Is Bank of America Finished?

Is there a run on Bank of America today?  A rush for the exits?

and there’s this from ZeroHedge:

“Look for BAC to drop to under $6 once the market realizes the implications of this putback tsunami which has just hit the inverse mother lode: a lot of very pissed off German banks.”

http://www.zerohedge.com/news/will-start-landesbank-mortgage-litigation-against-bank-america-push-stock-new-52-week-lows

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One Response to “Is Bank of America Finished?”

  1. Here’s some very interesting and striking news today, barely making a peep– but seems like it should be on the radar for all concerned:

    Bank of America has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits. The FDIC doesn’t like it because it will fall under their insuring umbrella; the Fed Reserve says, ‘Go ahead’, and BofA says, ‘we don’t need no stinkin’ rules anyway.’ The amount of deriviatives is hard to fathom if it goes sour and needs to be bailed out: it’s in the trillions. That’s trillion as in a capitol T. Perhaps as much as $53-73 TRILLION mixed in with insured deposits of perhaps as little as slightly over $1 trillion.

    The source? Reputable Bloomberg news.

    I’m not sure what’s up or of all the particulars here but this seems very, very important. Here’s the Bloomberg link today:

    http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html

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