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I just sold out of FTR and used the cash to add to my BAC position.  I will continue selling out of my lower quality holdings while adding to BAC as it declines. (Sandridge is also very tempting as well)  I am trying to moving up the quality scale. As Parsad has mentioned numerous times, this should hit TBV by end of the year. 

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Adding again as well... as is Mr. Powell

http://finance.yahoo.com/q/it?s=BAC+Insider+Transactions

 

Good to see him continue to add.

 

from the proxy:

Donald E. Powell; 71; Former Chairman, Federal Deposit Insurance Corporation (FDIC)

- IndependentDirectorsinceJune2009.

- Federal Coordinator for the Office of Gulf Coast Rebuilding from November 2005 until his

engagement in private investment activities in March 2008.

- Chairman of the FDIC, an independent agency of the U.S. federal government, from August 2001 to

November 2005.

- Chairman, Chief Executive Officer and President of The First National Bank of Amarillo from 1997 to

2001.

- RecipientofPresidentialCitizensMedalinDecember2008.

- Member of the Board of Regents of the Texas A&M University System from 1995 to 2001, during

which he served two terms as Chairman.

- Other Current Directorships: Stone Energy Corporation; QR Energy L.P.; Merrill Lynch International

(United Kingdom).

Mr. Powell has vast financial services expertise, having worked in our industry for over 40 years. As the former Chairman of the FDIC, Mr. Powell provides a unique perspective on the regulatory process and in dealing with regulators and government agencies. In addition, he brings large-scale operations and risk management expertise to our Board through his work as the Federal Coordinator tasked with rebuilding plans in the aftermath of Hurricane Katrina and his service on the Board of Regents of the Texas A&M University System.

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I think BAC will fall further when the broader market starts pricing in recession risk. 

 

My confidence in going against the ECRI call is in rapid decline and I'm buying market puts.

 

You shouldn't take into account the opinion of such charlatans - they have no idea what they're talking about.

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I think BAC will fall further when the broader market starts pricing in recession risk. 

 

My confidence in going against the ECRI call is in rapid decline and I'm buying market puts.

 

You shouldn't take into account the opinion of such charlatans - they have no idea what they're talking about.

 

I'm not taking their opinions into account.

 

I'm taking this data into account:

http://www.ceridianindex.com/reports/index.php

 

Next, I'm saying that (based on that data), I'm losing confidence in going against the ECRI's call. 

 

 

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I think BAC will fall further when the broader market starts pricing in recession risk. 

 

My confidence in going against the ECRI call is in rapid decline and I'm buying market puts.

 

Join the party.  We doubled down on our puts early yesterday.

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Yup, I am surprised it is at $7.75/share after everything management has done to build a fortress balancesheet.  Can it fall further, of course but no one knows and who cares. It is selling at a 70% discount to TBV; unbelivable!!!

 

S

 

I agree it's time to buy more BAC.

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JPM traded down to $28 last year despite there being no rumors about it needing to raise capital. 

 

BAC traded down to $5 last year in the face of noisy capital concerns.  Without those concerns, maybe it would have hit $7 and no further down?

 

BAC at $7 now without capital concerns.  JPM needs to go down another 20% to hit it's 2011 Euro-crisis low.

 

This is why I think BAC's volume has come down lately.

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