Thanks for the link. I expected it to show that Bank of America lost money on derivatives or in some other way prove your claim that they got in trouble because of derivatives. It did neither.
B of A right now is operating on stock that is rated “junk status”.
Junk stock? What the hell is that?
Regarding your question about “show your math”, LOL, it’s not a “math” problem I am speaking of. It IS about the honest application of GAAP...
Honest GAAP accounting shows they have a negative net worth of $70 trillion? I think it is a math problem.
On your question of “What did they steal?”.........I could write a book and many have been written on the subject;
You were talking about JPM, I don't need a book.
It’s the “Intent” that makes what these derivative guys are doing criminal and what I am mad about. These bastards know they are doing wrong
What are they doing wrong? Be specific.
they use their ill gotten gains
Profits from derivatives are somehow ill gotten?
B of A is now trying to slide an amount of their derivatives, equal to Federal Coverage, in Merrill Lynch’s back door so the government will cover their ass! More theft!
I don't see any theft. Did the regulators even let them move them? If they move them and they're profitable, do you feel that is theft?
I will save you some trouble and simply note that I’m sure from the tone of your comments that you disagree with a lot or all or most of what I say.
Only the stuff you get wrong.
Sir, with respect to this statement of yours...”Can you name any bank that got in trouble by making these derivative bets?” The answer is yes. That Bank would be Bank of America (see link above; it is an article by Jonathan Turley which is plain enough)
Thanks for the link. I expected it to show that Bank of America lost money on derivatives or in some other way prove your claim that they got in trouble because of derivatives. It did neither.
I’m comfortable with believing that almost any knowledgeable, experienced person of intellect, except perhaps yourself, would read that article and other articles available on the subject and conclude as most have that “derivatives” were and are the cause of B of A being a worthless company. Beyond this statement, I can’t help you.
On this derivative subject, you seem to be arguing that sun will not come up tomorrow.
B of A right now is operating on stock that is rated “junk status”.
Junk stock? What the hell is that? Generally speaking, junk stock is stock that has no value. Please Google it and then I respectfully suggest you reread the article by Turley.
Regarding your question about “show your math”, LOL, it’s not a “math” problem I am speaking of. It IS about the honest application of GAAP...
Honest GAAP accounting shows they have a negative net worth of $70 trillion? I think it is a math problem. Well, unless their auditors are perpetually drunk, their balance sheet is a wreck as evidenced by the value of the company. Can’t help you any more than that.
On your question of “What did they steal?”.........I could write a book and many have been written on the subject;
You were talking about JPM, I don’t need a book. OK.
It’s the “Intent” that makes what these derivative guys are doing criminal and what I am mad about. These bastards know they are doing wrong
What are they doing wrong? Be specific. They are using depositors and the taxpayers to cover their RISK so they can book “profits” in the billions and LOSSES be damned! I feel that the players involved should cover their own risk. I guess, as one taxpayer presumably, you don’t mind.
they use their ill gotten gains
Profits from derivatives are somehow ill gotten? LOL, your talking about alleged profits, I am talking about REAL losses, in the hundreds of Trillions, with T! But, again, using the taxpayers and depositors money to cover the RISK is to some, ill gotten gains and standing alone, your argument on “profits” is meaningless in this discussion because we are talking about LOSSES in the hundreds of TRILLIONS.................. NOT ISOLATED PROFITS. In a worse case scenario, you, your kids, mine and everyone loses everything. There is not this much money in the entire world. If you and I were at the movies, and I went to the bathroom and saw a fire, and yelled out “FIRE!!!”........ would you continue to keep sitting there eating your popcorn?
B of A is now trying to slide an amount of their derivatives LOSSES, equal to Federal Coverage, in Merrill Lynch’s back door so the government will cover their ass! More theft! Why don’t they leave them in their portfolio and they pay the losses from their profit that you defend instead of like thieves slinking in the alleys lay them off on the taxpayer.
I don’t see any theft. Did the regulators even let them move them? If they move them and they’re profitable, do you feel that is theft? Sorry again that you apparently scanned my post and did not read Jonathan Turley’s article. You need to reread both.
I will save you some trouble and simply note that I’m sure from the tone of your comments that you disagree with a lot or all or most of what I say.
I will not comment on whose wrong and who’s right here. I assume you are being sincere in your expressed beliefs, as I am. That should be enough.