Again this issue is guranteed by BAC. Any investment in Common Stock, Preferred Stock or Senior Corporate notes is a bet on the companies survival. It depends were you want to be in the pecking order. This issue is better than common stock and worse than the Senior Notes pecking order wise. Also remeber these prefrred shares are actually corporate notes. So the real question is BAC going to go belly up. The answer is there is much they can still do before this ever comes close to happening. They are selling off assets. Their China Bank investment is worth close to $18 billion and is up for sale. Also they would most likely do a equity raise or the government could retarp them. My opinion is that they are ok and that the current market hysteria on Banks will subside. In addtion BAC is in 100% better financial condtion than it was three years ago. The real question is why the the 7% preferred BAC shares trade $2more than the 7% Country Wide pref. . Both securities are exactly the same.