{"id":197807,"date":"2008-01-10T17:30:00","date_gmt":"2008-01-10T22:30:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/01\/10\/holy-crap-i-got-a-prediction-right\/"},"modified":"2008-01-10T17:30:00","modified_gmt":"2008-01-10T22:30:00","slug":"holy-crap-i-got-a-prediction-right","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/01\/10\/holy-crap-i-got-a-prediction-right\/","title":{"rendered":"Holy Crap!!!  I Got a Prediction Right!!!!"},"content":{"rendered":"<p>On 17 November, I wrote about <a href=\"http:\/\/40yrs.blogspot.com\/2007\/11\/bank-of-america-purchases-2-billion-in.html\">Bank of America buying $$2 billion worth of preferred Countrywide<\/a> stock yielding 7.3%, and that can be converted into common stock at $18 per share (a 21% discount of the then price).  It was supposed to be master stroke of vulture capitalism, giving away the gold the golden goose for some magic beans.<\/p>\n<p>At the time, I said, &#8220;<span style=\"font-style: italic;\">Honestly, I think that they will end up losing money on this.<\/span>&#8220;<\/p>\n<p>It appears that I was right (happy dance), and we are now seeing the articles wondering how <a href=\"http:\/\/money.cnn.com\/2008\/01\/09\/news\/companies\/bofa_countrywide.fortune\/index.htm?postversion=2008010914\">Can Bank of America Can Salvage Its Countrywide Stake<\/a>.  They didn&#8217;t buy the golden goose, they bought the intestinal gas from the beans (It&#8217;s trading for $8.72), and now everyone is wondering how BoA will minimize its hurt.<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/lh5.google.com\/msaroff\/R4Z3fzNXGLI\/AAAAAAAAAQk\/n8IOwm2EDJQ\/cfc.png\" \/><br \/>These guys are paid millions of dollars to get stuff like this right, and they didn&#8217;t, and I did.<\/p>\n<p>It doesn&#8217;t take a genius to figure this stuff out.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 17 November, I wrote about Bank of America buying $$2 billion worth of preferred Countrywide stock yielding 7.3%, and that can be converted into common stock at $18 per share (a 21% discount of the then price). It was supposed to be master stroke of vulture capitalism, giving away the gold the golden goose &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1261,973,1265],"tags":[],"class_list":["post-197807","post","type-post","status-publish","format-standard","hentry","category-bubble","category-economy","category-housing-crash"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/197807"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=197807"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/197807\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=197807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=197807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=197807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}