re: Blodget vs Bank of America

So this happened today while you East Coast fairies were flipping out over a 20 second earthquake…

 BANK OF AMERICA STATEMENT REGARDING HENRY BLODGET

2011-08-23 16:29:04.675 GMT

(The following is a reformatted version of a statement from Larry DiRita, a Bank of America spokesman. The statement was confirmed by the sender.)

Mr. Blodgett is making “exaggerated and unwarranted claims” which is what the SEC stated publicly when he was permanently banned from the securities industry in 2003.  The sovereign exposure is off by a factor of 10.  The commercial real estate figures are off by a factor of four.  The mortgage analysis was provided by a hedge fund that has acknowledged it will benefit if our stock price declines.  The recommendations on goodwill accounting would be prohibited by generally acceptable accounting practices.  Traditional bank valuation relies upon tangible book value per share, which excludes by definition 100 percent of goodwill and other intangibles.  As of June 30, our tangible book value per share was $12.65.

There’s really no need to add anything on here but I will sum it up for you.  Bank of America ($BAC), with its trillion dollar balance sheet and skyrocketing CDS, is not only reading the Business Insider while Rome burns, they are actually responding to it.  Did they see what Dilbert said about them the other day?  And that joke on Letterman the other night?  Where are the responses?  This is Investor Relations on acid.

I can’t even…

Source:

Bank of America: Could it Need $200 Billion in Capital?

also, the whole internet, just Google it

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. noob 3135 replica commented on Sep 18

    … [Trackback]

    […] Read More Information here on that Topic: thereformedbroker.com/2011/08/23/re-blodget-vs-bank-of-america/ […]

  2. online tutor commented on Sep 20

    … [Trackback]

    […] Here you will find 47282 additional Info to that Topic: thereformedbroker.com/2011/08/23/re-blodget-vs-bank-of-america/ […]

  3. ISOfrane watch strap commented on Sep 21

    … [Trackback]

    […] Read More Info here to that Topic: thereformedbroker.com/2011/08/23/re-blodget-vs-bank-of-america/ […]

  4. Glock guns for sale commented on Oct 14

    … [Trackback]

    […] Find More Information here on that Topic: thereformedbroker.com/2011/08/23/re-blodget-vs-bank-of-america/ […]

  5. grade potential commented on Nov 23

    … [Trackback]

    […] Find More here to that Topic: thereformedbroker.com/2011/08/23/re-blodget-vs-bank-of-america/ […]

  6. game slot online commented on Jan 09

    … [Trackback]

    […] Read More Information here to that Topic: thereformedbroker.com/2011/08/23/re-blodget-vs-bank-of-america/ […]

  7. sexybaccarat commented on Jan 09

    … [Trackback]

    […] Find More on on that Topic: thereformedbroker.com/2011/08/23/re-blodget-vs-bank-of-america/ […]