Bank of America: "I Told Ya I Was Good For It"

What a way to make an exit!

From DealBook:

Bank of America said late Wednesday that it would repay its entire $45 billion in government bailout money before the end of the year…“We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest,” Kenneth D. Lewis, the bank’s current chief executive, said in a statement.

Few things, guys…

  • First off, I suppose congratulations are in order…to whoever the investment bankers are that are going to put the massive convertible stock offering together to raise the cash.  You have any idea how big the fees are on a $19 billion securities offering?  We’re talking Maseratis for everyone, baby!
  • Kenny knows how to make an exit.  Paying off TARP on his way out the door gives him his shot at a comeback in two years – and he won’t even have to write for Slate.com!  He can go straight to the book deal in which the evil John Thain and Hank Paulson are cast as Scilla and Charibdis (brush up on your Homer).
  • Lastly, how pissed is poor Vikram Pandit right now, Citi being one of the last TARP banks standing?  You can just picture the IMs going back and forth:

Vik_Money: Dude, are you f***ing kidding me?  You didnt tell me you were about to f***ing pay off TARP!  WTF?!?

KennyBoy69:  Calm down, bro.  You guys are gonna get the underwriting fees, like a lot of them, when we do the raise.

Vik_Money:  Is that what you think I care about?  Now Citi is the only one, man.  We cant pay back TARP, we cant pay f*** ing Con f*** ing Edison!  Not cool, Kenny.

KennyBoy69:  Look, I don’t tell you how to run Citi, we had to do this for the taxpayers.

Vik_Money:  You mean for your legacy.  Stop frontin’, Ken.  All Im saying is U could have told me.

KennyBoy69:  Whatever.  Nip/Tuck’s starting.  TTYL

Anyway, that’s how I imagine it.  I could be wrong.

Sources:

Bank of America to Repay $45 billion (DealBook)

Tags: , , , , ,

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. Chuck commented on Dec 03

    Hey Dumb*ss, BAC only paid back the TARP because they need a CEO and no one wants the job because of the salary restrictions. Now that it’s paid back they can pay what they want. Citi has said they will be paying back TARP at some point. Taxpayers shouldn’t be complaining, they’ve made good money on their investment in C. Though, you idiot bloggers don’t mention that.

    TRB: Thank you, come again!

  2. Chuck commented on Dec 03

    Hey Dumb*ss, BAC only paid back the TARP because they need a CEO and no one wants the job because of the salary restrictions. Now that it’s paid back they can pay what they want. Citi has said they will be paying back TARP at some point. Taxpayers shouldn’t be complaining, they’ve made good money on their investment in C. Though, you idiot bloggers don’t mention that.

    TRB: Thank you, come again!

  3. sex commented on Sep 18

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2009/12/02/bank-of-america-i-told-ya-i-was-good-for-it/ […]

  4. eatverts commented on Sep 21

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2009/12/02/bank-of-america-i-told-ya-i-was-good-for-it/ […]

  5. Kyocera toners and Cartridges store commented on Sep 23

    … [Trackback]

    […] Read More here to that Topic: thereformedbroker.com/2009/12/02/bank-of-america-i-told-ya-i-was-good-for-it/ […]

  6. bitcoin era commented on Oct 03

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2009/12/02/bank-of-america-i-told-ya-i-was-good-for-it/ […]

  7. free homework help commented on Nov 23

    … [Trackback]

    […] Info on that Topic: thereformedbroker.com/2009/12/02/bank-of-america-i-told-ya-i-was-good-for-it/ […]

  8. Regression Testing commented on Nov 28

    … [Trackback]

    […] There you will find 80834 additional Information to that Topic: thereformedbroker.com/2009/12/02/bank-of-america-i-told-ya-i-was-good-for-it/ […]

  9. scotia online banking commented on Dec 01

    … [Trackback]

    […] Read More here on that Topic: thereformedbroker.com/2009/12/02/bank-of-america-i-told-ya-i-was-good-for-it/ […]

  10. td easyweb canada commented on Dec 08

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2009/12/02/bank-of-america-i-told-ya-i-was-good-for-it/ […]

  11. 토토사이트 commented on Dec 24

    … [Trackback]

    […] Read More on to that Topic: thereformedbroker.com/2009/12/02/bank-of-america-i-told-ya-i-was-good-for-it/ […]

  12. 사설토토 commented on Dec 24

    … [Trackback]

    […] Find More Info here to that Topic: thereformedbroker.com/2009/12/02/bank-of-america-i-told-ya-i-was-good-for-it/ […]

  13. delicious tangerines commented on Jan 22

    … [Trackback]

    […] There you can find 581 additional Information to that Topic: thereformedbroker.com/2009/12/02/bank-of-america-i-told-ya-i-was-good-for-it/ […]