.
Your JOB was not just given to the Chinese, you PAID them with a TAX BREAK approved by your Politicians, to take it.
You will get NO COLA in your Social Security because THEY SAY there is no inflation.
(But the POLITICIANS & Government workers will get COLA and annual raises)
You may NOT EVEN GET the Social Security that YOU PAID FOR out of YOUR wages.
If you ARE working it is PART-TIME at cut-rate pay, so they don’t have to give you any BENEFITS or SECURITY.
You have no medical or dental because the AMA keeps REAMING the People.
3,000 dead on 9/11? MANY TIMES more Americans have died as a result of loss of their jobs, homes, and medical insurance.
Suicides, strokes/heart attacks, early death for lack of care, drug abuse, child abuse, it is well documented, but certainly not bragged of by our MISleaders.
And on Tuesday you get to choose between TWEEDLEDUM and TWEEDLEDEE in the election.
SO … YOU should be mad and join the army to die protecting the POLITICIANS, the BANKERS and the STOCK BROKERS ….. and their SIX FIGURE BONUSES.
NOW ….. let’s talk TERRORISTS
If Guantanamo and Torture are so effective, why are we NOT torturing our FINANCIAL TERRORIST Bankers and Politicians to get some TRUTH out of them? After all, the Al Queda Terrorists destroyed maybe $8 Billion, and murdered about 3,000 Americans. The World Trade Buildings cost the insurance companies $7,000,000,000 … and they had to pay TWICE because Shylock Silverstein got it counted as TWO separate acts. NOW Silverstein wants $1.6 TRILLION in TAXPAYER MONEY to “rebuild” !!!
“Our” BANKERS have destroyed TRILLIONS of dollars and MURDERED many 10,000s of Americans from lost medical insurance, stolen retirements, increased child abuse, suicidal despair, FIRSheart attacks…………… The government has the gall to state that $50,000,000,000 is “EXPECTED to be DEFRAUDED” from the RECOVERY funds. They should go find the T “defrauder” and PUBLICLY HANG him, and any others later. ……If these “esteemed” Politicians who wish to brand American Veterans as terrorists, know HOW to fix the economy ……….. then they knew how it was SUPPOSED to be running as it was LOOTED …….. The American People have lost $14,000,000,000,000+ …….. root these FINANCIAL TERRORISTS out of their cubicles and lofty offices, and send THEM to Guantanamo (Goldman Sachs ….. hint hint hint)
Babylon is falling, is falling.
Always the same overblown sensationalism from this writer, always going for the cut throat sensationalized news to scare everyone to death.
oversensationlized; I doubt it…
oversensationlized; I doubt it…
the truth hurts
sometimes i wonder if the anonymous flamers on here are trolls, but clearly this guy is just stupid; he thinks the posters are here write the articles.
ya the last 4 years was real perfect .They love to Debunk or try to explain what they feel so there so called perfect world can never change .
Its so silly
I am sure in 1999 if I said there would be a world depression..
They would tell us to go put our TIN hats on lol …
time to take care of your own house first. Every man, (and woman), for themselves.
Goodness …. this is my bank …. but there is no safe haven in this matter …