Bank Collapse Catastrophe Warning
- Thread starter alexw
- Start date
It's a million accountants/finance heads spinning with more to come, you should give him some good news. he's going to be losing alot of weight
I agree...i've been shopping for the last two months and got nothing than less of what i already get paid.....might as well reconsider that now.
Barclays turned em down, BOA turned em down, the NY Fed turned em down. We have a major problem here and this is only the beginning. Citi-group is almost dead, WAMU is almost dead, HSBC is almost dead and many others. . . I got 3k in gold and $600 in silver. . . When the dollar collapses Imma buy all yall n!ggas houses that haven't been listening to me with 3 peices of silver on some old testament type shit
What sector are you in?
Barclays turned em down, BOA turned em down, the NY Fed turned em down. We have a major problem here and this is only the beginning. Citi-group is almost dead, WAMU is almost dead, HSBC is almost dead and many others. . . I got 3k in gold and $600 in silver. . . When the dollar collapses Imma buy all yall n!ggas houses that haven't been listening to me with 3 peices of silver on some old testament type shit
I've been growing my own food since spring.
Damn... I might dump my savings in 2 different curriencies (1 stable and 1 on the rise). I'm not liking the sound of this at all. As far as precious metals go, they're as high as they've ever been so everybody might jump on the wagon at the same time and ruin it.
Equity Deriv
Good move, I don't know what da fuck imma do about food. All I got is some gold, silver and a old glock
I been trying to invest in Euro-pacific they purposely pursue investments in foreign, non dollar denominated assets but I ain't even got the bread like that to fuck with em. I wanted to be able to stlye on n!ggas when dis shit went down Imma be assed out like the Obama nut-huggers on this site if it goes down this week
I was giving it atleast another 6 months
Peace Mak,
I have never seen as many people as I did this week:
1. Sleeping on the street
2. Picking through garbage cans.
a. Not crackheads, but realitivly decent looking people.
b. Strange this was not on Skid Row or South Central...but Santa Monica, Beverly Hills, Westwood, WLA and Pasadena.
3. The lines were very long at several churchs offering free meals.
Shit is way past serious.
Last edited:
lol
hmmmm
The National Security and Homeland Security Presidential Directive (National Security Presidential Directive NSPD-51/Homeland Security Presidential Directive HSPD-20, sometimes called simply "Executive Directive 51" for short), signed by United States President George W. Bush on May 4, 2007, is a Presidential Directive which specifies the procedures for continuity of the federal government in the event of a "catastrophic emergency." Such an emergency is construed as "any incident, regardless of location, that results in extraordinary levels of mass casualties, damage, or disruption severely affecting the U.S. population, infrastructure, environment, economy, or government functions."
http://en.wikipedia.org/wiki/National_Security_and_Homeland_Security_Presidential_Directive
im just saying.....
hurricane season.....hurricane damaged states.....which needs millions or maybe billions to be cleaned up.....prior economy/banking/real estate problems from the past....now this?
seems feasible and right on time.
but i could be wrong.....oh well.
continue watching your football games and getting excited about the elections.
Good Day Pawns!!!
hmmmm
The National Security and Homeland Security Presidential Directive (National Security Presidential Directive NSPD-51/Homeland Security Presidential Directive HSPD-20, sometimes called simply "Executive Directive 51" for short), signed by United States President George W. Bush on May 4, 2007, is a Presidential Directive which specifies the procedures for continuity of the federal government in the event of a "catastrophic emergency." Such an emergency is construed as "any incident, regardless of location, that results in extraordinary levels of mass casualties, damage, or disruption severely affecting the U.S. population, infrastructure, environment, economy, or government functions."
http://en.wikipedia.org/wiki/National_Security_and_Homeland_Security_Presidential_Directive
im just saying.....
hurricane season.....hurricane damaged states.....which needs millions or maybe billions to be cleaned up.....prior economy/banking/real estate problems from the past....now this?
seems feasible and right on time.
but i could be wrong.....oh well.
continue watching your football games and getting excited about the elections.
Good Day Pawns!!!
Last edited:
i have about 35 Gs in a local bank here (national city bank). since the fdic insures what is it, 100 grand, i shouldn't have to worry about going there tomorrow and drawing it out should i?
Yes FDIC is to insure our money. but keep in mind that the government will not give you a lump sum of money that you lost. you will get paid what the government chosses to give you over time. let;s say $50 a month, for a long as you live.
Now there's the conspiracy theory^^^^^^^^^^^^ who's for or against? It sounds reasonable.
Wait until ya favorite rapper realizes all his bread, dough, stacks, scrilla, cheese, guap, chedder, mooga, duckets, benjamins and oh yea my favorite because of it's irony. . . PAPER!!!(feel free to add on) is worthless. . . I'm picturing Lil' Wayne purposely OD-ing on a 20oz cup of lean. . . no hate, just a thought that passed through my demented mind.
