BAC: Words Escape Me

I simply do not see how anyone out there who is capable of reading financial statements would say that BAC is anywhere near solvent.

At sub $6 a share, it would seem that based upon that alone, they would need recapitalization on a grand scale. Take their “off balance sheet assets” into account and they, along with their giant brethren were all completely insolvent literally years ago.

Zerohedge regales us:

As of milliseconds ago, one share of Bank of America stock is now $5.99, a level it has not seen since the apocalypse back in March 2009, and upon penetrating it, a huge volume surge followed as an avalanche of sell orders were activated. However, we are confident this will be temporary. According to largely amusing rumors, Bank of America will follow through with its expropriation procedure and withdraw $5 from longs’ brokerage accounts for each share they hold, effectively doubling the market cap in the process. So you see: there is nothing to worry about.

“If we couldn’t laugh we would all go insane…”

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