HUGE stock buy!

Question

Ken Lewis (CEO of Bank of America)  just bought 200,000 shares of  B of A........What is going on???

goinggone · Answer

Ken Lewis (CEO of Bank of America)  just bought 200,000 shares of  B of A........What is going on???

KOAJ · Answer

disregard it he bought last week alsobofa is a dead bank and lewis is an idiot

wallstreetcappers · Answer

Well he is trying to bolster image to the market.

If he is right he will make a nice return, but like the hockey fella above me said, the odds arent good.

BAC got a bit cocky and should have saved cash for their monster CDS and CDO inventory, those margin calls just arent stopping.

KOAJ · Answer

wall - if he wanted to bolster image he would have taken down 11.5m like jamie dimon last weeklewis buys 800k? a joke. he&#x27;s worth tons...this is nothing for him

wallstreetcappers · Answer

Well the reason JP is hanging in is because they didnt leverage so high and buy nasty mortgage assets like BAC did.

So 2M shares or so of JP huh?

I wonder if they are going to cut the divi..

Only banks/inst I would own is JP or Wells, no others, not even Goldman

goinggone · Answer

BA officer told me,today , The government told them to buy Merrel-Lynch.&#xD;&#xA;They also have Countrywide mortgage holders staying in there homes by getting there payments dn where they can afford them

kingpincarbs · Answer

I believe he is buying these shares to get his stock above $5 by trying to create an uptick in the stock..if it is below $5 pension funds and few others are forced to sell any stock below $5 so i see it as merely a move to create some momentum in the stock...if anything this was a trading stock...it's going back down soon

XtremeSelectee · Answer

[Quote: Originally Posted by kingpincarbs] I believe he is buying these shares to get his stock above $5 by trying to create an uptick in the stock..if it is below $5 pension funds and few others are forced to sell any stock below $5 so i see it as merely a move to create some momentum in the stock...if anything this was a trading stock...it&#x27;s going back down soon &#xD;&#xA;&#xD;&#xA;[/Quote]&#xD;&#xA;Now, THAT makes some sense

KOAJ · Answer

kingpin is dead onwall these banks, brokers, insurance compnies are all big fat zeros until we can value what they owni wouldnt own either...wells has an assload of cali construction loans and who knows what jpm has on the books. if i had to buy one, it would be JPM. i like dimon a lot and he paid $2 for a failed mortgage company and brokerage unlike ken lewis who paid way up for cfc and merrill

rick3117 · Answer

forgive my ignorance, but does this have anything to due with the cap on sallaries, I dont know enough about it but 500,000 dollars, does that include stock options etc. ??

KOAJ · Answer

no rick it doesntthere&#x27;s a million exemptions to that rule anywaypopulist push to control what people make...scary scary

wallstreetcappers · Answer

Looks like BAC CEO bot another 200k shares on Wed, below 5 per share and now his little investment is looking decent.

Koaj, all the money coming in is barely paying margin calls, it isnt helping the markets in peril come unfrozen. These banks should be forced to liquidate to reasonable levels, much like we did as brokers..if someone was under water they were forced to bring cash or sell, and if that means their investments get killed and they suffer, well too bad..maybe you morons shouldnt have leveraged 40-50 to 1 versus assets in the first place.

KOAJ · Answer

wall - if they delever and the sec or whomever actually enforces margin calls on these banks then we all go kaput and we start forming soup lines monday morning

three people know what they own: Ben, Hank, Tim...and no one trusts any of them and they already took 700b from us and overpaid for crap assets

ken lewis just said he doesnt need more TARP money...they may be nationalized this weekend...he is a moron

wallstreetcappers · Answer

Well TARP money is margin call money and that isnt what it was intented to be.

Sell the stupid assets and deleverage already, it is obvious that the money isnt going to help improve the balance sheet or unfreeze the credit markets, Citi has been sucking up capital for two years and it hasnt done a thing to help their situation. I would be interested to see how much they have gulped over the last two years, I bet it eclipses their market cap by 5-10 times.

Until there arent 100 sellers waiting, these markets arent going to improve and with the accounting rule being in place, the bid will keep staying low and the margin calls will keep coming, plus I wonder what the margin rate is on these investments? I know margin rates to the little folks are in the 7% range, I doubt the firms are paying that but these dead investments are doing nothing but give margin calls and margin interest..

I wonder why the government didnt put in TARP clauses that specified where the money could be used..

KOAJ · Answer

once we have some market based price discovery, we can get out of thisseems like the government is avoiding that

LeRinkRat · Answer

BA officer told me,today , The government told them to buy Merrel-Lynch.&#xD;&#xA; &#xD;&#xA;saw that same news on CNN. when BAC saw what a total mess MER was they wanted to back out of the deal BUT Paulson threatened them with cutting them out of the TARP deal. NOW they wish they had just given Paulson the "and your little dog too" because BAC was realtively solid until they assumed the MER derivative wreck. &#xD;&#xA; &#xD;&#xA;the government should have let Merrill AND AIG fail like Lehman. would have caused a worse short term market wreck BUT I think we would be in better shape now than we are.

stlsteve · Answer

just a way to make you think investing in financials is safe.

goinggone · Answer

Bank of America Up .63// 7:27 am PST&#xD;&#xA;What ever the reason I will take it.....

Xtragr8t · Answer

Might want to look at McDonalds. People keeping eating this shit at an alarming rate.

TILTOLOGIC · Answer

[Quote: Originally Posted by LeRinkRat]  BA officer told me,today , The government told them to buy Merrel-Lynch.&#xD;&#xA;&#xA0;&#xD;&#xA;saw that same news on CNN. when BAC saw what a total mess MER was they wanted to back out of the deal BUT Paulson threatened them with cutting them out of the TARP deal. NOW they wish they had just given Paulson the "and your little dog too" because BAC was realtively solid until they assumed the MER derivative wreck. &#xD;&#xA;&#xA0;&#xD;&#xA;the government should have let Merrill AND AIG&#xA0;fail like Lehman. would have caused a worse short term market wreck BUT I think we would be in better shape now than we are.   [/Quote]Amen

stlsteve · Answer

granted all most 2yrs vlater that wuz part uv going away present

goinggone · Answer

[Quote: Originally Posted by Xtragr8t] &#xD;&#xA;Might want to look at McDonalds. People keeping eating this shit at an alarming rate. [/Quote]I bought 500 shares the 1st Q 0f 2010 my Broker was pushing it...

HUGE stock buy!

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