Financials Gone Wild
August 23rd, 2007http://www.minyanville.com/articles/BAC-CFC-GS-JPM-C-WB/index/a/13838
Fil Zucchi Aug 23, 2007 10:13 am
Are we seriously supposed to believe that the banks’ discount-window escapade and the BAC, CFC “investment” are two separate events that just happened to take place the same day?
I did not think I’d find myself this jaded after nearly two months of vacation, but in light of Bank of America’s (BAC) $2 bln dollar “investment” in Countrywide Financial (CFC), the made-for-Wall Street TV special of yesterday’s backslapping “man-I-haven’t-seen-you-since-that-football-game-tailgate-12-years-ago, how-u-doin’ pal?!” get-together at the discount window by JP Morgan (JPM), BAC, Citi (C), and Wachovia (WB) has suddenly morphed into a wobbling home movie of four trick-or-treaters just happening to stumble upon Boom-Boom’s doorstep and collecting $2 bln of fresh “trading crack”.
