If the bank bought back the shares they would have to decide on a price per share. Also some people might have a gain which means they would have to pay a gains tax which wouldn't be cheap. Also, if you have a loss, you can only writeoff a small amount every year. Either way, the federal government wins and the average joe loses!
Or instead of getting your dividend you could re-invest the dividend in which I don't think that would be taxable. But I wouldn't bet the house on that one. Today is nothing more then panic selling. Obama has got the market scared s-less. I just wonder if w/s would have showed this panic 2 months before the election whether as many people would have voted for him a week ago?