I thought this was an interesting one that most of us here missed. I read this article some months back, looked at some of the banks, but never thought it would be BAC. Now BAC has lost over half its value and continues to trend lower putting in new 52 week lows everyday. It almost looks like the price will return to March 2009 lows. This almost looks and feels like Lehman or Bear Stearns. No one wants to think it will happen to BAC, but as the price continues lower and we see more horror stories on CNBC about their currency and mortgage bets...it seems all that more believable. Now all 50 states are turning against the Bank of America because of its foreclosure process. The currency market continues to tank. Any day now we could wake up to see BAC cut in half like Lehman or Bear Stearns back in 2008 with some new announcement. Maybe Obama might even call another wreckless moratorium right after the elections which would further put BAC's shares under pressure...maybe he might even declare war on BAC like he did on BP urging everyone to use another bank all together. Right now many stocks are eeking out lifetime highs while BAC continues to spiral lower everyday. http://www.marketobservation.com/bl...m-rogers-in-india-s-the-economic-times?blog=3 Uploaded with ImageShack.us
Thats right. BAC has 1 trillion dollars of loans...most of which are mortgage based. If all 50 states are now going against BAC, then I would guess in another 6 months BAC will be trading at March 2009 lows or lower.
On a different note... http://www.zerohedge.com/article/wells-fargo-prepares-tsunami-loan-repurchase-demands
Interesting article, I wonder how these banks are going to get out of this shit. The problem I see is that states attorneys generals do not give a rats ass about these banks and they have something called the law on their side. I wonder what strategy little Timmy is thinking about to push this tsunami under the rug.
More TARP. They will not go down because the FED and whitehouse will keep sending bales of money to them so they can meet margin calls.
Heh-heh, 97 Billion in Goodwill. You can strip that one out of the balance sheet, as I'd have to say BAC has a negative "goodwill" value in the eyes of the world. From war profiteering in Vietnam to the current practice of securitizing tax lien portfolios, B of A is a scummy institution with a dark history. In a nasty industry they may the winner of the nastiest. The Feds need to take these institutions apart just like they did the Telcos.
who needs TARP when you've got 6.3B in POMO a day going through the system? http://www.zerohedge.com/article/massive-63-billion-pomo-closes gotta rename benny to "backdoor ben".