HO LEE CHIT! Bank of America closing their entire stock lending program later TODAY! 〽️🏦 Marge calling?
(media.greatawakening.win)
💥 BANK COLLAPSE 💥
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Hodl with diamond hands.
How many shares do I need to never work again? Is 8 enough? I've heard people say 1 share will make you rich
I'm like you fren, I have 6 shares and I still don't know what I'm doing. Ain't that something? I know nothing of the stock market but I put so much faith and trust in this community that I opened an E-trade account, bought my shares, and then DRS'd them, whatever that means. If and when those little shares turn me into Ellie May Clampett, the first round at our GAW meet-up will be on me.
Shares of what?
GME?
"To the moooooon"..........
when the moon is on the far side of the earth....
What are we hodl’ing?
Couldn’t happen to a nicer bank! Back around 2014, they closed all 3 of my accounts: no reason and no warning. I vowed I would never do business with them ever again!
Yeah, riiiight, you never dealt with ""SunWest"" Bank out of Utah....
I had a Pickup, 92, bought it for 12,000, no trades, straight up buy....
Made like 9,500 in payments, came up a little late on a couple, but made it all back to Current, and like 3 Months later they repo'd....
Had to come out of Pocket with 5,000 to get it back, plus towed, plus Extra Cross State and Federal Taxes....
Soon it will be their turn to go BofA....
So sorry. They do sound as bad, maybe worse than B of A.!
Stock loaning for hedge funds .....
GME comes to mind, as an example (so HODL!) .... And something else. BofA is big on the silver loan side as well.
Next to the fact there is gargantuan counter party risk in the clearing houses, now there is this. it seems like the fuckery of depressing prices by loaning and shorting is coming to a closure.
NSCC approved Enhancements to the Gap Risk Measure & the VaR Charge on 8/8/23
Implementation Was 60 business days from 8/8/23 which would be either 10/24 or 10/25 depending if Labor Days was counted then today, the 25th, BoA stops stock loaning? Hmmm....
The rule and implications:
The approved rule aims to address the potential increased idiosyncratic risks NSCC might face, especially regarding the liquidation of a risky portfolio during a member default.
Enhances NSCC's ability to recognize and produce margins that match the idiosyncratic risks and attributes of portfolios that meet the concentration threshold.
Broadening the gap risk charge to an additive feature and focusing on the two largest non-diversified positions will help NSCC better manage the idiosyncratic risks tied to concentrated portfolios.
Given the additive nature of the gap risk charge, the Commission agrees that the adjustments to its calculation, like establishing floors for gap risk haircuts for the two largest positions, are aptly designed to handle NSCC’s idiosyncratic risks exposure during member defaults.
Introducing specific criteria to determine which securities fall under the gap risk charge will enable NSCC to pinpoint those more prone to idiosyncratic risks, ensuring ETFs identified as non-diversified are included.
VaR tinkers with the mechanics that would have defaulted Robinhood & Others 1/28/21.
The NSCC, previously saved them by sacrificing retail, in allowing Robinhood and others to alter their margin charges and freezing the buy button.
Robinhood & Other Brokers Would Have Defaulted January 28, 2021 - The NSCC, as an enabler, saved them, while sacrificing retail, in allowing them to alter their margin charges by freezing stock buying - top priority: protecting too-big-to-fail clearinghouse - Retail's fault the NSCC didn't prepare
Implementation is 60 business days from 8/8/23
The changes should lead to higher margin requirements for those with short positions in volatile stocks like GameStop. The higher the costs, the more pressure on short sellers to close their positions, especially if they face liquidity challenges.
If short sellers can't meet their margin requirements, they'll be forced to buy back the shares to close their positions, leading to a surge in demand and subsequently, a rise in share price.
As the stock price rises due to forced buybacks, other short sellers face further margin calls, creating a snowball effect where more short sellers are forced to buy back shares, pushing the price up even further until lift off...
Details from day of - https://www.reddit.com/r/Superstonk/comments/15m2732/moass_prediction_october_24_2023_a_tuesday/
X Sauce - https://twitter.com/741trey/status/1716927731991257596
Buh bye, Bank of America.
I'm ignorant on all this stock market stuff. What's this mean?
Means the whole dang system is rigged against us.
Naked shorting and fraud has been going on for decades to steal money and destroy businesses.
That's all coming to a crashing halt.
They got greedy and some good guys got together and figured out a way to use the greed against them.
The cheaters that own and run the rigged casino are about to watch the whole thing torn down and something else replace it where they can't cheat and they don't run it.
