Friday, July 3, 2009

BOA Joins $hitiBank Hall of Shame

CrossPosted from Jr. Deputy Accountant;

Bank of America: Official Sponsor of California's Financial Armageddon

Posted: 02 Jul 2009 02:26 PM PDT

Bank of America wants you to know that they fully support the California budget crisis by accepting IOUs (see also: BREAKING NEWS: There are NO Zombies in California as Financial Armageddon Hits; Citizens Still Numb, Some Disappointed). While some might wonder if this had something to do with BofA's pathetic Thursday-before-a-holiday performance today, it was flippantly thrown out there via Twitter that perhaps even the Fed took a day off in honor of the holiday.


LOS ANGELES (MarketWatch) -- Bank of America Corp. (BAC 12.63, -0.03, -0.24%) said Wednesday it would accept warrants issued by the California government on a limited basis through July 10, which the state is using as a budget crisis freezes its spending. "Bank of America recognizes the State of California budget crisis will impact our clients and customers," it said. "To support our customers, while giving the state legislature additional time to pass a budget, we will accept California state-registered warrants -- or IOUs -- from existing customers and clients."

Where was the PPT today? Not on Bank of America's side, that's for sure. In fact, I haven't been able to dig deep into market performance today on account of the fact that I still have a day job (thank God, especially after those pathetic non-farm payroll numbers this morning that sent the Dow into a death spiral just after the morning bell) but I have a strange feeling PPT footprints will be conspiciously absent from today's moves.

Of course, the FDIC doesn't take a holiday, as it's already closed two Illinois banks before 2p PST. This is actually our second Bank Fail Thursday, the last being the day the FDIC announced Florida's Bank United was a bust after several weeks of threats and no one stupid enough to buy.

Wow. What a day, kids. Great way to ramp up before the holiday, eh? Hope the PPT is well-rested and ready for action come Monday morning - call me crazy but I have a feeling they'll be working overtime next week.

I mean WTF? Even oil tanked today. So either this is the precursor to very painful 3rd and 4th quarters ahead or just what happens when the children take a day off and take their funny capital with them. Who knows?

Well isn't that special?

Happy 4th of July, kids!

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