Last edited:
Barclays turned em down, BOA turned em down, the NY Fed turned em down. We have a major problem here and this is only the beginning. Citi-group is almost dead, WAMU is almost dead, HSBC is almost dead and many others. . . I got 3k in gold and $600 in silver. . . When the dollar collapses Imma buy all yall n!ggas houses that haven't been listening to me with 3 peices of silver on some old testament type shit
Better hope them niggas don't betray you for 30 pieces of silver nigga, ol
lookin ass nigga
Ive been hoarding gold since it was at $300... might have to start wiping my ass with actual dollars
Niggas thought I was CRAZY selling almost all my shit and investing in precious metals.
What would be a better operation - to invest dollars in gold or to convert to a stable foreign currency? I was thinking foreign currency especially if shit gets crazy. Its not like you can turn gold shares into cash on short notice.
what do financial heads do for doomsday shit like this?
u again
Yes, me again. . . the truth that you just can't seem to look in the eye.
I love black people I just wish we understood that the freer and more independent our minds are the better off we will all be, but no we tend to live in a box. . . a coffin is more like it.
lookin ass nigga
LMAO y they got Judas lookin like that.
Obama Wins in a landside!!!!!!!!!!!!!
U bet. And he's going to be on Good Morning America tomorrow talking about the Economy. Talk about timing.
Bank of America reaches deal to buy Merrill Lynch
http://www.yahoo.com/s/953550
Bank of America agrees to buy Merrill, report says
Sunday September 14, 9:36 pm ET
By Madlen Read and Tim Paradis, AP Business Writer
Bank of America agrees to buy Merrill Lynch for about $44 billion, Wall Street Journal says
NEW YORK (AP) -- Bank of America Corp. has agreed to buy Merrill Lynch & Co. for about $44 billion, or around $29 a share, according to The Wall Street Journal. A deal between the two big financial companies would lift the uncertainty that has shrouded Merrill Lynch since the start of the credit crisis a year ago.
ADVERTISEMENT
A spokeswoman for Merrill Lynch declined to comment on the report. A spokesman for Bank of America also declined comment.
Charlotte, N.C.-based Bank of America has the most deposits of any U.S. bank, while Merrill Lynch is the world's largest and most widely recognized brokerage. A combination of the two will create a global banking giant involved in everything from fixed-income trading to credit card lending to rival Citigroup Inc., the biggest U.S. bank in terms of assets.
However, the deal does not come without risks. Merrill Lynch, like many of its Wall Street peers, has been struggling with tight credit markets and billions of dollars in assets tied to mortgages that have plunged in value. Merrill has reported four straight quarterly losses, and its stock has been sliding.
At $29 a share, Merrill shareholders would get a 70 percent premium over the company's Friday closing stock price of $17.05. The stock has traded between $16.60 and $78.66 a share over the past 52 weeks.
"For BofA to step in and offer a premium strikes me as being imprudent. BofA could get a much better deal if they just sat and waited," said Ladenburg Thalmann analyst Richard Bove.
And Bank of America's own finances are far from robust. As consumer credit deteriorates, the bank has seen its profits decline, and the company is still in the midst of absorbing the embattled mortgage lender Countrywide Financial, which it acquired in January.
Major banks and brokerages met this weekend with government officials to try to formulate a rescue of Lehman Brothers Holdings Inc. The withdrawal of Bank of America, along with the pullout of Barclays PLC from the talks, raised the worry that Lehman might be forced to file for bankruptcy protection.
Many market participants believe Merrill Lynch -- the first of the major financial services firms to oust its CEO after the credit markets seized up last year -- might have been the next firm to lose the confidence of its investors, counterparties clients.
Lehman's shares fell a stunning 77 percent last week to $3.65 a share, but Merrill's also performed poorly, dropping 36 percent.
Merrill Lynch, whose current CEO is John Thain, is a more attractive takeover candidate to Bank of America than Lehman is, however, given its size, scope, and foothold in the retail market.
"This is the ultimate New York institution," said Jim Wilcox, professor of financial institutions at the University of California, Berkeley's Haas Business School. "Bank of America has had designs on Manhattan one way or another for some time."
And while Merrill's books are far from clean, there is less uncertainty about its financial health.
"It's awfully difficult to get anyone to take on a fundamentally insolvent institution. And if that's the concern that people had about Lehman, it's a much tougher sale," Wilcox said.
In July, Merrill sold its stake in financial news and data provider Bloomberg LP for $4.43 billion to raise capital, and then sold a huge chunk of its toxic asset-backed securities and issued new stock to raise another $8.5 billion.
