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Bagholders of America

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April 29, 2008 – Comments (4) | RELATED TICKERS: BAC , CFC

That's what they ought to be calling Bank of America. And I don't think it's fair to call this the usual empty bag. This is more like a poo-filled sack, perhaps flaming. Wonder how if feels to be buying Angelo's nifty joke, after his $100-plus million year.

Fitch downgrades $247 million in Countrywide subprime transactions

Sj

4 Comments – Post Your Own

#1) On April 29, 2008 at 10:18 AM, ByrneShill (75.13) wrote:

I'm a BAC bagholder, and honestly, this is not funny. When they first stacked 2 bilions on the pile of poo, I wasn't happy. When they decided to bail CFC out with more bilions, I was getting ready to go fishing for dollar bills in the Charlotte sewer system. Then Mozillo, (and other executives) got huge severance packages and (drumroll!) performance bonus. Wtf gets a performance bonus for running a company into the groud?

I don't know what kind of drug they're doing over there in NC, but I definitely want some. And if they don't do any, they should start, might bring them back to reason. The reason this bank had a shot at leaping forward was their (almost) absence from the toxic waste market. Why go out and buy the slimiest of the slimies? Why not just wait for them to fail and get them for a few pennies? Or just let them fail and split the pie with whoever is still standing when this debacle is over in 5 years?

I got BAC mostly because it was an Income Investor recommendation. Althoug I have nothing against Matthew Emmert or James Early, many of their picks... let's just say I'm happy I didn't follow these guys in WM.

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#2) On April 29, 2008 at 10:29 AM, TMFBent (99.81) wrote:

Banks have been dangerous turf for a while, IMO. I argued in a January Fortune article that no one should be in them unless they lived in the file cabinets with the balance-sheet assets, and maybe not even then.

Sj

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#3) On April 29, 2008 at 10:43 AM, TDRH (99.66) wrote:

BAC was pretty diirty already, look at their derivative exposure.......that said I am a bagholder too.  Most people are in their mutual funds 401K as well.   This is going to get ugly.

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#4) On April 29, 2008 at 11:34 AM, ByrneShill (75.13) wrote:

I've had those shares for years, before the mbna merger (which I wasn't totally happy about either). My position has plummeted in big part due to currency conversion. I'm still (slightly) positive.

I'll probably keep my bag, but I'd like to see the kids in Charlotte stop treating the company like a diaper.

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