FDIC storms the halls of IndyMac and is now in charge

$7100 down the drain. Very expensive lesson: don't put too much into any one company!!!

RIP my investment:
BOT 3500 @ 2.02
SLD 3500 @ 0.08
 
Quote from Comptalk:

If BOA, JPM, MS, C, MER, OR GS fail, we're all fucked. Not going to happen...
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I put a 50/50 chance that C and BAC will need help or go under.

The other factor is that the feeding frenzy from shorts is quickly coming down to less companies to attack. It's getting easier for them as the attacks get more focused on individual companies.

http://blogs.wsj.com/marketbeat/200...cuts-capital-needs-at-bac/?mod=googlenews_wsj

Expecting Dividend Cuts, Capital Needs at BAC
Posted by David Gaffen

Annelena Lobb has this report on a downgrade of Bank of America.

Send to: Bank of AmericaBank of America Inc. shares slipped Thursday, down 1.6%, after a hard swipe from Morgan Stanley.

Analysts at the firm downgraded Bank of America to “underweight” from “equal weight,” and clipped their price target to $15 a share from $33 a share, saying they expect the company to raise more capital and cut its dividend. Bank of America’s losses should rise with its integration of Countrywide Financial after that acquisition closed on July 1. “We are increasing cumulative losses for BAC to 8% from 6%, mainly due to the addition of CFC,” wrote Betsy Graseck, banking analyst at Morgan Stanley.

Analysts decided the downgrade was in order after a chat with the fixed-income side. Ms. Graseck wrote that “a very large gap exists between the implied cumulative loss in mortgage assets that our fixed-income colleagues are seeing, and bank-loan values.”

The idea of rising loan losses and more capital raising led to cuts to EPS targets for other large-cap banks, too, including Citigroup, now down 0.4%. Overall, Ms. Graseck doesn’t have a terribly sunny view on the banks, and she expects a number of them will need to both cut dividends and raise more money. Besides BAC, she now expects larger dividend cuts from BB&T, SunTrust, and Wachovia.
 
if you really listen to Adolf von Paulson, Benito Bernanke and various Senators that were trotted out today..

they are trying to sell the confidence theme.

it's a con game and the stakes are never higher.

I'll be at the bank tomorrow.
 
Quote from daddyeaux:

if you really listen to Adolf von Paulson, Benito Bernanke and various Senators that were trotted out today..

they are trying to sell the confidence theme.

it's a con game and the stakes are never higher.

I'll be at the bank tomorrow.
More...

I started thinking this when Porky Pig Paulson and BeeBee the Beard were on my TV trying to convince me they weren't lying.
:mad:
 
Quote from The Kin:

So if you have money @ IndyMac, you really should be running to an ATM and withdrawing the maximum allowed amount before the funds are forzen??
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No, you should be checking out of the gene pool for being so dumb to still have money in a company whose stock was trading under $1.
 
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