Merrill Lynch, founded in 1914, has long been known for its independent spirit on Wall Street, with its army of 16,000 brokers globally nicknamed the thundering herd. It has also been nicknamed "Mother Merrill" because young traders are often nurtured and promoted through the ranks rather than going outside the company.
One such trader was David Komansky, who spent 35 years with the firm and was its CEO from 1996 to 2002. He rebuffed numerous offers through the years by banks looking to acquire the company, while many of his rivals consolidated. He retired from the company, and handed the reins to Stanley O'Neal -- whom Thain replaced last November.
Bank of America's roots go back to the Massachusetts Bank in the late 1700s, but it was based for decades in San Francisco and had largely a West Coast presence. But a series of acquisitions including New England's Fleet Bank and North-Carolina based NationsBank turned it into a bank with a more national presence.
Bank of America has tried many times to build a strong investment bank, pouring hundreds of millions of dollars into the business only to see it underperform.
"At Bank of America, their investment bank never really dominated any product area. Merrill Lynch is stronger," said Len Blum, managing director at Westwood Capital LLC and former managing director of Prudential Securities Inc.'s investment banking group.
After a massive drop in the investment bank's earnings in last year's third quarter, Bank of America's CEO Ken Lewis said during a conference call: "I never say never. But I've had all of the fun I can stand in investment banking at the moment. So to get bigger in it is not something I really want to do."
The opportunity to acquire Merrill Lynch doesn't necessarily come at the best time.
It was just in January, that BofA agreed to acquire the troubled Countrywide Financial Corp. in a deal initially valued at about $4 billion. The Calabasas, Calif., mortgage lender was staggering under the weight of a surge in bad mortgage debt.
"Even though this probably is not the most convenient time to attempt to digest Merrill Lynch, this is surely too good an opportunity," said Douglas Peta, market strategist at J. & W. Seligman & Co.
Peta, who worked briefly at Merrill in the late 1990s, said BofA would be able to get Merrill's 49.8 percent stake in asset manager BlackRock, as well as Merrill's franchise of financial advisers.
And BofA has other types of businesses under its umbrella that have begun to worry Wall Street. In 2006, the bank acquired credit card issuer MBNA Corp. Some investors are worried that defaults on credit card payments will become another problem area beyond bad mortgage debt.
AP Business Writer Joe Bel Bruno contributed to this report.
http://www.yahoo.com/s/953550
Bank of America agrees to buy Merrill, report says
Sunday September 14, 9:36 pm ET
By Madlen Read and Tim Paradis, AP Business Writer
Bank of America agrees to buy Merrill Lynch for about $44 billion, Wall Street Journal says
NEW YORK (AP) -- Bank of America Corp. has agreed to buy Merrill Lynch & Co. for about $44 billion, or around $29 a share, according to The Wall Street Journal. A deal between the two big financial companies would lift the uncertainty that has shrouded Merrill Lynch since the start of the credit crisis a year ago.
ADVERTISEMENT
A spokeswoman for Merrill Lynch declined to comment on the report. A spokesman for Bank of America also declined comment.
Charlotte, N.C.-based Bank of America has the most deposits of any U.S. bank, while Merrill Lynch is the world's largest and most widely recognized brokerage. A combination of the two will create a global banking giant involved in everything from fixed-income trading to credit card lending to rival Citigroup Inc., the biggest U.S. bank in terms of assets.
However, the deal does not come without risks. Merrill Lynch, like many of its Wall Street peers, has been struggling with tight credit markets and billions of dollars in assets tied to mortgages that have plunged in value. Merrill has reported four straight quarterly losses, and its stock has been sliding.
At $29 a share, Merrill shareholders would get a 70 percent premium over the company's Friday closing stock price of $17.05. The stock has traded between $16.60 and $78.66 a share over the past 52 weeks.
"For BofA to step in and offer a premium strikes me as being imprudent. BofA could get a much better deal if they just sat and waited," said Ladenburg Thalmann analyst Richard Bove.
And Bank of America's own finances are far from robust. As consumer credit deteriorates, the bank has seen its profits decline, and the company is still in the midst of absorbing the embattled mortgage lender Countrywide Financial, which it acquired in January.
Major banks and brokerages met this weekend with government officials to try to formulate a rescue of Lehman Brothers Holdings Inc. The withdrawal of Bank of America, along with the pullout of Barclays PLC from the talks, raised the worry that Lehman might be forced to file for bankruptcy protection.
Many market participants believe Merrill Lynch -- the first of the major financial services firms to oust its CEO after the credit markets seized up last year -- might have been the next firm to lose the confidence of its investors, counterparties clients.
