After the close today news is out that BAC has not marked down loans to the tune of $44B. Generally, they are claiming that since they intend to hold these loans to maturity they aren't recognizing the losses. This is exactly what the insurers argued in seeking relief from FASB I believe. No relief was given to the insurers, so I don't know how BAC thinks they can get away with this. I expect BAC to get punished greatly on Monday. http://biz.yahoo.com/rb/090227/business_us_bankofamerica_loans.html?.v=2
I saw this hit 6:00 EST (on tradethenews) ... and the stock did not move... Already priced in I think. The other banks (WFC, JPM etc) had similiar clippings today.