Submitted by Tyler Durden on 07/19/2011 11:30 -0400
* BAC
* Bank of America
There is no joy in the top floor of 1251 Avenue of the Americas, where the P&L associated with a once mega profitable BAC position has dwindled to nothing. Following our earlier assessment that Bank of America reported yet another miserable quarter, the market has also caught on with the pure ugliness oozing form this report, and has punished the stock by sending it to multi year lows, at last check tumbling to $9.45 on heavy volume. There are still about 30 cents left until Paulson is completely underwater based on his cost basis. Which of course is completely irrelevant in the hedge fund world where only day to day P&L is relevant.
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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