It took me several hours to read through it but I can see why the stock has gone down. The BofA lawyers were brutal. Conversely I am expecting the opposite will happen when the MBIA lawyers present their case next week or so. In fact, Kasowitz, MBIA's law firm, and the Atty General, interrupted BofA's lawyer quite a lot and said at one point "stop calling Mr. Buchmiller a liar". Buchmiller was the civil servent at the NYSID who ran the solvency tests on the Transformation. Indeed most of the testimony yesterday was about what Mr. Buchmiller knew and when did he know it. So I am not too worried about what happenned this week with the MBIA stock price.