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2 pts

Opinion on  Bank of America Corp (BAC)     Sector: Financial  >  Industry: Money Center Banks
What are they buying and why?

Sep 12, 2008 07:48 PM GMT
Anything
Return Risk
+8.03% HIGH
Sr. Associate

What was the price they paid when they first got into CFC?


BAC:  This call was made on 09/12/08 @ $33.65
Rating:   Negative   $33.65 (09/12/08)
Closed:   10/10/2008 @ $20.1 (+40.27% in 28 days)
Target:   $20.00 (-40.56%) in Six months


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Clark
noshoes   86%     1 point   commented 435 days ago reply

The Fed just repealed Glass-Steagall. It now permits commerical banks to lend to broker dealers, BofA's deposit base can now support MER. It's all the Fed anyways.

It's also interesting to note the Glass-Steagall Act created the FDIC.

To put it another way, the Fed just changed the law to allow taxpayers to support the investment banks. FDIC-insured deposits will now be used to support investment bank's assets.

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Who voted on this idea?
Clark
noshoes 86% 09/15/2008



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