Skip to main content

The incomparable Yves Smith, whose blog, Naked Capitalism, is justifiably the number one financial blog, earlier this month started the Bank of America Death Watch (actually I think she means having to be bailed out again or sold). I’m on board with that.

Reuters says “Bank of America’s shareholders are resigning themselves to life on skid row” because “Until the legal claims can be resolved and BofA’s exposure to more losses clarified, the stock price looks set to stay in the gutter.”

The sordid details of BofA’s predicament are elucidated elsewhere. It’s mortal wounds are mostly self-inflicted. If not for the bailouts and loans it already got courtesy of the taxpayers, BofA would already just be a sad memory for its pensionless employees and wiped out shareholders.

The trolls and shills are out in force, of course, attacking Ms Smith for her supposed bias, hysteria, wishful thinking and attempts to whip up a public panic. But the banksters and their (public and private) sycophants have deliberately lied to the public so consistently for so many years, while Ms Smith’s blistering blog posts have almost always been right on target, who you gonna believe? The Obama administration and Warren Buffett notwithstanding, my money, if I had any, would be on Yves Smith.

I know, when one of the TBTF banks turns out to also be too rotten to save, it’s the end of the world and we’re all going to hell. But I also know that most of us already have a one-way ticket to hell, thanks in large measure to the depredations of BofA and its friends. So seeing BofA go to hell at the same time or a little ahead of us feels like justice.

When Nixon died I was glad I had outlived him, but I was ashamed of feeling good about the death of another human being. I will harbor no such compunctions when BofA meets its well-deserved end. The pleasure I will take in watching BofA twist slowly, agonizingly, in the wind, Lehman-style, before expiring, will be undiluted, unalloyed and pure.

As Yves Smith says, “It couldn’t happen to a nicer bank.”

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site