From the horses mouth to your ears and eyes, Bank of America CEO Brian Moynihan talked to the great Maria Bartiromo on CNBC's Closing Bell. Moynihan is in an unenviable position to say the least. In charge of the ugly step child of the mortgage crisis with lawsuits aplenty to deal with.
However, he seems very calm, in charge, and ready to keep fighting for his company. What gets me though is how it's in the best interest of the government, the country and the economy on the whole for Bank of America to succeed and survive. When you talk about
JPM Morgan's CEO Jamie Dimon had a very upbeat and positive message at a Vancouver, Washington employee barbecue. Dimon is on a West Coast tour, perhaps trying to welcome in the members of the new branches along the coast, many formerly apart of Washington Mutual branches most likely. It was a message that's perhaps the antithesis of Nouriel Roubini, who sees the U.S. economy stuck in a deep ugly swamp
“Eventually this great economic machine will start to turn, and when it does it will blow your socks off,” said Dimon, 55, casually dressed in Levi’s and New
On Mad Money tonight Cramer was tight lipped in many ways regarding Bank of America's stock, especially for Cramer, who's usually full of excitement and energy when he makes a call on a stock. One could even say he was curt and to the point. On the Lightning Round Cramer had this to say about BAC:
"Don't like financial stocks right now, including BAC."
For a stock he touted as one to own maybe just four or five months ago, Cramer has since come to his senses and reversed course on Bank of America. With all of the CountryWide issues and lawsuits
Yeah, it's that simple, images of stock traders with their hands on their faces. And it's no surprise what with today's collapse. These are pictures of frustration, agony, panic, and fear. There's a blog about it here
“I guess that in a morbid way the site has suddenly come back into fashion,” said Matthew R. Robison
, the blog’s creator. On Friday, the day after the market dropped 500 points, Mr. Robison said the blog’s traffic reached a record of nearly 50,000 visitors.
"JP Morgan (JPM) has become the latest bank to up its forecast for spot gold prices, hiking its estimates by a whopping 39% and predicting the precious metal to reach at least $2,500
a troy ounce by the end of the year."
Let's take a look at some of the best quotes of the day from the Twitter stream on this terrible day in the market, unless of course you were short the market, then you're doing the dance of joy. But here
are some funny and wise quotes from the Twitter stock trading world.
"But Cramer said to buy at the open"
"In the movies Rocky always gets up. That's not looking so good here"
"No, this is the bottom. no wait, this is the bottom. no, this is really the bottom..."
After the United States was downgraded by the S&P, Nouriel Roubini joked about how he had to go into Canada if he wanted to catch a triple A rated fish. Where he was at, in Maine, you can only catch AA 11-inch fish. Yeah, he had me falling off my chair with that one.
Ever the comedian, Dr. Doom has called the United States economy a deep ugly swamp
and talked about a perfect storm coming in 2013
. I'm now wondering if that perfect storm he was predicting hasn't come a bit early, what with the S&P downgrade, the
Bank of America, the largest bank in the United States, just can't escape their purchase of CountryWide and the rest of their bad mortgage loans. The stock of BofA (BAC) hit another 52 week low of $8.03. $BAC Just this week the stock is down 16% and for the year it's down 40%. Painful if you're long, lovely if you've short.
Now their settlement over a good number of these loans for $8.5 billion is going to look more like $20 billion
. And it also looks like Fannie Mae and Freddie Mac are asking for more money
The E-Trade baby had a tough week, like most everyone else, but ends up losing it ALL.
Courtney Reagan and Amanda Drury in matching red dresses today on CNBC. They look like twins or at least sisters. I think the stock market went up after seeing these two in the video below.