Bank of America drops the bomb

Cuts dividend 50%(meredith whitney bought into the CEO lies and thought it was sustainable), raising $10b and taking charge-offs of $6b

 

not a huge bomb. at least they still made money and still have a div.

 

Earnings were suppose to be on Oct 20th, I guess they just wanted to get the bad news out of the way and hopefully ride the possible global rate cut wave this week.....

 

that 's pretty smart, front running bad news .

 

an higher core tier I target

 

#1 weighting in XLF. It won't be pretty in am for XLF.

 

LOL the XLF is down a whopping 1/10 %..what a painful selloff...

 

$7+ now...

Seems like every big bank is following Citi's footsteps.

 

dividend inexistent now, that CEO needs to step down, CFC MER and saying a huge yield was sustainable

 

"Even if the dividend is larger than the share price, it's still sustainable" said the analyst, While remaining straight-faced.