Gone in 60 Days: Citi and Bank of America Won’t Live to See May

[katty]

more:
http://www.chartingstocks.net/2009/02/gone-in-60-days-citi-and-bank-of-america-wont-live-to-see-may/

Gone in 60 Days: Citi and Bank of America Won’t Live to See May
Thursday, February 19, 2009 16:21

Posted in category BAC, Bailout, C, Media, Special Reports, Stock MarketCitigroup (C) and Bank of America (BAC) won’t live to see May. The government will take them over within the next 60 days. The announcement may come as soon as tomorrow evening.

If there’s one thing our readers know, it’s that ChartingStocks.net has made some bold calls in the past which seemed controversial and highly unlikely at the time. Our January 2007 post warned of the coming stock market crash at a time when the market was making new all time highs. In February 2007 we warned about the breakdown of the brokerage stocks and singled out Bear Stearns (Trading at $160), Merrill Lynch (Trading at $87), and Morgan Stanley (Trading at 78). In September 2007, we warned of a selloff in the coming weeks. The market peak and decline began 4 weeks later.

We’re going to make another bold prediction. Bank of America and Citigroup won’t live to see May. The two banks will be nationalized in the coming weeks, and we think that the announcement can come as soon as tomorrow evening (Friday evenings are when major bank announcements and failures occur).

[Vincardog]

1. will the thieves running them be jailed?

[Sebastian Doyle]

2. And if there were ever two banks that deserved to die, it would be those two

Bank of Assholia has personally caused me numerous headaches over the years, and I don't know anyone with a Shittibank account who doesn't hate them.

Good riddance to both.

[Hardrada]

3. How about Chase Manhattan?

It would be nice to take down the Rockefellers too.

[Jeep789]

4. Wasn't BofA okay until the takeovers?

I never did understand why a bank that was doing well would saddle itself with a company that was doing poorly. Shouldn't those that made those decisions be ousted?

[TlalocW]

5. What happens to my BoA credit card debt? :)

TlalocW

[daninthemoon]

6. i'm sure someone will buy it up. they will pay pennies on the dollar,

but hold you / us accountable for every penny and interest point on the card now. kind of like a loan shark buying up markers. same game, just on a whole lot bigger and more lethal plane. we are screwn, but the ceos and owners will sail off to the sunset.

[yurbud]

7. only problem with nationalizing: once solvent, rich will clamor to get them back.

[RandySF]

8. My account is with BOA

I know it's evil, but I like having close access to ATM's no matter where I go. Who should I go with if it fails?

[JoDog]

9. Chase has a lot

of ATMs, but they are evil too. You may want to consider a smaller bank or credit union located on or near the routes you take everyday. Then, draw out the cash you think you will need for the week, weekend, etc.

Personally, I'm applying to a credit union that has an ATM on my way to and from work. Smaller, than National City, maybe without some perks, but it's not in trouble.

[juno jones]

10. Many credit Unions are members of a national Co-Op ATM system

There is no charge for any CU members of this system to use any of the ATMs in this system at any CU or Co-Op ATM location across the country.

Credit Unions will also transfer funds between each other. I once bought a car across state (CA). I went to a CU there that was a member of this network. They transferred funds and made out a cashier's check for me for a very low fee (under $10 as I recall). You have to do some research, but I've found CU's to be as accessible as banks and a lot less eager to slap fees on every little thing.

Don't get me started on the shit I've had to go thru just to cash my payroll checks at BofA and USBank. This includes everything from separate 'non-customer' lines that are only serviced every 5 customers or so at the windows to $5 dollar fees or more to cash paychecks WRITTEN ON THAT PARTICULAR BRANCH by my bosses who were paying out the nose for fees on those buis. accounts.

After screwing me out of time and money, they always have the gall to ask me if I would rather get a checking account with them.

Go CU.

[dwilso40641]

12. BECU

Is better than any bank.

[Igel]

11. A week ago I would have thought it crazy.

But after listening to politicians say how they might nationalize some banks and some banks are beyond saving otherwise, well, people aren't stupid.

If they said that about a city or one of the best run companies in the country, I don't think I'd give it 60 days. Stock market values are based on what people are willing to pay--tell them their stocks might be worth nothing in short order, you'll find that there's a very low floor to the stock price.