Tag Archive: toxic assets

Toxic Profits for Bank of America

Posted Oct.07, 2011 under News

Bank of America (BAC, Fortune 500) CEO Brian Moynihan defended the move, which the bank announced last week in response to new caps on debit card swipe fees that the banks charge retailers.

Bank of America’s announcement of a new debit card fee was followed today by an announcement of new checking account fees by Citibank (C, Fortune 500). These new bank fees have fueled a populist backlash that has coincided with a series of protests against Wall Street banks around the nation.

Moynihan stopped short of criticizing President Obama who earlier this week said to ABC that banks don’t have an “inherent right” to a “certain amount of profit.”

But BofA’s chief did say banks have an inherent right to make a profit in an interview Wednesday with CNBC’s Larry Kudlow at the Washington Ideas Forum, sponsored by the Newseum, the Aspen Institute and the Atlantic magazine. Article Contines at money.cnn.com ….

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It’s 2007 Again, and I’m Looking for Things to Sell

Posted May.03, 2011 under News

Host of The Day Trade Show, Don Harrold, likens this listless and leaderless market to 2007 and says he’s just looking to squeeze another 4% to 5% out of the Dow. Then he’s gone at 13,300.

While he waits for the blowoffs to finally flush the toxic assets and new bubbles out of the market, Harrold says a basket of shorts should do the trick.

“I am looking for clear examples of things to short,” he says, before offering a few ways to play it via ETFs such as the iPath S&P 500 VIX Short-Term Futures (VXX) and the ProShares UltraShort Dow 30 (DXD). “This is not a stock pickers market,” he adds.

For more of his thoughts on the market, check out the video. Source: Yahoo Finance

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