Possibly. BAC is trading on its REPORTED tangible asset value. If there is some lingering liability through the mortgage mess or some fraudulent activity, that could reduce the true tangible asset value to a fraction of what we think it is today.
Always be careful. Those that bought Enron, MCI, etc., all were caught off guard because they didn't question anything. Remember Bernie Madoff? All his investors just took him at his word. Maybe everything is OK at BAC, but ask questions; lots of questions.