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View Diary: San Jose: Millions Withdrawn from Bank of America and Wells Fargo! (288 comments)

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  •  I think so too. (3+ / 0-)
    Recommended by:
    Senor Unoball, Canis Aureus, WineRev

    Bank of America is weak.  They're technically bankrupt with all the bad paper that they're hiding.

    It won't take much to topple this bank.

    Get rid of it.

    •  Weak indeed! (2+ / 0-)
      Recommended by:
      Senor Unoball, Wife of Bath

      Stock price: BofA's 52 week high (and co-incidentally its high for the year) was mid-January of 2011: $15.31.

      Did a steady slide down to $10 by the end of July (that's losing 1/3 of its value in 8 months!), then celebrated the debt ceiling "crisis" resolution of early August by falling off the table in mere days to under $7/share.

      They had a "dead cat bounce" to over $8 by the end of August (ooohhh!....aaaaahhh!) and then resumed the slide. Start of October was a 52-week LOW of $5.13.

      Opened this morning at $6.29.

      However if you do the math: 15.31- 6.29 = 9.02.
      That means from mid-January one of the 5 largest "too big too fail" banks that is paying millions of dollars in bonuses to its top execs has managed to lose 58.91% of it value for its owners (the stockholders!).
      And the owners want to pay multi-million dollar bonuses to the execs for losing 59% of their worth in less than a year BECAUSE......?????????

      FWIW.

      Shalom.

      "God has given wine to gladden the hearts of people." Psalm 104:15

      by WineRev on Fri Oct 14, 2011 at 06:55:24 AM PDT

      [ Parent ]

      •  Outstanding information! (1+ / 0-)
        Recommended by:
        WineRev

        Leave it to WineRev for a spot-on analysis!

        "I mean, it -- I mean -- and I tell somebody, I said, just because you have a group of scientists that have stood up and said here is the fact, Galileo got outvoted for a spell." -- Rick Perry, 9/7/11

        by Senor Unoball on Fri Oct 14, 2011 at 07:28:39 AM PDT

        [ Parent ]

        •  Weak and Weaker! (2+ / 0-)
          Recommended by:
          Senor Unoball, Wife of Bath

          Remember when the S&P downgraded the US credit rating back in August? S&P is one of the major services that do this. Moody's is another. So is Fitch's.

          This MORNING Fitch's Rating service has downgraded Bank of America, put them on their "watch list- negative" for VIABILITY, meaning they have official, serious doubts about the viability of the Bank of America as a going concern.
          Bank of America Financial Downgrade

          The drivers for placing Bank of America Corporation's Viability Rating on Rating Watch Negative center on heightened uncertainties regarding capital market and economic conditions and implications for future performance. In addition, Fitch will also perform updated analysis on the company's litigation-related mortgage risks as well as the company's capital enhancement plans.

          (My bolding)

          Sooo...Bank of America is not quite in Intensive Care yet....but a cleaning crew is getting the room ready, techs are testing the monitoring equipment and the interns are standing by for a crash course in seeing the crash cart in action during a Code Blue coming up the elevator.

          Couldn't happen to a nicer bunch.....SNARK!

          Shalom.

          "God has given wine to gladden the hearts of people." Psalm 104:15

          by WineRev on Fri Oct 14, 2011 at 07:45:58 AM PDT

          [ Parent ]

          •  Any other major banks in the same boat? (0+ / 0-)

            Sounds like diary material to me!

            "I mean, it -- I mean -- and I tell somebody, I said, just because you have a group of scientists that have stood up and said here is the fact, Galileo got outvoted for a spell." -- Rick Perry, 9/7/11

            by Senor Unoball on Fri Oct 14, 2011 at 07:54:39 AM PDT

            [ Parent ]

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