Lehman's shares fell a stunning 77 percent last week to $3.65 a share, but Merrill's also performed poorly, dropping 36 percent.
Merrill Lynch, whose current CEO is John Thain, is a more attractive takeover candidate to Bank of America than Lehman is, however, given its size, scope, and foothold in the retail market.
"This is the ultimate New York institution," said Jim Wilcox, professor of financial institutions at the University of California, Berkeley's Haas Business School. "Bank of America has had designs on Manhattan one way or another for some time."
And while Merrill's books are far from clean, there is less uncertainty about its financial health.
"It's awfully difficult to get anyone to take on a fundamentally insolvent institution. And if that's the concern that people had about Lehman, it's a much tougher sale," Wilcox said.
In July, Merrill sold its stake in financial news and data provider Bloomberg LP for $4.43 billion to raise capital, and then sold a huge chunk of its toxic asset-backed securities and issued new stock to raise another $8.5 billion.
Merrill Lynch, founded in 1914, has long been known for its independent spirit on Wall Street, with its army of 16,000 brokers globally nicknamed the thundering herd. It has also been nicknamed "Mother Merrill" because young traders are often nurtured and promoted through the ranks rather than going outside the company.
One such trader was David Komansky, who spent 35 years with the firm and was its CEO from 1996 to 2002. He rebuffed numerous offers through the years by banks looking to acquire the company, while many of his rivals consolidated. He retired from the company, and handed the reins to Stanley O'Neal -- whom Thain replaced last November.
Bank of America's roots go back to the Massachusetts Bank in the late 1700s, but it was based for decades in San Francisco and had largely a West Coast presence. But a series of acquisitions including New England's Fleet Bank and North-Carolina based NationsBank turned it into a bank with a more national presence.
Bank of America has tried many times to build a strong investment bank, pouring hundreds of millions of dollars into the business only to see it underperform.
"At Bank of America, their investment bank never really dominated any product area. Merrill Lynch is stronger," said Len Blum, managing director at Westwood Capital LLC and former managing director of Prudential Securities Inc.'s investment banking group.
After a massive drop in the investment bank's earnings in last year's third quarter, Bank of America's CEO Ken Lewis said during a conference call: "I never say never. But I've had all of the fun I can stand in investment banking at the moment. So to get bigger in it is not something I really want to do."
The opportunity to acquire Merrill Lynch doesn't necessarily come at the best time.
It was just in January, that BofA agreed to acquire the troubled Countrywide Financial Corp. in a deal initially valued at about $4 billion. The Calabasas, Calif., mortgage lender was staggering under the weight of a surge in bad mortgage debt.
"Even though this probably is not the most convenient time to attempt to digest Merrill Lynch, this is surely too good an opportunity," said Douglas Peta, market strategist at J. & W. Seligman & Co.
Peta, who worked briefly at Merrill in the late 1990s, said BofA would be able to get Merrill's 49.8 percent stake in asset manager BlackRock, as well as Merrill's franchise of financial advisers.
And BofA has other types of businesses under its umbrella that have begun to worry Wall Street. In 2006, the bank acquired credit card issuer MBNA Corp. Some investors are worried that defaults on credit card payments will become another problem area beyond bad mortgage debt.
AP Business Writer Joe Bel Bruno contributed to this report.
Man...........Im in a very low cost of living area so that helps, real estate crash hasnt hit us for the most part - my home hasnt lost any value and is still appreciating. But people are getting laidoff like crazy from lowermiddle class factory jobs. As layoffs increase crime is going to skyrocket. I wouldnt want to be in a major city right around now. More problems. LA always had a large homeless problem but that shit is about to get heeeeeeeeeeeeeeeeeeectic. I grew up in LA so I know skid row. The fact you saw mufuckas in westwood sleepin on the street is bugged. I remember when if you stood still for too long on those streets pigs would come bless you with a beatdown.
I've taken measures to protect my fam - the only thing that fucks me up is crazy inflation- if bread gets to 10,000 bucks or something I'm fucked
maybe I should invest in guns and bullets
Not to mention that 2 weeks ago there was a story about the FDIC needing to borrow money in anticipation of these bank failures. This shit is crazy...
IIRC, the FDIC also has up to 95 years to pay you back.
rougher times ahead.
considering jobs overseas
considering jobs overseas
bitch how is it a theory if it's obvious? niggas don't think shit stink...
yeah
but these niggas in this thread aint tryna hear that.
thats crazy talk you know
let them try to dodge the BS....or move to another country...lol....it wont matter. so many Americans have been so dumbfounded for so many years now....it will affect us all. Plan and hope for the best.
people are getting scared....once again.
And you know how they'll ''borrow'' this money? . . . they'll PRINT it!
Similar threads