Should I max out my Bank of America credit card asap? :)
A round of drinks on you!
kek
Don't know if this is the case elsewhere, but Bof A is the bank for unemployment benefits in CA - you ger issued a debit card from them when you apply for benefits.
My mom and I were just talking the other day about which of the big banks would go down first and not get bailed out like Silicon Valley Bank. Her pick was BofA. Hmmmm...
Sounds like a convenient way for CA to wash their hands of billions? of dollars associated with unemployment benefits. "We are sorry, but we are unable to pay out unemployment benefits due to the collapse of BOA. When we are able to work out this problem, we will resume payment of the benefits. We wish you well during this time of uncertainty"
Be sure to get vaccinated, boosted and wear a mask while you wait for your gibs.
Right! "In the meantime people go farm crickets and fungus and have a good life. We'll get back to you within a decade with some answers." This has been a recording.......
Oh Boy Oh Boy wait till the normies find out about the Derivatives apocalypse on the horizon
Yepper, darn near as much "value" as the worlds GDP I have a pic of around 30 big banks holding 1 1/2 to 2 quadrillion $$$ worth.. THAT can NOT be bailed in or out..
No they are shuffling the chairs on the Titanic. Buy Silver and watch the fireworks. Unless Trumpy has something up his sleeve but i do not see anyway of resolving this derivative mess the geniuses have created.
I have all the silver I will need and the price I paid was offset by a last gift from a dear friend of 30 years who passed away Jan. 2020.. Added to over the last 3 years...Now, all my extra $$ goes to groceries..
Lol bofa
For those of us who don’t follow this air money stock market made up language, what’s the significance? Thanks in advance!
Wedges for the Hedges.
Or wedgies for the hedgies
Is the bank that sent cofidential client information to the gubermint trying to bury something where (they think) no-one will find it???
Crypto Runs (check), then AMC does. Get ready.
Sorry friend, you bet on the wrong horse.
Don't fall victim to the sunken cost fallacy.
We know now FOR A FACT that it's a BBBY / GME play via merger / acquisition. The deal is done. The court dockets are publicly available. Multiple brokers confirming as well.
AMC was a distraction pushed by the MSM. They have no turnaround plan. Theaters are a dying business since most people have theater quality big screen TVs and sound systems at home now. When AMC stock did go up look at what the executives in board members did. They gave themselves fat raises and bonuses and insiders sold shares. Meanwhile Ryan Cohen is taking a $0 salary and he and insiders are buying more shares of GME.
BBBY shares were cancelled last week.
Yes, as was foretold, the old shares had to be removed BEFORE the new can be re-issued.
I’m not saying with absolute certainty that we’re going to win this battle, or not, because unfortunately I don’t have a crystal ball. What I am saying is that if you ignore mainstream financial media, and instead look at what is actually happening, then we’re pretty hopeful.
The info that has come out in the Chapter 11 process has been very enlightening. For me personally, the billing statements of the law firms involved has been the biggest source of hopium… I mean it’s right there in black and white what they’re working on, and billing for.
"Cancelled" yes.
That's part of the process of a merger / acquisition of this type. Overstock bought the IP / name "Bed Bath & Beyond" so of course the name of the company and stock ticker name was changed.
The transfer agent was also changed from AST to Computershare during this process. Something that you do NOT spend money on if you are going the way of the Dodo.
The new company will likely be "Teddy" although for now the CUISP changed to "Butterfly" as a placeholder name.
The outsiders that are doing this carve out just picked up all of the stores infrastructure for pennies on the dollar AND get NOLs worth 7-9 years for no taxes as a benefit from the bankruptcy save.
This was an unusual transaction to say the least. had to be to shake off synthetic shares and expose fraud.
Keep in mind there are hundreds of companies that went really bankrupt and their stocks didn't get "cancelled" and while not tradeable, they are still in brokerage accounts.
Shorts haven't gotten paid either and they should have if this was a normal bankruptcy. Instead they are being charged 147% - 300% to keep positions open.
GME has been trickling down for months now. What happened to "to the moon!"
Manipulation and suppression to keep the rotten system afloat. I believe as the old system is imminently breaking it will indeed rocket.
Still pretty good for people who bought at $1/share prior to the reddit effect, but perhaps not for people who bought at $20 to $30/share
Good for everyone. You only lost if you sold and I don't know of anyone who has....
I bought a bunch at $180 years ago.
Am I doing this right? 🖍🖍🖍🦧